Memecoin showdown between the top dogs: is Shiba Inu or Dogecoin poised for a 200% rebound rally?
Shiba Inu (SHIB) & Dogecoin (DOGE), the two largest meme coin assets, rebounded last weekend to restore their previously-trashed support levels. While some market analysts paint a bright picture with a potential 200% rebound for Shiba Inu (SHIB), the recent market roller-coaster lowers the chances of a sustainable rally unless it’s based on fundamentals.
Dogecoin’s Whale Index Goes Through The Roof
Dogecoin (DOGE) has finally broken out of a Cup ‘n’ Handle pattern, releasing the top dog meme coin from the range-bound support between $0.15 to $0.18. Now reaching for the monthly heights of $0.21, the meme coin tacked on a $2 billion trading volume on Monday with whales surging back for the dip after the market storm calmed down.
Last Saturday, Dogecoin’s crypto whales showed the most interest in crypto’s top dog since March. This is evident in the sky-high Chaikin Money Flow (CMF), with 0.14 hinting at whales actively increasing their DOGE coin positions. For the aforementioned Cup ‘n’ Handle structure to play out in Dogecoin’s favor, the meme coin must close the day above $0.18.
Nevertheless, DOGE is still 3% down in a monthly perspective, also being the worst-performing digital asset in a yearly timeframe. Slipping by 35% in Year-to-Date (YTD), the only other negative performer in the TOP 10 is Solana (SOL) with a 21% downturn in the same time period.
Is a 200% Rally Really Loading For Shiba Inu?
Despite steadily under-performing, Shiba Inu (SHIB), the second largest asset in the meme coin field, used the market calm to restore a briefly-lost critical support level. Judging solely by the historical Shiba Inu (SHIB) price implications, a 200% and beyond rally if the canine meme coin breaches the key accumulation zone, which would make SHIB retest the yearly highs.
Successfully breaking above the Exponential Moving Average (EMA) today, a key trend-line denoting a price trend switch, Shiba Inu (SHIB) erased the fifth zero to trade at $0.0000101. Differently from Dogecoin (DOGE), SHIB’s whale support is not nearly as strong, currently flashing 0.04 on the 4-hour CMF.
Ultimately, this hints at no unanimous conviction on SHIB’s price among the largest players, even though the mainstream canine crypto is still trading pretty close to the quarterly lows. There’s also a huge discrepancy between trading volumes, as SHIB’s $153 million on Monday hardly matches Dogecoin’s $2B.
Discover DailyCoin’s popular crypto news today:
Arthur Hayes Names Zcash His Second Largest Holding, ZEC Jumps
Coinbase Rolls Out Early Token Sales Platform for Retail Access
