In March, there was a huge increase in the popularity of meme coins such as Shiba Inu (SHIB) and Dogecoin (DOGE) in the cryptocurrency market.
Initially driven by enthusiastic communities and viral social media trends, these coins and tokens now aim to establish themselves within a more stable cryptocurrency ecosystem. Moreover, various upcoming events in the market create favorable conditions for the mentioned meme coins and coins.
Positive market headwinds for Meme coin!
The upcoming Bitcoin (BTC) halving has historically coincided with the Bitcoin price increase. It has made a significant impact on the entire cryptocurrency market. Additionally, it creates advantages for meme coins and other coins such as SHIB and DOGE in the bull.
Additionally, regulatory approval for a US-based Ethereum (ETH) spot ETF attracts institutional investors to the market. As a result, this capital positively affects the value of meme coins. Lower entry points compared to well-known coins may seem more attractive to new investors.
Challenges of meme coin growth!
However, achieving a market value of $25 billion by 2024 is a significant challenge for coins.
Volatility in the crypto market remains a significant hurdle. Unforeseen market changes may disrupt the price stability of these coins and limit market value growth.
Shiba Inu (SHIB)!
Shiba Inu currently has a market cap of $13.56 billion. That’s a significant decline from its October 2021 high of $43.51 billion. The development of Shibarium is constantly ongoing. SHIB’s layer 2 blockchain network has the potential to improve transaction speeds and reduce fees. Additionally, improved functionality, together with a strong community of supporters, contributes to growth in SHIB’s future market value.
The negative stock market wave for SHIB last week suggests a potential shift in investor sentiment towards accumulation. The shift to self-storage methods is bullish as it reduces immediate selling pressure as buyers opt for long-term storage solutions. The development of Shibarium and the combustion rate of SHIB are the turning point. More than 4 million blocks on the network indicate active use. Moreover, the significant increase in daily transactions demonstrates the growing demand for meme coin. The SHIB burn rate increased by almost 50,000%, removing millions of tokens from circulation, making it less scarce and potentially increasing its value over time as supply dwindles.
Dogecoin (DOGE)!
Dogecoin currently has a market cap of $23.2 billion, which is down a lot from its May 2021 high of $46.14 billion. Additionally, DOGE’s relationship with influential figures such as Elon Musk continues to attract attention. Additionally, using Dogecoin as a payment method affects its price and market value. Similar to SHIB, DOGE’s track record suggests it is likely to reach $25 billion by 2024. As a result, their ability to create active use cases will impact their long-term market potential.
Although both coins started with a slight decline in January, they have made a significant recovery. As of April 15, SHIB has experienced an increase of 116.55% since the beginning of the year, while DOGE has experienced an increase of 74.14%. In other words, this is an interesting year for both SHIB and DOGE.
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