The price of Dodge and Shiba soared; Are meme coins coming back?
The value of Dogecoin (DOGE) and Shiba Inu (SHIB) increased significantly in recent days. The price pump of these two usually leads to an increase in the price of other meme coins.
According to Valx and quoted by Crypto News, these digital currencies are usually considered an alternative option for traditional investment. As people became more familiar with digital currencies, “memecoin” became increasingly popular as a category of cryptocurrencies that had little utility but were highly dependent on market sentiment.
The recent rise in the prices of Dogecoin and Shiba Inu shows that investors are excited about new opportunities and indicates that memecoins are not going to die anytime soon.
According to Whalestats, a leading tracking service for cryptocurrency whales, whales on the China Smart Network have started investing in Dogecoin again. Dogecoin is the most valuable and oldest meme coin in the market.
The aforementioned site recently tweeted that Dodge was among the top 10 tokens of interest to whales on the BSC network.
In the past few days, the price of Dogecoin increased significantly and reached $0.091 from $0.08022. Although this 14% growth was not sustainable and the price of this currency fell again, Dodge still managed to grow by 22% within a week.
Currently, the 100 largest addresses of the Smart China network together have the equivalent of $7,349,000 in Dodge currency, which is less than one percent of their total portfolio value.
With a market capitalization of around $11 billion, Dogecoin is currently the ninth largest cryptocurrency in the world.
The key nearby resistance in the way of the price of Dodge is located at the level of $0.090, and if it crosses this range, the price of Dodge can go up to the area of 0.1050. On the downside, the primary support is in the $0.075 area. A break of this support could push the price down to $0.065.
An unprecedented number of SHIB tokens were moved by a cryptocurrency whale just before the launch of the Shiba Metaverse. This issue created a lot of noise in the crypto space and will probably have a big impact on the launch of this platform.
According to Whale Alert data, 3.32 billion Shiba Inu tokens worth $30.48 million were transferred from an unknown wallet to another wallet.
The addresses involved in this transaction are not related to any of the known digital currency exchanges and it seems that this transfer was not made for the sale of Shiba Ino.
In the upcoming exhibition of Shiba Ecosystem, one of the 11 locations of the Shiba Ino Metaverse will be unveiled during a virtual reality (VR) tour. This place is called WAGMI temple.
Shiba price is currently $0.000010 and its trading volume last day was about $492 million. This digital asset, with a market value of 5 billion dollars, ranks 16th among the most valuable digital currencies.
The resistance in front of Shiba is at the level of $0.00010 and if the bulls succeed in breaking this level, the price of Shiba can rise to the next resistance – which is located in the range of $0.000011.
Shiba Inu’s support level is also located at $0.00010, and its downside break could lead to a decline to $0.000009. Shiba’s 50-day moving average is showing an uptrend above the $0.000009 level, so see it as a buying opportunity.
If Shiba price manages to break $0.0000107, a good opportunity to buy will be created.
The price of Dodge and Sheba soared; Are meme coins coming back? The first time in the blog Valx. appeared.