The cryptocurrency market has adopted a bearish stance, with major cryptocurrencies seeing slight corrections. The CPI inflation data elicited mixed responses from the market, with Bitcoin continuing to exchange hands near the $29,500 price level.
However, some traders believe that the crypto market is on the brink of another full-blown bull run that will see major altcoins retest their all-time highs. Dogecoin is one token that’s getting the backing of crypto analysts and investors, with many believing that the top meme coin may show a parabolic surge.
Doge is not the only meme coin primed for a strong performance, as Shibie Coin is also gathering steam in the presale. The Shiba Inu-inspired token has already raised over $250K in its ICO in less than two weeks.
Experts Extremely Optimistic For Dogecoin, Anticipating A Strong Bull Rally
Dogecoin has shown remarkable bullish strength, surging over 3% over the past week and close to 16% over the past month to trade at $0.076. Experts believe that Doge will likely show a strong continuation over the rest of this year as a potential Bitcoin bull market will provide fresh legs to the rally.
Michael van de Poppe, the founder of MN Trading, is extremely bullish on the token, stating it to be the “easiest trade of them all this cycle”.
Expert analyst @CryptoTony_ is also backing the token, believing that Doge will “start to moon” if it breaches the supply zone at $0.10. He also believes that breaching the resistance at $0.077 can also be an excellent entry point for the token.
Trader @CryptoGodJohn, who has close to 500k followers on Twitter, is also long on Doge, predicting that it can soon display a “god candle”.
Another crypto influencer @CryptoKaleo, who has close to $600K followers on Twitter, predicts a High Time Frame breakout for Dogecoin, which may resemble its performance in 2016 when the token displayed an explosive price surge.
Dogecoin can also receive a strong boost from Elon Musk once again as his lawyers look to get the insider trading lawsuit against him dismissed. The $258 billion lawsuit filed by a group of $DOGE investors alleged that Musk orchestrated market manipulation tactics.
However, Musk’s attorney Alex Shapiro claims that the litigation is “belligerent and abusive”, asking the court to dismiss the lawsuit altogether. Such an outcome will provide a strong bullish case for Dogecoin in the short term.
Doge supporters are also continuing to hope that Elon Musk will make the meme coin a part of his X platform. Recently, Musk transitioned the Twitter platform to “X”, an everything app that will encompass half of the global financial system.
Musk has already confirmed that the platform will not launch any cryptocurrency of its own. Experts believe that this announcement is bullish for Dogecoin as it will remain Musk’s favourite cryptocurrency.
Other Meme Coin News: Shibie Coin Gathers Momentum As It Nears $300K In Presale
Shibie Coin is another meme token that is generating significant hype in the meme coin market. This Barbie and Shiba Inu cross has already hit the $250,000 mark in just over a week and is now closing in on $300,000.
$SHIBIE is capitalising on two immensely popular worldwide trends – the global popularity of Barbie and the brand value of Shiba Inu tokens.
The Shiba Inu community is currently buzzing with excitement due to the upcoming Shibarium launch, while the recent Barbie movie continues to shatter every record at the box office, providing an ideal backdrop for Shibie Coin to surge after launch.
The project has made 60% of the tokens available in the presale itself, making it easy for small-scale investors to get in early and maximise their profits. However, the ICO has a hard cap of $999,000 and will end in just over 4 days.
20% of the tokens have also been set aside for providing liquidity on decentralised exchanges while another 10% have been reserved for potential centralised exchange listings, facilitating a hassle-free trading experience.
The developer team and the marketing strategy will each receive 5% of the token supply.
Investors looking to purchase $SHIBIE at a cheap price of $0.000167 can head to the presale and swap ETH, USDT or BNB tokens in exchange for it.