Are dogecoin (DOGE) and Shiba Inu (SHIB) Poised to Gain More? Popular Analyst Chips
TL;DR
- Dogecoin (DOGE) and shiba inu (SHIB) have experienced significant price increases of 30% and 10% respectively, and analysts are predicting further growth.
- The key factors likely contributing to Shiba Inu’s future rally are the token burn rate and developments regarding the L2 scaling solution Shibarium.
The cryptocurrency sector rebounded last week, with two of the best-performing assets being Dogecoin (DOGE) and Shiba Inu (SHIB). The largest memecoins by market cap are up 30% and 10% respectively on a 7-day scale.
According to some analysts, the end of the rise is not near and it may lead to new highs in the near future. Such a bullish statement was offered by popular X user Rekt Capital.
Merchant suggested He said that DOGE ended the “macro downtrend” and started a new “macro uptrend”. Rekt Capital believes that a close above $0.20 in late March could trigger a rally towards $0.30 (a valuation not seen since October 2021).
Dogecoin’s price increase coincided with the increase of some key metrics about its ecosystem. Like CryptoPotato reportedtotal daily volume (where each transaction was greater than $100,000) increased by almost 100%, while daily active addresses increased by 13%.
According to IntoTheBlock, almost 90% of all DOGE holders are currently profitable on paper. In September last year, the trends were very different; Almost 60% of Dogecoin investors was under water.
The analyst also touched upon SHIB: to guess A rise to almost all-time highs if the asset’s price breaks the major resistance level at $0.000033285. “Retest was successful. SHIB history is repeating itself,” Rekt Capital argued.
The rally of meme money is in line with the increasing combustion mechanism. Yesterday (March 28), SHIB burn rate Exploded More than 51 million tokens were destroyed, an increase of 1,200%.
Another factor that could trigger Shiba Inu’s uptrend is the further development of the layer-2 blockchain solution Shibarium. Earlier this month, total transactions on the network surpassed 400 million. For those who want to learn more about this feature and how it can support the development of breast money, feel free to watch our special video below:
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