Shiba Inu (SHIB), Dogecoin (DOGE) and Pepe Coin (PEPE) are showing promising signs, attracting investor attention again. These meme coins are showing unexpected resilience, demonstrating extraordinary resilience as the uncertainty of the overall cryptocurrency market continues. This article attempts to provide a potential bullish outlook for the sector by examining the latest developments and price movements in meme coins such as SHIB, DOGE, and PEPE. Let's take a closer look at these three prominent meme coins this week...
SHIB focuses on fuel despite price drop
SHIB's loyal community continues to burn tokens at an impressive rate, with 174.93 million tokens destroyed last week. The 281% increase in burn rate could be interpreted as an effort to combat inflation, which could increase the potential for the price to rise. Although SHIB has experienced a slight decline in recent days, the community's determination to burn tokens could be a silver lining for future price growth. Some analysts predict a potential rise to as high as $0.00003.
Coinglass data shows SHIB's open interest increased by 0.36% to $59.74 million and derivatives volume increased by 3.33% to $114.26 million. All of this data highlights that SHIB is within current market volatility. An analysis from Coingape suggests that SHIB could potentially reach the $0.00003 price level if the overall market recovery continues.
Is Dogecoin ready for a mega rally?
DOGE stands out as technical indicators point to a potential mega rally. The charts show that the short-term moving average crosses above the long-term moving average, thus forming a "Golden Cross". This could signal a significant price increase, as seen in early 2021 when DOGE hit a new all-time high. In an environment where a broader cryptocurrency market recovery is expected, some investors are excited to note that DOGE has an 8000% upside potential mirroring its previous rally.
PEPE coin accumulation increases optimism
Finally, the frog-themed meme coin PEPE has been gaining attention lately with large accumulations taking place. Investors raised a whopping 650 billion PEPE in the last 24 hours. This accumulation, in which whales also play an important role, indicates strong optimism for the future of PEPE. Although the price has been volatile in recent days, the increase in whale activity and the possible rally after Bitcoin halving maintains long-term optimism.
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