The cryptocurrency market is full of surprises and opportunities. As we step into a new month, you may want to take a seat and get in on the trading of assets that may reap the highest results.
Memecoins are often treated as high risk high reward assets. If you are trying to pick one of the two major memecoins i.e. Dogecoin and SHIB to trade or invest in through June, this is the article for you.
In this article, we will compare the price action and latest updates of DOGE and SHIB in May 2023, and analyze which one seems like the better investment for June 2023. We will also provide some price targets and comparisons for both.
Without further ado, here is what we have for you.
DOGE started May 2023 with a lacklustre performance, and a price of $0.079, after a strong rally in March and April that pushed it to a high of $0.01 on April 4th.
However, the momentum did not last long, as DOGE faced a major sell-off on 5th April. Dogecoin tried to get back up and almost succeeded, before getting rejected again at $0.09 on 19th May.
Dogecoin's price ever since has been a series of downturns, leading the memecoin to where it currently sits at $0.073.
As far as price action goes, Dogecoin is now stuck below $0.073 and has failed to get back above this zone for the last three weeks.
If Dogecoin will ever have a chance of breaking right back up and hitting the upper resistance of the channel, it first has to surpass the $0.073 zone.
According to a tweet from @DogecoinWhaleAlert on Twitter, in the last few days of May, the popular trading platform, Robinhood's holdings of DOGE have recently dropped significantly.
While the platform maintained 24% of the circulating supply on behalf of its customers for more than a year, @DogeWhaleAlert's tweet informed the crypto community that the amount of Dogecoin held in Robinhood's wallets had now decreased by 8%, reaching 16% of the original meme cryptocurrency's circulating supply.
This is now equal to about 22,641,958,530 Dogecoin's, valued at $1,614,439,569.
Like Dogecoin, Shiba Inu is also struggling around a particular price level.
However, while Dogecoin is stuck under a price level, Shiba Inu is stuck above another.
In the charts, we can see that SHIB is trading atop an ascending trendline. Like Dogecoin, SHIB is under its major moving averages but may be on its way to a massive rally to the upside.
It is easy to ask though: Why isn't Shiba Inu rallying to the upside, despite having enough reason to do so?
The answer is that the cryptocurrency is stuck inside a descending triangle, and may need a boost to break through to the upside.
From this, we can already see what comes next for Shiba Inu.
The memecoin will likely rally massively to the upside in June.
Shiba Inu had a really busy May.
One of the major updates on the memecoin has to be how over 2,915,482,121 SHIB tokens were burned In the last week of May, and 200 million of these tokens were burned by an address associated with a public name tag "Coinbase 10". This means that CoinBase may have burned tokens amounting to a total of 200,583,666 SHIB in May alone
Another update involves how in the final few days of May, the value of BONE, Shiba Inu's governance token and Shibarium's gas token, climbed by 21%.
On May 24, LUCIE, a Twitter account that shares information about the Shiba Inu ecosystem, tweeted about the introduction of Shibarium.
According to the tweet, the Shiba team is confident about the launch and is working on it with other teams, including one that integrates AI.
Overall, Shibarium's launch is being closely watched by the crypto community, and its beta version's figures so far appear to be good.
There are 16 validators in all at Shibarium, according to the official website.
The entire stake held by Shibarium sits at about 537 million BONE, and the total award distributed exceeded 131 million BONE.
DOgecoin and Shiba Inu's price actions have been impressive so far, with both of them getting frequent features in the news.
However, in terms of development activity and price action, Shiba Inu holds the most promise.
Dogecoin, for instance, is in a descending trendline, which means that the memecoin is generally bearish.
Shiba Inu on the other hand, may not be very bullish from a daily or weekly standpoint. However, the memecoin has some potential of breaking through its descending triangle and rallying to the upside in June.
This is without the massive development activity on Shiba Inu and the updates planned for June.
The memecoin to keep an eye out for in June 2023 is: Shiba Inu.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.