Markets
Dogecoin and Shiba Inu post gains as crypto market turns bullish
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The crypto bull market rally has resumed and major coins Dogecoin and Shiba Inu are seeing breakthrough gains.
Dogecoin is up 8.6% today, while Shiba Inu is up 7.1%.
DOGE and SHIB surge as meme coin volume soars
Improving crypto market conditions have sparked massive interest in meme coins, with data from CoinMarketCap indicating that the sector’s trading volume is up 100% today.
Meanwhile, volume on favorites Dogecoin and Shiba Inu is up 126% and 137%, surpassing the industry average.
On the price data front, Dogecoin is trading at $0.16, up 8.6% today, 8.1% this week, and down 0.5% this month. It currently holds a market capitalization of $23 billion, making it the tenth largest cryptocurrency.
Prominent analyst Crypto Trading Signals recently provided a forecast for Dogecoin, speculating that it will advance towards $0.35 in the coming weeks.
The analyst notes that Dogecoin recently broke out of a symmetrical triangle, paving the way for a sharp rise.
Meanwhile, Jake Wujastyk highlighted that Dogecoin is trading at a “volume level,” which he describes as a “launching pad” for explosive gains.
The second largest coin, Shiba Inu, is also seeing bullish momentum. It is trading at $0.00002548, up 7.1% today and 8.2% this week but down 6.9% this month. Its market capitalization currently stands at $15 billion.
Analyst Nebraskangooner noted that Shiba Inu broke out and retested a trendline resistance. This lays the foundation for a further rise.
Although the analyst does not provide a price target, the recent price action indeed suggests a bullish outlook for SHIB.
Javon Marks is also optimistic about the Shiba Inu, speculate a monumental breakout with gains of 210% could be on the horizon.
The analyst wrote: “SHIB broke out of a ‘smaller’ bull flag type pattern, and this breakout could be enough to trigger another major wave in an already massive rise.
He continued: “This smaller breakout may initiate a continuation of a 210%+ run towards the $0.000081 target, or over 3 times from here!
Javon Marks also speculated that SHIB could see another 90% rise, from $0.000081 to $0.0001553 on the next wave.
But even though large-cap meme coins show a bullish outlook, many newer projects are also gaining momentum.
One of the most promising upcoming projects is Dogeverse, a new presale that has raised $15 million and is heading toward its stock market launch.
Will multichain meme coin Dogeverse explode next after raising $15 million?
If history repeats itself, this market cycle could see another Doge-themed cryptocurrency take center stage. Dogecoin became a favorite in 2013, then Shiba Inu captivated investors after its launch in 2020.
Although other doge-themed cryptos like Bonk and Floki seem bullish, the new Dogevers has a unique narrative that could make it the highlight of this cycle.
This narrative is that Dogeverse is the first doge-themed cryptocurrency to go multi-chain.
Leveraging Wormhole and Portal Bridge technology, Dogeverse is available on Ethereum, Solana, Base, BSC, Polygon and Avalanche.
This amplifies its community-building potential while protecting it from the risk of user migration between networks.
Indeed, its unprecedented use case has caused a buzz in the market, as evidenced by its pre-sale, which raised over $15 million.
However, another excitement factor is its staking layer, which encourages long-term holding to maximize price stability. Currently, stakers can get an APY of 53%, but this will decrease as the staking pool increases.
In addition to continued interest from traders, top analysts have also favored Dogeverse. For example, the 99Bitcoins YouTube channel and Yellow professions both recently supported the explosion project.
To find out more about this project, visit the Dogeverse pre-sale site
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