Meme Coins: DOGE and PUSSY Expected To Jump – Should the Market Turn a Blind Eye?

Dogecoin (DOGE), now the 7th largest cryptocurrency, seems to have sparked off an entire meme coin revolution. Presently, there are a handful of ridiculously named meme-cryptos emerging in response to Dogecoin's success, and some of them, like Pussy Financial (PUSSY), have successfully attracted investor interest. 

While Shiba Inu (SHIB) is one of the most talked-about dog-themed coins aside from DOGE, other speculative dog meme tokens are floating around in the crypto space. Another such coin is Shih Tzu, which is named after an Asian toy dog breed originating from Tibet. Shiba Token touts itself as “the Dogecoin killer” and seems to exist for the main purpose of beating out DOGE as the meme coin of choice. This is a less creative knockoff in comparison to other meme projects. Aside from this, SHIB doesn't have any known utility case except being a vehicle of speculation.

Shih Tzu (SHIH) has no well-defined purpose except being a meme that ''has determined to pursue NFT artwork focused based on animal lover artists''. This may sound ridiculous but it should not be forgotten that these are meme coins born out of a joke.

In addition to these dog-themed tokens, there is now a serious cat token, Pussy Financial (PUSSY), an ERC20 token built on the Ethereum blockchain. PUSSY was launched to address liquidity issues in Decentralized Finance (DeFi) whilst believing that any owner of liquidity can and should look at their liquidity as a unique primary asset. PUSSY remains the most well-known cat token and some investors are very bullish on it. 

 

DOGE/USD gathers strength towards a near-term obstacle

DOGE/USD Daily Chart

DOGE is struggling to return above the MA 50 at $0.373 after the strong downward correction off of its all-time high of $0.76. The dwindling slopes of the MA 50 and 200 are promoting a price consolidation phase. Nonetheless, the technical indicators are currently favoring a short-term neutral-to-bearish outlook as the price remains curbed around the MA 50. The RSI has improved near the 50 threshold but has yet to nudge above it.

Near-term bears are expected to remain intact while current consolidation stays around the MA 50 ($0.373) while keeping in focus the $0.24, $0.19, and $0.13 levels, violation of which would risk test of the MA 200 at $0.13. To the upside, more intense buying interest would be essential to propel the price past the immediate obstacle from the MA 50 ($0.373) until the $0.44 and $0.60 levels. Surpassing these limiting obstacles could then extend DOGE to challenge its all-time high of $0.76.

 

PUSSY up 200% since its listing, further gains on the way

Pussy Financial is trading around $0.00006170 mark, with $1,550,613 in 24-hour trading volume. Six years back, Dogecoin’s price traded at an all-time low of $0.00008547(precisely May 7, 2015). Presently, DOGE is up 460811.06% from its lows, generating 70609.46% returns for investors. With the foundation already laid for meme coins, some investors are hopeful that PUSSY can generate similar returns.

 

Pussy Financial was listed on decentralized exchange UniSwap on May 3 as the first project in the world to bypass a traditional presale and launch through a ULO, or UniSwap Liquidity Offering. PUSSY achieved an all-time high of $0.0001735 subsequently. At the moment, PUSSY is up 196% from its all-time lows of $0.0000217, according to CoinMarketCap data. MEOW, PUSSY's second tier token, is deflationary and can be burned for uni-v2 tokens which can be staked or used to generate liquidity mining rewards.

The target price prediction before the end of 2021 for PUSSY remains $0.01, which is quite achievable with the current strength of meme coins.

 

ZAP/USD buy-into-the-dip, another chance at the support area

ZAP/USD Daily Chart

This weekly update would be remiss to not include at least one solid non-meme DeFi utility project – one we’ve followed for a few months. ZAP is now enduring a market correction against the US dollar, but this could be a good time to buy the dip. A bearish head and shoulders pattern has been invalidated, and the ZAP/USD pair is about to begin a new trend at the $0.09 demand zone, according to a higher time frame analysis. The pair might rise to around $0.15 and potentially even higher.

As expected, the pair held steady toward the support area, as buyers rallied to the area, resulting in a strong surge. The pullback ended at a low of $0.0460.

In recent days, its price has stabilized above the previous low of $0.7580, indicating that the second phase up is underway. Through swings against the $0.15 pivot, the pair is predicted to continue to find buyers.

 

Conclusion

Whether the white PUSSY from the legendary meme of “the woman yelling” during his dinner can outdo DOGE, remains to be seen. Still, PUSSY offers more promise than DOGE’s nebulous knockoff competitor coins. Utility tokens like ZAP beckon for the more mature and risk-averse among us, which is still holding well during this broader market dip. 

Disclosure: The author does not have any ZAP, PUSSY, or DOGE holdings. This market analysis content does not constitute financial, legal, or investment advice. As always, do your own research.