Meme coin alert: Dogecoin, Shiba Inu, Luna Classic and SafeMoon dominate crypto Twitter
- Meme coins Dogecoin, Shiba Inu, Luna Classic and SafeMoon have witnessed a spike in their social dominance and popularity.
- Social dominance spike is a key bullish indicator for these meme coins as it coincides with their local tops.
- Analysts retain their bullish outlook on Shiba-Inu-themed cryptocurrencies Dogecoin and Shiba Inu, as meme coins approach their resistance levels.
Shiba-Inu-themed meme coins DOGE, SHIB, Luna Classic LUNC and SafeMoon have witnessed a spike in their social dominance over the last few months. Analysts expect the meme coins to hit their local tops, as their popularity among crypto traders increases.
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Dogecoin, Shiba Inu, Luna Classic and SafeMoon dominate social media platforms
Analysts at Santiment noted that through the past few months the popularity of meme coins like Dogecoin DOGE, Shiba Inu SHIB, SafeMoon SAFEMOON and Luna Classic LUNC. Social dominance is a metric calculated by the number of mentions of a cryptocurrency across social media platforms like Twitter.
With a spike in social media dominance, these cryptocurrencies are closer to their local tops. Typically, analysts have noted a spike in social dominance coincides with a local top in these cryptocurrencies.
Dogecoin Social Volume
LUNC Social Volume
Analysts predict Shiba Inu price rally to $0.000014
Bob Mason, a leading crypto analyst and trader evaluated the Shiba Inu price trend and predicted a rally to $0.000014. Mason has predicted a 16.6% rally in Shiba Inu price as the meme coin bucks the broad market trend.
Crypto traders have focused on meme coins while sitting on the fence on Bitcoin, Ethereum and other leading cryptocurrencies ahead of CPI data release and the Merge.
SHIB/USD price chart
Dogecoin price suffered a recent decline and plummeted to the $0.064 level. Despite a mixed start, Mason predicts a rally to the $0.064 level, before further correction in the meme coin.
DOGE-USD price chart
Dogecoin is likely to witness an extended crypto rally and test second major resistance at $0.0666. DOGE’s third major resistance is at $0.0693. If Dogecoin fails to sustain above the $0.0625 level, a decline in the meme coin is likely. If Dogecoin loses its support, the meme coin is likely to suffer from a downtrend.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
