Dogecoin and Shiba Inu outperform Bitcoin and Ethereum. Dogechain, Shiba Eternity, Shibarium and numerous milestones all factor into the rally. Will meme coins continue to rise? It evaluates the latest movements and market conditions from analysts.
What’s next for Dogecoin and SHIB?
As the market bounced back from June lows, meme coins outperformed Bitcoin and Ethereum. Part of Dogecoin’s rally can be attributed to Dogechain, a Blockchain that uses packaged Dogecoin to power dApps. “DOGE tokens are bought to bridge Dogecoin,” GSR crypto analyst Luke Farrell said in an interview. The use case pointed out by the expert left a double-digit double candle on the Dogecoin chart.
The rally of meme coins has coincided with the bounce of some US meme stocks like Bed Bath and Beyond BBBY. BBBY has gained 17.19 percent, gaining 98% over the past five days.
Global markets focus on Fed’s meeting minutes
cryptocoin.comAs you follow, the Fed minutes are expected to be published at 21:00 today. Notably, as U.S. inflation slowed in July, year-round risk-averse investors are starting to return to the field. Meanwhile, some corporate buyback programs have been revived, Farrell adds, adding that stock prices have increased:
In the first half of the year, there aren’t many vendors left that didn’t do this. And this results in the opportunity for individual or smaller investors or a group of technical buyers to raise the price too much with some risk-taking speculation.
Joel Kruger, LMAX’s market strategist, reiterated this point. According to Kruger, the rise of meme coins is due to a number of factors, including stability in Bitcoin and Ethereum, an increase in global market sentiment, and enthusiasm for the upcoming Ethereum upgrade. According to Kruger:
Retail investors are looking at all these positive signs and using them as an opportunity to buy higher-risk cryptocurrencies. Hoping this gives them more bang for their buck.
But analysts warn that investors should be cautious
Farrell pointed to the next Fed policy meeting in September, followed by the US midterm elections. The expert states that the macro environment has remained uncertain for the last few months. He also adds that it will likely dominate crypto prices.
Kruger said any “legitimate rally” in crypto should be accompanied if it is not led by Bitcoin and Ethereum. According to Kruger:
At this time, we do not receive this positive confirmation from Bitcoin and Ethereum suggesting that these individual investors should act with caution.
Bitcoin and Ethereum tumbled around 3% ahead of Fed minutes.
Shiba Inu (SHIB) signals bullish on daily chart
Looking at the movement of SHIB on the daily chart, the price increase seen over the weekend gave an early bullish signal. MFI and RSI are spending time in overbought zones. Also, the MACD position does not show any potential bull runs.
Another factor to consider by investors is the MDIA, or Average Dollar Investment Age. When MDIA increases, it indicates tokens are dormant in wallets. A long MDIA uptrend period warns that the network is in a stagnant or stagnant phase, making it extremely difficult to push the price higher.
The MDIA of the Shiba Inu indicates that his MDIA has been extended for a long time, or a maximum of six months. However, traders should always be cautious when taking trading positions, as the MDIA indicates that the SHIB may decline.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram and YouTube join our channel!
Disclaimer: The articles and articles on Kriptokoin.com do not constitute investment advice. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. Therefore, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.