This morning, the crypto market is focused on memecoins Shiba Inu (SHIB) and Dogecoin (DOGE). SHIB experienced significant whale activity, while DOGE garnered attention due to predictions of a potential 4X increase in its price.
The Shiba Inu ecosystem observed substantial blockchain activity, highlighted by two whales purchasing $35.2 million worth of SHIB. Analysts are optimistic about a potential 4X price surge, which could push Dogecoin (DOGE) to $10. Both SHIB and DOGE are strong candidates expected to experience significant price increases during this crypto bull cycle.
Shiba Inu (SHIB) Whale Activity and Market Sentiment
In a detailed analysis of Shiba Inu (SHIB), recent transitions reveal significant activity involving nine wallets owned by two whales who made substantial purchases. These whales collectively invested $35.2 million to acquire 1,356 trillion SHIB tokens at an average price of $0.00002596.
Source: X
The market’s reaction to these transactions has been mixed. While some observers are disappointed by the lack of an immediate price spike following the large buy, others speculate whether this could signify a strategic move towards a SHIB ETF by a major entity like BlackRock.
Conversely, many see this as a potential precursor to a significant SHIB price surge in the near future, anticipating the forthcoming golden phase of the crypto bull cycle where many memecoins and altcoins are expected to experience substantial gains.
Despite the modest impact on price, the SHIB ecosystem has seen a notable increase in daily transactions. Daily transaction volumes reached $135 million, marking a 99% surge, likely spurred by a recent 10,000% increase in the ecosystem’s burn rate just two days ago.
Dogecoin (DOGE) Price Predictions and Community Sentiment
Regarding Dogecoin (DOGE), an analyst has shared insights and predictions on its price action. According to the analyst, DOGE could potentially see a 4x increase, pushing it to new all-time highs. Additionally, there is optimism that DOGE’s price performance could surpass expectations during this cycle.
In the crypto community, several influential figures have been vocal about their support for a significant price pump for DOGE in the current bull cycle. Known as the “king of memes,” DOGE enjoys strong community backing, with many believing it will capitalize fully on the ongoing bull run. Some enthusiasts even speculate that DOGE could reach the $10 mark in price.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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