After weeks of losses, the meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) could now look forward to strong growth. Does the great rise of meme coins begin now, as one trader comments?
DOGE strong, so does SHIB
Bitcoin breaks over $ 45,000, Ethereum over $ 3,000 – the crypto markets have been seeing green again for days, and on a broad front. Bitcoin was rejected after reaching the local high of over $ 45k and has since withdrawn slightly. However, the coin is still trading at $ 43,600 and is around 9% up over the past seven days, according to data from Coinmarketcap.com.
Ethereum has developed in a similarly bullish way: After the much-anticipated EIP-1559 update went into effect, the second-placed cryptocurrency demonstrated some strength by market capitalization and was able to move above $ 3,000 for the first time since May. However, there was also a slight retreat here, which is why ETH is now trading just below that after a loss of 6%. Within seven days, Ethereum was still able to gain 13%.
Apart from that, the upswing in the markets is also evident in the most popular meme coins: Dogecoin (DOGE) and Shiba Inu (SHIB). The Dogecoin price was subject to a slight sell-off within the last 24 hours, but was still able to rise around 17% in the last 7 days – more than Bitcoin or Ethereum. DOGE is currently trading at $ 0.24 again – and various traders and analysts expect further profits.
Is the season of meme coins starting?
For example, the popular trader @SmartContracter comments that DOGE just before the outbreak stands. He asks if the meme coin season is about to begin. He writes to his more than 156,000 followers:
“Woof woof, Doge ironically looks ready and breaks major downtrend, is meme season back?
Looks like one of the slow movers, but not for long in my opinion. “
woof woof, $ doge 🐶 ironically looking primed and breaking key downtrend, is meme szn back?
looking like one of the slow movers but not for long imo.
10% off fees 👇https: //t.co/6ACQmAOztz pic.twitter.com/rsjX6ILsmr
– Bluntz (@SmartContracter) August 7, 2021
He also posts a chart that shows an increase of up to $ 0.41 at DOGE. As mentioned, DOGE is currently trading at $ 0.24 – the predicted upswing would almost double the price.
The course is also picking up speed with the self-proclaimed “Dogecoin killer” Shiba Inu: Within the last week, SHIB has risen by around 17% – this makes Shiba Inu one of the most successful coins in the crypto top 50 – together with Internet Computer ICP ( 52%) and Uniswap (18%).
Trader “Gone Bull” expects a sensational performance from Shiba Ina, writes:
“I have no doubt that this meme coin will win.”
Shib is “close to the explosion”, so his comment, referring to the so-called Bollinger Bands, a trading tool. A breakout from the area of accumulation is “imminent”.
– Gone Bull (@gonebroke_) August 3, 2021
It remains to be seen how the meme coins will develop as the markets continue to flourish. DOGE is around 68% below its all-time high, Shiba Inu 80%. So both still have plenty of room for improvement.
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