Dogecoin and Shiba Inu post gains as crypto market turns bullish
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The crypto bull market rally has resumed, and top meme coins Dogecoin and Shiba Inu are lapping up decisive gains.
Dogecoin has booked an 8.6% uptick today, while Shiba Inu is up 7.1%.
DOGE and SHIB rise as meme coin volume skyrockets
Crypto’s improving market conditions have ignited massive interest in meme coins, with CoinMarketCap data reporting the sector’s trading volume is up 100% today.
Meanwhile, the volume of frontrunners Dogecoin and Shiba Inu is up 126% and 137%, outpacing the sector’s 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 $23 billion market cap, making it the tenth-largest cryptocurrency.
Prominent analyst Crypto Trading Signals recently provided a forecast for Dogecoin, speculating it will advance toward $0.35 in the coming weeks.
The analyst notes that Dogecoin recently broke from a symmetrical triangle, paving the way for a strong move upwards.
Meanwhile, Jake Wujastyk highlighted that Dogecoin is trading at a “volume shelf,” which he describes as a “launchpad” for explosive gains.
The second-largest meme coin, Shiba Inu, is also experiencing bullish momentum. It is trading at $0.00002548, up 7.1% today and 8.2% this week but down 6.9% this month. It currently holds a $15 billion market cap.
Analyst Nebraskangooner noted that Shiba Inu has broken out and retested a trend line resistance. This sets the foundations for further upside.
While 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 Shiba Inu, speculating a monumental breakout with 210% gains could be on the horizon.
The analyst wrote, “SHIB has broken out of a ‘smaller’ bull flag-like pattern, and this breakout may be enough to spark another major wave in an already massive uphill run.”
He continued, “This smaller break can initiate a continuation in an over 210% run to the $0.000081 target, which is more than 3X from here!”
Javon Marks also speculated that SHIB could see another 90% uptick from $0.000081 to $0.0001553 on the proceeding wave.
But while large-cap meme coins hold a bullish outlook, many newer projects are also gaining pace.
One of the most promising upcoming projects is Dogeverse, a new presale that has raised $15 million and is advancing toward its exchange launch.
Will multichain meme coin Dogeverse explode next after raising $15M?
Should history repeat, this market cycle could see another Doge-themed cryptocurrency take centre stage. Dogecoin emerged as a front-runner in 2013, and then Shiba Inu captivated investors after launching in 2020.
Although other doge-themed cryptos like Bonk and Floki look bullish, the newly launched Dogeverse has a unique narrative that could make it this cycle’s show-stopper.
That 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 users migrating between networks.
Indeed, its unprecedented use case has caused a buzz in the market, which is evident in its presale, raising over $15 million.
However, another factor driving excitement is its staking layer, which encourages long-term holding to maximize price stability. Currently, stakers can garner a 53% APY, but this will decrease as the staking pool grows.
In addition to unwavering interest from traders, top analysts have also favoured Dogeverse. For instance, the 99Bitcoins YouTube channel and Yellow Trades have both recently backed the project to explode.
To learn more about this project, visit the Dogeverse presale website
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