Dogecoin faces challenges but shows potential for recovery, with a possible rise to $1 amid growing speculation. Shiba Inu sees a burn of 410.7 billion tokens driven by community and investor interest, despite the recent price drop. BONK is experiencing a sharp drop in value, but could see possible relief, highlighting its volatile nature.
The cryptocurrency market, known for its volatility, is exemplified by the recent fluctuations of popular meme cryptocurrencies such as Dogecoin (DOGE), Shiba Inu (SHIB), and the emerging BONK. They reflect broader market sentiments and investor behaviors, the current state of the cryptocurrency industry, and they hint at its unpredictable nature.
Despite experiencing declines in their market value recently, partly due to changes in market dynamics and investor reactions, analysts are identifying factors that may indicate a promising resurgence for DOGE, SHIB and BONK in 2024.
The Main Meme Cryptocurrency, Dogecoin, in Trouble
Dogecoin, the forerunner in the meme cryptocurrency category, has faced its own challenges. Its price has fallen more than 16% in the last three weeks after failing to exceed $0.11.
Amid the market downtrend, DOGE has been struggling to maintain its value above the $0.087 support level.
Despite facing selling pressure, the meme cryptocurrency has the potential to rally to the $0.15 to $0.20 range. According to technical analyst Big Chonis, Dogecoin is forming a bullish flag, which could trigger a “pretty quick” move towards higher highs.
Meanwhile, a Because Bitcoin analyst, Jackis, highlighted that each Dogecoin cycle has been a little different but “a little the same.” He noted that speculation around DOGE is increasing significantly as Elon Musk announced that X (formerly Twitter) will launch payment services in 2024. Jackis believes such a development could send Dogecoin towards $1.
The Shiba Inu Whale Movement and Meme Cryptocurrency Efforts
Shiba Inu, another major player in the meme cryptocurrency market, has seen significant activity from investors and the community. Whale Alert on-chain data revealed a massive movement of 4.25 trillion tokens between wallets, indicating high investor interest.
Additionally, the Shiba Inu community has been actively participating in token burning, with a recent burn rate increase of 17.6%, contributing to a total burn of 410.7 billion tokens. Despite these efforts, the price of SHIB has decreased by more than 12% in the last two weeks, with a gain of 27.5% in the last 30 days.
Regardless of the recent price fluctuation, technical analyst Kaleo advised “not to sleep” on Shiba Inu. Given Ethereum’s recent price break above $2,300, the analyst expects SHIB to follow suit.
“[I] wouldn’t be surprised if we see another god candle similar to the one on October 21 when [Shiba Inu] finally breaks this base range,” Kaleo said.
BONK Meme Cryptocurrency Has a Turbulent Journey
BONK, a meme cryptocurrency that quickly gained popularity on the Solana network, has seen a significant decline in value. In the last 15 days, its value fell 41%, with a 20.8% drop in the last week alone.
Despite reaching an all-time high (ATH) of $0.00003416 per token on December 15, 2023, BONK’s value plummeted 57% from its peak. It is currently trading around $0.00001446, down 4.4% in the last 24 hours.
With a market capitalization of $887 million, BONK remains the third largest meme cryptocurrency, behind DOGE and SHIB.
After such a significant price drop, a technical analyst under the pseudonym Cold Blooded Shiller claims that BONK is headed for a possible rebound. Still, he remains cautious given the number of people expecting a rebound.
By Audy Castaneda
