DOGE & SHIB Soar as Musk’s Tweets

Musk compared the conventional media to movie actors trying to keep a straight face while reporting on Dogecoin‘s ranking among the top 10 cryptocurrencies by market capitalization. After the latest approval, Dogecoin’s price rose briefly.

Dogecoin Market Response

The Dogecoin daily chart’s 24-hour trading period is unpredictable. A support base forms about $0.1055 after the price reaches resistance around $0.1065. After a short rally, it failed to break resistance again, suggesting market consolidation. DOGE is one of the top 10 crypto investments despite its volatility.

Though brief, the spike highlighted how the X CTO affected bitcoin markets. Since his 2021 affirmations popularized Dogecoin, Musk has been instrumental in its market success.

After his appearance, the meme coin peaked, although it has subsequently fallen but remained strong. Its $22.7 billion market valuation makes it the eighth-largest cryptocurrency.

Musk recently said that X would charge a tiny price for sharing and like to stop bot spam. A Dogecoin payment method for these services has been suggested. It hasn’t been proven.

Top Ten Shiba Inu Eyes

Lucie, a Shiba Inu content marketer, commented on the post by suggesting it could follow the top 10 cryptocurrencies by market cap.

SHIB trades for $0.00002177 and has a $12.8 billion market value. Shiba Inu briefly entered the top 10 last month when it rose to $0.000045 and passed Avalanche. SHIB is now 12th, one spot below Avalanche, according to the last check.

Rise of Memecoin

As an essential aspect of the cryptocurrency market, meme coins have generated attention and speculation. Dogecoin, Pepe, and TrumpCoin are popular due to community-driven projects and viral marketing. Internet culture and humour inspired them. Memecoins’ remarkable ascent has attracted seasoned investors and newbies looking for opportunities. Memecoin’s success requires understanding the trends that are driving it.

• Social media attention often launches memecoins like Dogecoin, Pepe, and TrumpCoin.
• Many of these coins are worthless.
• Community participation drives price hikes.
• Influencers and celebrities can sway market sentiment.
• When many buyers arrive soon, prices can shift significantly.

The Future of Memecoins

The future of memecoins is uncertain. Buyers believe these coins could last in the bitcoin market, while others advise against investing in things with little value. Memecoins may find a safe niche or become obsolete due to rapid technology and market developments. The market is still developing, therefore investors must study and be alert. How effectively these coins show themselves beyond theory will likely determine how this supercycle concludes.

• Future laws may impact memecoins.
• Popular memecoins may earn respect.
• New tools may transform the world.
• Community-driven projects may succeed less organized.
• Investors should follow market trends.

Shiba Inu is Slowing

One of the most popular joke coins is Shiba Inu. Meme coin value rose over 1,0000% in 2021, enriching hundreds. In this run, Shiba Inu momentarily outperformed Dogecoin. The popularity of Shiba Inu has declined over time. Its fame is 82% lower than at its peak. It is no longer in the top 20 cryptocurrency market cap and is worth less than $10 billion. Buyers are hunting for tokens with a better probability of rising during the next bull run when the market falls. Current favourites are Dogecoin and Shiba Inu.

The most popular joke coin, Dogecoin, is increasingly used in real life, such as to pay for products worldwide. Asset tokenization makes Rexas Finance more useful in real life. Dogecoin’s humor attracts investors, but Rexas Finance dominates. Investors choose projects with growth potential and utilization, therefore it has a larger market cap share than Shiba Inu.

DOGE Needs to Pass $0.16 to Rise

This recovery makes sense because Dogecoin (DOGE) met critical support at $0.1425, preventing a drop to pre-election levels. After all Trump-liked stocks disappeared, market participants may conclude the sell-off has gone too far.

If that support level remains, DOGE may steadily improve. However, momentum signs on the daily chart remain bearish due to the significant decrease in DOGE over the last few days pushing down moving averages.

Since bouncing off that daily support, DOGE has been rising on the hourly chart, but it hasn’t tested its most recent lower high. Bulls may seek to push the price to those levels to test that barrier again. The most critical support level is $0.1600, since a breach below it indicates a short-term shift.

Current pricing channel is 10% wide. This suggests the market is still unsettled, therefore traders should be careful and set stop prices with allow for major changes.

Momentum indicators are bearish, but the uptrend is robust, so trade with it. The optimum risk-to-reward ratio for a long trade once the price hits $0.18 is with a stop-loss below $0.60 and an exit price at $0.18.

What’s Next for DOGE and SHIB?

Next, Dogecoin will encounter $0.16 resistance. If the price breaks above this level, it may rise further. If not, the market may consolidate. Adding Dogecoin to X’s payment mechanism could boost its value and popularity.

SHIB’s Pursuit of Recovery

Some individuals no longer care about Shiba Inu, but the community that does is strong and loyal. Shibarium, Shiba Inu’s Layer-2 blockchain, is being developed to increase its popularity and utility. SHIB returning to the top 10 cryptocurrencies will indicate meme coin strength. 

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The Risky But Powerful Memecoin Market

Memecoin is still risky and profitable. There are no solid foundations for their value. Instead, social media, celebrity endorsements, and market sentiment do. They have often defied expectations, indicating that community-driven assets may affect the market.

Last thoughts: Chances and Risks

DOGE and SHIB provide traders and purchasers with challenges and opportunities. Regulations, market dynamics, and Elon Musk’s fame will affect future prices. Memecoins have revolutionized crypto, and it won’t matter if they rise or fall.