NAIROBI (CoinChapter.com) — Meme coins remain a volatile segment of the cryptocurrency market. Shiba Inu (SHIB), Pepe (PEPE), and Dogecoin (DOGE) showcase varied price movements and market dynamics driven by different factors, including token burns, whale activity, and macroeconomic trends.
Shiba Inu Targets $0.0001 as Burn Rates Accelerate
Shiba Inu (SHIB) is showing potential for a rally, with prices currently standing at $0.000029, up 3.21% in the past 24 hours. Recent data indicates that SHIB’s burn rate has surged, with 250 million tokens transferred to dead wallets, reducing the circulating supply. This deflationary action aligns with investor optimism around SHIB’s price reaching $0.0001.
250 Million SHIB Burned, Circulating Supply Drops Further. Source: X
According to IntoTheBlock, large transaction volumes for SHIB have surged by 41.39% in the past day, totaling 2.79 trillion SHIB worth $76.48 million. These transactions, exceeding $100,000, often involve institutional players or large holders, suggesting renewed interest from whales. Analysts believe this accumulation phase could precede significant price moves.
If SHIB achieves the $0.0001 milestone, its market capitalization would rise to approximately $58.93 billion, potentially placing it as the 8th largest cryptocurrency by market cap. However, such growth would require sustained momentum and favorable market conditions.
SHIBA INU Targets Major Rally by March 2024. Source: TradingView
Analyst Alan Santana’s recent technical analysis highlights a bullish trend, with SHIB’s daily chart showing higher highs and signs of accumulation around the $0.000024 level.
PEPE Eyes Resistance Levels Amid Whales’ Accumulation
Pepe (PEPE) remains a focal point in the meme coin market, rallying 1,600% year-to-date. Despite its recent pullback from an all-time high of $0.000028 to $0.000024, the token maintains strong support.
Trading volume decreased by 30%, with $2.6 billion worth of PEPE exchanged in the past 24 hours.
PEPE Price Up 1501% Yearly, Hits $9.73B Market Cap. Source: CoinMarketCap
Pepe (PEPE) continues to dominate the meme coin segment with a year-to-date return of over 1,600%. Trading at $0.000024 after a retracement from its $0.000028 peak, PEPE’s resilience is underpinned by whale activity. On-chain data reveals nine major addresses spent $14 million to purchase 555 billion PEPE tokens, showcasing strong institutional interest.
Analyst Scofield highlights the $0.000030 resistance as the next critical level for PEPE. Breaking this threshold could propel the token into price discovery mode. However, trading volume has declined by 30%, with $2.6 billion worth of PEPE exchanged in the last 24 hours.
PEPE and DOGE fractals. Source: Max
Max, a crypto analyst and influencer, suggested that Pepe might be replicating Dogecoin’s trajectory from the last cycle, calling it the “King of this cycle.” Breaking this threshold could propel the token into price discovery mode.
However, trading volume has declined by 30%, with $2.6 billion worth of PEPE exchanged in the last 24 hours. If PEPE maintains its upward momentum, it could soon rival Shiba Inu as the second-largest meme coin by market capitalization.
Dogecoin Balances Whales’ Optimism and Bearish Signals
Dogecoin (DOGE) remains a focal point in the crypto market, driven by heightened whale activity and growing optimism about meme coins. Still, bearish signals persist, influenced by broader market volatility and inflationary pressures.
DOGE whales accumulated 160 million tokens on Dec. 13, a move that reflects growing confidence among major investors.
Dogecoin Whales Accumulate 160M DOGE in 24 Hours.
Market analyst Ali Martinez noted on X that this activity aligns with DOGE’s ongoing upward trend. Over the past year, DOGE has gained 320%. DOGE trades at $0.4075, testing key support after retracing 16% from last week’s multi-year resistance level.
Market analysts draw parallels to the 2021 rally, which saw DOGE soar 30,000% to $0.7376. Manish Chhetri warns that failing to hold this level could result in a 15% drop to $0.31.
External factors, including rising U.S. inflation and market stagnation, impact DOGE’s price by reducing investor appetite for riskier assets. The 2.7% inflation increase has heightened caution while market participants await clarity on the Federal Reserve’s policy direction, creating a hesitant trading environment for DOGE and similar assets.
Meme coins continue to capture attention with contrasting trends. Shiba Inu’s price aspirations hinge on burn rates and market dynamics. While Dogecoin faces technical and macroeconomic pressures, PEPE’s whale activity bolsters its position.
