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Dogecoin, Shiba Inu Post Gains as Crypto Market Turns Bullish
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The crypto market rally has resumed and top meme coins Dogecoin and Shiba Inu are making decisive gains.
Dogecoin registered an 8.6% increase today, while Shiba Inu rose 7.1%.
DOGE and SHIB surge as meme coin volume soars
Crypto’s improving market conditions have sparked huge interest in meme coins, with data from CoinMarketCap reporting that the sector’s trading volume increased by 100% today.
Meanwhile, volume on leaders Dogecoin and Shiba Inu increased by 126% and 137%, surpassing the industry average.
As far as price data is concerned, 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 value of US$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 strong upward movement.
Meanwhile, Jake Wujastyk highlighted that Dogecoin is trading on a “shelf of volume,” which he describes as a “launching pad” for explosive gains.
The second largest meme coin, Shiba Inu, is also experiencing a bullish moment. It is trading at $0.00002548, up 7.1% today and 8.2% this week, but down 6.9% this month. It currently has a market value of US$15 billion.
Analyst Nebraskangooner noted that Shiba Inu broke out and retested a trend resistance line. This lays the foundation for new advantages.
While the analyst did not provide a price target, recent price action does indeed suggest a bullish outlook for SHIB.
Javon Marks is also optimistic about Shiba Inu, speculating a monumental breakout with 210% gains could be on the horizon.
The analyst wrote: “SHIB has broken out of a ‘minor’ pattern similar to a bull flag, and this breakout could be enough to trigger another big wave in an already massive rally.”
He continued: “This smaller range could start a continuation of a 210%+ run to the $0.000081 target, which is more than 3X from here!”
Javon Marks also speculated that SHIB could see another 90% increase from $0.000081 to $0.0001553 in the following wave.
But while large-cap meme coins have a bullish outlook, many newer projects are also gathering pace.
One of the most promising future projects is Dogeverse, a new pre-sale that has raised US$15 million and is moving towards its launch on the exchange.
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 emerged as a favorite in 2013, and then Shiba Inu captivated investors after launching in 2020.
While other Doge-themed cryptocurrencies like Bonk and Floki seem bullish, the recently launched Dogeverse has a unique narrative that could be the highlight of this cycle.
This narrative is that Dogeverse is the first Doge-themed cryptocurrency to go multichain.
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.
In fact, its unprecedented use case caused a stir in the market, which is evident from its pre-sale raising over $15 million.
However, another factor driving enthusiasm is its staking layer, which encourages long-term holding to maximize price stability. Currently, stakers can earn an APY of 53%, but this will decrease as the staking pool grows.
In addition to traders’ unwavering interest, top analysts also favored Dogeverse. For example, the 99Bitcoins YouTube channel and Yellow Negotiations both recently supported the project to explode.
To learn more about this project, visit the Dogeverse pre-order website
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