As a seasoned crypto investor with over a decade of experience in this dynamic market, I have witnessed countless trends come and go, but none as captivating as the meme coin industry led by Dogecoin and Shiba Inu. These digital currencies, often dismissed as mere jokes, have proven to be formidable players, outshining many utility-based crypto projects in recent times.
In recent times, the sector of meme cryptocurrencies, notably those with a dog theme like Dogecoin (DOGE) and Shiba Inu (SHIB), has overshadowed many utility-focused crypto projects. These meme coins have demonstrated remarkable growth in the past, which has encouraged various layer one and two blockchains to attract millions of users to the Web3 sphere.
Based on recent market statistics, the overall value of the meme coin sector increased approximately 6.1% over the previous 24 hours, reaching roughly $50.25 billion during the afternoon trading session in London on Thursday.
In the meme coin market, a large amount of available funds has drawn interest from both individual and professional investors.
In this case, Dubai-based market maker DWF Labs has strategically invested in multiple meme coin projects such as Floki Inu ($0.0001), Neiro ($0.0011), and Milady Meme Coin ($0.0000). Here are the details for each:
Dogecoin and Shiba Inu Lead in Bullish Breakout
Based on recent analysis from Santiment, it’s been found that Dogecoin whales have acquired approximately 1.4 billion units over the last 48 hours, equating to over $140 million. This significant purchase has caused a surge in Dogecoin’s price against the U.S. dollar, boosting it by around 4 percent within the past day. At the time of this report, the price was hovering around $0.1134.
Dogecoin has breached the $0.111 barrier, a point where approximately 62,270 wallets hold more than 36 billion Dogecoins. If Dogecoin maintains this level, it could signal a bullish breakout. With no significant resistance levels upcoming, the route to $0.150 appears open!
— Ali (@ali_charts) September 26, 2024
If viewed technically, the Dogecoin price could potentially surge toward $0.15 in the near future, given its consistent closing above the support at approximately $0.11. Additionally, an impressive number of more than 62,000 Dogecoin holders have bought over 36 billion units.
As an analyst, I’d like to point out that the meme coin relying on proof-of-work boasts over 7.4 million distinct on-chain holders, not including its wrapped counterparts on the BNB network.
Over the past day, a surge similar to a bullish breakout was observed in Shiba Inu’s price, much like Bitcoin‘s struggle to surpass its resistance of approximately $64K. This mid-tier meme coin, valued at around $16.8 billion (fully diluted) and traded with an average volume of about $918 million daily, experienced a 12% increase in the last 24 hours, reaching roughly $0.0000168 on Thursday.
Consequently, the Daily Relative Strength Index (RSI) of Shiba Inu rose beyond the 70% threshold, suggesting that the buyers currently have the upper hand.
To confirm a bullish trend over a weekly period, it’s important that the Shiba Inu (SHIB) price regularly ends trading sessions above its 50-day moving average.
Altseason Soon
It appears that meme coins are experiencing a significant surge compared to utility-based altcoins, which might signal an approaching “Altseason” in the short term. Meanwhile, Bitcoin’s dominance in the daily market has been decreasing since it hit a multi-year peak of approximately 58.7 percent.
As we move into the final quarter, there’s a strong possibility that a period favorable for alternative cryptocurrencies, often referred to as “altseason,” will emerge. This anticipation arises due to the continued rise in gold prices.
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2024-09-26 13:53