According to crypto analyst Lockridge Okoth, the popular meme coin DOGE is poised to explode. Analyst Aaryamann Shrivastava says the ADA price increase has restored investor confidence. The analyst also looks at PEPE and asks whether whale movements are ‘Threats or convictions?’ evaluates it.
DOGE price poised to explode?
The altcoin price could explode after the Starship launch scheduled for April 20 after a three-day delay due to a frozen pressure valve in the booster stage. While the launch may still be delayed, the DOGE community remains hopeful and will likely remain the same after the event. This means that the meme coin can still be showcased, as was the case at the Texas Gigafactory launch event. At that time, more than 15,000 guests saw a DOGE mascot of drones appearing in the sky.
The expected rise for the DOGE price is interpreted as analysts predicting an increase in buyer momentum for the altcoin, which could initiate the price increase. At the height of the fall, the altcoin rose almost 10% after the assurances given by SpaceX that all was well. For now, the altcoin seems to be poised for a breakout while giving investors a chance to buy DOGE at low prices.
The buying pressure could increase DOGE price to face the $0.10 resistance level ahead of a possible neck to $0.11. Such a move would mean an increase of about 25%. In a fairly bullish case, DOGE could reach further to tag the $0.12 resistance level and create a 40% rally from the current price.
On-chain metrics supporting the bullish thesis for DOGE
IntoTheBlock’s Global In/Out of the Money (GIOM) on-chain metrics support the bullish narrative for DOGE price. This fundamental index defines the average purchase price of investors against the current price of a cryptocurrency. The statistical model analyzes crypto addresses (wallets) that buy at an average price above or below the current market price.
Solid support is to the downside in the $0.05 to $0.07 range, according to the GIOM index. Here, approximately 519.530 addresses purchased 44.73 billion DOGE at an average price of $0.06. In addition, Santiment data shows that interest in DOGE has increased in the last three months and there has been significant growth in the network. Network growth helps measure the number of new users joining a cryptocurrency ecosystem.
In general, increased network growth leads to higher prices for any project over time. Still, DOGE price may face selling pressure that will challenge the bullish thesis. Losing the $0.08 support level could send the meme coin to revisit March lows around $0.07.
ADA price hike restores investors’ confidence
In three and a half months, Cardano price managed to gain more than 85% before dropping by 7% in the last four days. Trading at $0.423, ADA has outstripped the likes of Dogecoin and Polygon in terms of market cap to reclaim the seventh-largest crypto-asset.
Its performance in Decentralized Finance (DeFi) also appears to be improving. Across Cardano’s 19 protocols, the total value (TVL) locked from quarter to quarter increased 172% from $50 million to $138 million. However, despite this development, Cardano still has not proven itself in the ever-growing DeFi field, where competitors such as Arbitrum are already dominating.
Regardless, the network has regained its user base, a critical element for its continued growth. ADA holders who have been skeptical of their behavior for almost a year and a half are returning to bullish situations where evidence of their participation can be found. On-chain transaction volume, which has been on the decline since April 2021, has started to increase again with the start of the year. Within three months, volume had peaked this week from an average of $2 billion to $15.6 billion. This represents a 650% increase compared to the first quarter.
ADA trading volume
Also, ADA whales have also avoided selling since the beginning of the year, making it one of the biggest drivers of the Cardano price rally. While heavy accumulation will support a larger rise, the failure of groups holding 100,000 to 10 million ADA to sell kept investors’ faith in the recovery intact.
ADA whale activity
This newfound trust has also been seen in the general controversy surrounding Cardano, as its social presence has increased by 300% in the last three months. While most of the growth occurred towards the end of March, this is the highest demand the ADA has seen since April 2022. Currently, Cardano ranks in every three out of 100 crypto-related queries, which was the average for Blockchain in July 2021.
ADA social presence
If ADA holders can maintain their optimistic stance in the second quarter, Cardano price may realize some gains that could further fuel Cardano enthusiasts’ $1 trillion market cap dreams.
What is PEPE really?
Pepe coin (PEPE), simply put, is another meme coin that uses “Pepe The Frog” as its mascot. cryptocoin.comPepe Coin has become a popular topic in the crypto community since its launch on April 16. Fueled by the popularity of meme coins and Elon Musk, the token operates a total supply of 420.69 trillion PEPEs, which are hilarious numbers associated with the Twitter CEO’s past tweets.
The PEPE rally in the last three days is reminiscent of the Shiba Inu and Floki Inu rallies that rose after the meme coin narrative gained strength. This also caused other small-cap meme coins like Dogelon Mars and Baby Doge Coin to explode for a short time before returning to their face value. The meme coin, which is worth $0.0000003441 at the time of this writing, has seen a nearly 900% increase in just three days.
The sudden popularity of the Pepe meme, which was the reason behind this massive rally, has also extended to another crypto token called Memetic/PpepeCoin (MEME). At the time of this writing, MEME was up from $0.245 to $1.59 less than eight hours ago, marking a 119% rally.
Rallies like those recorded in PEPE and MEME reinforce the stereotype that the crypto market is suffering from crypto’s only temporary bubble. It also raises questions about the lack of maturity in this area compared to other investment options such as stocks, commodities, Forex.
PEPE whales make incredible profits
While on the surface, PEPE may seem like another meme coin pumping the hype, the in-depth zon-chain analysis points to some interesting developments. As noted by analyst An Ape’s Prologue, the meme coin’s mysterious whales are making huge gains thanks to the price increase. The Whales have raised close to 30 trillion PEPEs worth just over $10 million in 13 wallets.
Whales’ holding is relatively small, but when compared to PEPE’s total liquidity in the market, concern arises. Although it has risen significantly, total liquidity is now one-third of what whales hold. This leaves the meme coin vulnerable to a potential ‘pump and dump’ scare. As the analyst pointed out, the token could take a serious hit even if whales sell 10% of their balance.
PEPE liquidity
However, there is some incentive for these whales, even if they are insiders of PEPE’s development team. Because the project attracts attention despite the low liquidity. If this uptrend continues, the meme coin may observe some more green candles, which will benefit the whales. However, investors should wait for the PEPE hyep before tossing any coins, as such trend-based tokens can turn into a scam at any time.
The best examples of this can be seen in the Squid Game token, which has risen significantly with the excitement generated by the TV show Squid Games. In the past, many more tokens of this type have resulted in investors losing their money, including the cryptocurrency V.
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DOGE, PEPE, Cardano: What Do the Technical Signs Indicate?