Will meme coins Shiba Inu, Dogecoin make comeback after steep decline?
- 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:
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.
