Investors are still nervous about the risks of investing, which is why there’s such a demand for memecoins like Shiba Inu and Dogecoin. Cryptocurrencies have been in a slump for months because there’s no money coming into the industry.
It seems that Shiba Inu is becoming more popular among cryptocurrency traders. According to Coin98 insights, people exchanged $332 million worth of Shiba Inu on exchanges, and slightly less DOGE, valued at around $273 Million, was also traded during this time. The eight more coins labeled as “memecoins” have a cumulative volume of only around $20 million.
Dogecoin’s Memecoins Market Performance
The cryptocurrency market saw a momentary return to buying power this past month, with DOGE showing excellent performance. As we head into summer, some memecoins have gained around 50% in value.
Over $600M traded volume for #MEME tokens last 24 hours.$SHIB $DOGE $ELON #BABYDOGE $FLOKI $AKITA $YOOSHI $KISHU $VINU $QOM pic.twitter.com/BfHPIhO466
— Coin98 Insights (@Coin98Insights) July 12, 2022
The mere 50% growth in a short time is not enough to push Dogecoin back into its original uptrend, as it remains on an ongoing sharp decline from November 2021. There’s a chance that investors will provide more buying power to memes as assets like Bitcoin or Ethereum are too dependent on the situation with stock markets.
Dogecoin is currently trading at $0.06.
Shiba Inu Is Still Struggling
The recent 30% price surge may have taken us closer to finally breaking free from this downtrend. Still, it seems like Shiba Inu will continue its downward spiral until they reach that critical resistance line of the 50-day EMA again. The 50-day EMA is often used to identify when an asset will start reversing.
In a long-term investment, Shibes could see their coins reach the $0.000012 trading range as an indication of a potential turnaround for Shiba Inu’s price hike in the coming days or weeks.
Shiba Inu is currently trading at $0.00001.
The Crypto Market Is Full Of Hope
Investors are getting ready for the CPI report on July 13th, which could make it hotter than expected. The Bloomberg survey found that consumer prices in the U.S. have been steadily climbing for months, reaching 8.8%.
In an interview with Bloomberg, former CEO of BitMEX and derivatives trading platform Arthur Hayes believes that the U.S dollar will likely reach parity with Europe’s Euro. The value of Bitcoin could skyrocket if the central banks start using yield curve control.
A recent study by Glassnode analytics has found that the number of Bitcoin holders is higher during current bear markets. This shows the resilience of the Bitcoin network. The smaller investors have taken advantage of the price dip to buy more shares, which is a good sign for everyone else.
The long-term picture for this market is encouraging, with many experts predicting that the bull trend will continue.