• 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. 

Also read: Dogecoin ready to conquer space with SpaceX embrace

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

Dogecoin Social Volume

LUNC 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

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

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. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Luna Classic: 10% drop then a market reversal

Luna Classic: 10% drop then a market reversal

Terra's Luna Classic price has been trading range bound for over a week. The consolidating range has produced higher highs and higher lows following each change of trend. A breach of $0.0001690 would invalidate the bearish triangle thesis.

More Luna Classic news

Shiba Inu price shows long-term investors are still buying, is a market bottom near?

Shiba Inu price shows long-term investors are still buying, is a market bottom near?

Shiba Inu price has investors honing in as the monthly settle may provide context for SHIB's future price action. The bears are clearly in control of the trend, but there are subtle signs of bullishness that should be investigated.                                              

More Shiba Inu news

Will Coinbase halting support for Ripple from its wallet result in a 16% crash in XRP price?

Will Coinbase halting support for Ripple from its wallet result in a 16% crash in XRP price?

Coinbase’s decision to halt the support came from the lack of demand, which is a step up for the crypto market. This is because every negative development in the last few weeks in space has been caused by FTX’s collapse. 

More Ripple news

Top 3 Price Prediction: The monthly settle defines the next move

Top 3 Price Prediction: The monthly settle defines the next move

Bitcoin price currently auctions at $16,419 as the bulls and bears are sparring over the mid $16,000 level on smaller time frames. During the last weekend of November, the BTC price witnessed a 3% decline.

More Bitcoin news

Bitcoin: Assessing chances of one last bear market rally for 2022

Bitcoin: Assessing chances of one last bear market rally for 2022

BTC is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

Read full analysis

BTC

ETH

XRP