Top 3 meme coins Dogecoin, Shiba Inu and Bonk: Dog-themed memes market cap exceeds $48 billion
- Dogecoin founder Billy Markus shared his views on advancements in Artificial Intelligence, early on Thursday.
- Shiba Inu token trading went live on a crypto exchange on Wednesday.
- Bonk swaps live on Atomiq exchange, users can exchange Bitcoin for Bonk, likely to boost adoption.
Dog-themed meme coins Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk (BONK), among others, contributed to the $48.6 billion market capitalization of the category, as seen on coin tracker CoinGecko.
BONK added 11.40% to its value on Thursday, while DOGE and SHIB prices are nearly unchanged.
Dogecoin founder expresses AI concerns, DOGE could extend gains
Dogecoin founder Billy Markus expressed his views on fast advancing Artificial Intelligence (AI) technology, in a recent tweet on X. The releases by OpenAI and other giants in the industry have led to higher relevance of AI, in the crypto ecosystem as well.
the next few years are going to be interesting
— Shibetoshi Nakamoto (@BillyM2k) May 22, 2024
search engines moving toward AI -> people won’t visit websites for info -> companies that rely on search engine traffic will go out of business -> AI will get trained not by journalists but by random comments from you and me -> ???
Dogecoin rallied past resistance at $0.17449, and hit a high of $0.17461 on Wednesday, May 22. While DOGE retraced on Thursday, a return to the resistance at $0.17449 is likely. There is a key Fair Value Gap (FVG) between $0.17586 and $0.18974. DOGE is likely to rally 6% to the resistance that coincides with the 50% Fibonacci retracement of its decline from March 28 top of $0.22888 to the May 1 bottom of $0.12010.
Once DOGE conquers this level, Dogecoin could fill the Fair Value Gap, and resume its decline.
DOGE/USDT 1-day chart
Looking down, a failure to break past resistance at $0.17449 could send DOGE to the 61.8% Fibonacci retracement level at $0.16165.
Shiba Inu trading live on crypto exchange platform, eyes 13% gains
Shiba Inu could extend gains by 13% from the current level of $0.00002529. The green histogram bars on the Moving Average Convergence Divergence indicator and the Relative Strength Index (RSI) at 53.97, support the thesis of an extended rally in SHIB.
On Monday May 13, SHIB started its uptrend, forming higher highs and higher lows, as seen on the daily timeframe. The meme coin has respected $0.00002476 as a support level for nearly three days now. This coincides with the 23.6% Fibonacci retracement of Shiba Inu’s decline from its March 5 top of $0.00004567 to the April 13 low of $0.00001830.
SHIB/USDT 1-day chart
Looking down, SHIB could sweep liquidity at $0.00002251, the base of the descending triangle formed between March 4 and May 21. SHIB could erase gains from the past 10 days, if it declines to $0.00002251.
SHIB announced an exchange listing in a recent tweet on X.
⚠️ This tweet concludes the thread. Be #ShibaSmart: Always verify links on https://t.co/56VsqOa2jt & our official channels before clicking #SHIBARMY
— Shib (@Shibtoken) May 22, 2024
Bonk and cross-chain DEX partner to enable swaps
Bonk partnered with Atomiq exchange, a cross chain decentralized exchange to enable swaps between Bitcoin and Bonk. The project announced in an official tweet on X that Bitcoin can be swapped for Bonk with zero slippage and counterparty risk on their platform.
It’s a match - the cat is out of the bag - but it’s a dog & it’s taking over the atomiq lab:https://t.co/L0UDmEN4wp was cooking together with @Bonk_inu & now you can swap Bitcoin (on-chain & lightning) to Bonk (& vice versa) with
— atomiq labs (formerly SolLightning) (@atomiqlabs) May 22, 2024
✅zero trust issues,
✅zero slippage &
✅zero… pic.twitter.com/WLUonEp8dG
BONK added 11.40% to its value on Thursday. The meme coin could extend gains by another 11% to resistance at $0.00004032, the 78.6% Fibonacci retracement of its decline from March 4 top of $0.00004800 to the April 13 low of $0.00001212.
BONK/USDT 1-day chart
Looking down, BONK could find support at $0.00003006, the 50% Fibonacci retracement level of its decline from March 4 to April 13.
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.
