- Dogecoin wiped out gains from the past two weeks, as experts slash 2022 prediction for DOGE price.
- Shiba Inu prepares for a recovery as Welly becomes a top rated fast-food store on UberEats.
- Legendary watchmaker Hublot accepts Shiba Inu and Dogecoin, driving utility of SHIB and DOGE higher.
Shiba Inu and Dogecoin prices are currently witnessing a decline as the crypto market struggles to recover from recent losses. That said, analysts predict a breakout in Shiba Inu price as the meme coin prepares for a recovery on the back of news pointing to more widespread adoption and increased utility.
Also read: How Shiba Eternity laid the groundwork for Shiba Inu price explosive rally
Shiba Inu and Dogecoin price prepare for recovery amidst bear market woes
Several key updates in the meme coin ecosystem have fueled a bullish sentiment among Shiba Inu and Dogecoin holders. Timothy Stebbing, Product Lead at the Dogecoin Foundation recently told investors not to invest in DOGE as a speculative asset. Stebbing argued that the team is building a future currency, a decentralized form of money that can be regulated by governments.
Please don't 'invest' in dogecoin as a speculative asset, we're building the future of currency: A decentralized form of money that can be regulated by govts (laws) but not manipulated by them (brrrr). Educate yourself before putting your hard earned into anything.
— Timothy Stebbing (@tjstebbing) August 4, 2022
Dogecoin is therefore meant to be a decentralized form of money with widespread adoption and utility. In the case of Shiba Inu, Welly, a one-of-a-kind fast-food chain, has emerged as a top-rated fast-food store on UberEats. Shiba Inu has taken part-ownership in the restaurant chain, therefore it is a bullish update for SHIB holders.
Analysts at FXStreet evaluated the Dogecoin price trend and charted a precise path to a bullish target at $0.110.
Dogecoin is currently trading at $0.066 and a breakdown could push DOGE to $0.057. Analysts have identified a reversal area between $0.048 and $0.057, which could act as a springboard to the aforesaid bullish target.
DOGE Perpetual Futures Contract 1-day chart
Hublot, Switzerland-based elite watchmaker recently recognized digital currencies. Hublot announced the acceptance of Shiba Inu (SHIB) and Dogecoin (DOGE) through BitPay. The watch brand was founded in 1980, and now accepts SHIB and DOGE, boosting the utility of the two meme coins.
Legendary watchmaker @Hublot known for unique and daring timepieces now accepts #crypto! Learn more: https://t.co/SEIQzAH7iI pic.twitter.com/VsGjK1JvzF
— BitPay (@BitPay) August 1, 2022
In the video below, FXStreet analysts have identified the key factors that could result in a massive explosion in Dogecoin price.
Shiba Inu is a favorite of Ethereum whales
Based on data from WhaleStats, Shiba Inu is one of the most widely held cryptocurrencies among Ethereum whales. The top 5000 Ethereum whales hold $657 million in Shiba Inu tokens. This is a significant quantity of Shiba Inu tokens, making it a favorite among Ethereum whales.
Through the recent Shiba Inu price drops, Ethereum whales got busy accumulating the meme coin. They added more SHIB to their portfolio ahead of a rally in the Dogecoin-killer token.
SHIB Knight, a crypto analyst, has predicted a rally in Shiba Inu. The analyst has set bullish targets at $0.00001196, $0.00001274 and $0.00001323 for Shiba Inu.
Support for Shiba Inu, meanwhile, is likely to kick in at $0.00001171 and $0.00001148.
SHIB-USDT price chart
Analysts at FXStreet identified an opportunity for traders to profitably trade Shiba Inu, in the event of a likely crash. For more information and key price levels, check the video below:
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.
Recommended Content
Editors’ Picks
Coinbase to list Arbitrum with experimental label, warns users to send ARB only over Ethereum network
In a March 22 announcement, Coinbase revealed intentions to support Arbitrum’s upcoming native token, ARB, by listing it for trading on the largest cryptocurrency exchange in the United States. The disclosure was bountiful, featuring several other details for Arbitrum users.
TRON price crashes 12% as SEC charged founder Justin Sun for violating securities laws
TRON price plummeted on March 22 after the cryptocurrency became the new target of the ongoing regulatory crackdown in the United States. The Security and Exchange Commission (SEC) is now looking into Tron founder Justin Sun’s company and related entities of the altcoin’s ecosystem.
ApeCoin price at crossroads, looks to retest February highs amid the alt season but there's a catch
ApeCoin price is at crossroads after trading within a symmetrical triangle on the one-day chart. The altcoin is in a neutral formation reliant on the impending breakout that will determine the direction of the next move. The pattern contains at least two lower highs and two higher lows.
Dogecoin Price Forecast: DOGE coils up for an upswing as alt season clocks in
Dogecoin price has heeded the invite to the alt season to trade with a bullish inclination and record more gains for investors. Despite overhead pressure due to multiple supplier congestion zones, DOGE bulls have put the right foot forward and now the meme coin is preparing for another northbound move.
Weekly Recap: Bank runs, stablecoin drama, Voyager bankruptcy hearing, threat to DOX Shiba Inu founder
US bank runs sent shockwaves through market participants, traders turned to Bitcoin and the “safe haven” narrative made a comeback. Binance’s $1 billion acquisition of bankrupt crypto lender Voyager is back on track with a ruling from a New York bankruptcy judge.