Dogecoin and Shiba Inu Price Predictions: What to Expect Next?
As a crypto enthusiast, you are likely keeping a close eye on Dogecoin and Shiba Inu this year, given their significance in the meme coin market. The recent performances of these two tokens have been under scrutiny, with both struggling in the second quarter. However, as we enter the third quarter, there are indications that the tides may be turning for these meme coins.
The Potential for Dogecoin Price Surge
When analyzing the data provided by CryptoRank, it becomes apparent that Dogecoin has faced challenges in maintaining its price levels over the past couple of months. In June, the token experienced a steep decline of 21.9%, followed by marginal gains of 4.24% in July. Despite these fluctuations, there are reasons to believe that August could bring about a change in fortunes for Dogecoin.
- One promising sign for Dogecoin’s price is the significant surge in trading volume. According to CoinMarketCap, the token’s daily volume spiked by over 60% on a recent Sunday, crossing the $1.22 billion mark.
- This surge in volume often indicates increased market interest in a particular token, suggesting that Dogecoin could be attracting renewed attention from traders.
- Such a trend could potentially signal the end of recent sell-offs that drove Dogecoin’s price down to $0.13, paving the way for a potential rally in the near future.
- However, historical data paints a less optimistic picture for Dogecoin’s performance in August. Over the years, the token has registered more bearish August months than bullish ones, with the majority ending in losses.
- On average, Dogecoin has seen modest returns in August, implying that any potential rally may be short-lived, with bears likely to regain control over the price.
Shiba Inu’s Promising Outlook
In comparison to Dogecoin, Shiba Inu appears to have more favorable prospects for the month ahead. While its trading volume has not exhibited significant growth, the token has historically delivered better returns in August.
- According to data from CryptoRank, Shiba Inu has recorded promising performance in August over the past three years, with average and median returns outpacing those of Dogecoin.
- Despite experiencing a decline in August last year, Shiba Inu has managed to reduce its losses in July, hinting at a potential turnaround in the upcoming month.
- Based on past trends, Shiba Inu could see its price surpass $0.17 once again, depending on external factors such as Bitcoin’s market movements.
The Influence of Bitcoin on Altcoin Market
As with many other altcoins, the performance of Dogecoin and Shiba Inu in the coming months will be closely tied to Bitcoin’s trajectory. Given Bitcoin’s dominance in the cryptocurrency market, any significant movement in its price can have a ripple effect on other tokens, including meme coins like Dogecoin and Shiba Inu.
Hot Take: Decoding Dogecoin and Shiba Inu’s Future
The direction of Dogecoin and Shiba Inu are of high interest to crypto investors, given their roles as the two largest meme coins in the market. Often, the prices of Dogecoin and Shiba Inu rallying can signal a meme coin run that could send other meme coins higher. While both of these meme coins have struggled in the second quarter of the year, the third quarter may be shaping up to be more bullish.
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