The cryptocurrency market has seen renewed interest lately, with major coins like Bitcoin surging alongside meme coins like Dogecoin.
In this analysis, we’ll look at the latest price movements and developments for three major meme coins: Shiba Inu (SHIB), BonkCoin (BONK), and Dogecoin (DOGE).
Jump Ahead To:
Shiba Inu (SHIB)
- SHIB attempted to break out from downtrend but failed again due to Bitcoin correction
- SHIB price dropped 1.08% to $0.00000822
- Possibility of retesting November lows
- Future looks uncertain – rally could be start of bull run or driven by Bitcoin spot hype
Shiba Inu coin attempted yet another breakout this week, riding high on renewed optimism in the crypto sector. However, SHIB once again failed to confirm the breakout as Bitcoin faced rejection above $38,400 and corrected lower. This spooked altcoins, sending the Total3 market cap ex-ETH down 1.43% on the day. As a top memecoin with a tendency to follow speculative assets closely, SHIB dropped 1.08% to $0.00000822 with the broader retreat.
Technical chartists will note SHIB had broken its downtrend channel from the descending triangle formation on the weekly – typically a bullish signal pointing to a trend reversal. However, SHIB lacks independent price drivers to sustain a rally when Bitcoin sentiment sours. Support may emerge around the recent swing lows of $0.00000804 should sellers remain in control into December. Broader crypto market directionality will play a key role in determining if Shiba Inu’s next move retests November lows or extends towards higher highs.
Fundamentally, the past year painted the memecoin space in a positive light via surging adoption and real-world use cases. An ecosystem of Shiba Inu-related projects even has lofty ambitions to craft a so-called “killer app” to onboard the next hundred million crypto users.
As cryptocurrencies hover at a critical point between crashing into a years-long bear market or sustaining enough momentum for the next bull market, SHIB also rides the fence between fading into obscurity or potentially capturing more wealth via meme-powered mania.
The community remains hopeful their underdog asset could multiply orders of magnitude in value if the latter outcome prevails into 2024. But for now, technicals point south as macro uncertainty creeps back into investor psyche.
Bonk Coin (BONK)
- BONK price jumped 13.22% to $0.000004132 after listing on major exchange KuCoin
- Formed bullish pennant continuation pattern, could reclaim all-time high
- KuCoin launched $58,000 BONK giveaway campaign to celebrate listing
Solana’s Dogecoin Bonk sprang higher this Tuesday after crypto exchange KuCoin listed the token, granting access for its broad userbase to trade BONK.
As expected following increased liquidity and visibility with a top-tier exchange listing, BONK rallied as much as 13.22% on the news to hit intraday highs around $0.000004132. More upside appears in store if bulls can retake the all-time high around $0.00000575.
Zooming out to the daily chart, BONK formed a price bottom below $0.000002 just one month ago before surging into a new bullish impulse wave.
The over +2100% price increase in 30 days reflects bonk-fever grabbing hold once again following months of downtrend.
Technicians observing the large pullback after BONK hit highs of $0.00000575 see a bullish pennant continuation pattern forming, with two key trendlines converging while buyers and sellers consolidate previous momentum.
Breakouts above pennants typically come with strong volume as assets trend higher – and BONK stands ready to ride a mounting hype wave into December as buyers set sights on blue sky territory.
While memecoin valuations hardly reflect fundamentals, the passionate Solana community around renewed bonk-mania could provide enough momentum to eclipse last month’s all-time high.
As both retail and institutional investors grapple with whether the latest buzz surrounding cryptocurrencies marks the beginning of the next bull run, joining a resurgence early often rewards speculators handsomely. For risk-hungry traders, the BONK bonanza offers a lottery ticket aiming for life-changing gains.
Dogecoin (DOGE)
- DOGE holders surpassed 5 million addresses, up from 4.48 million
- Large transactions over $100k totaled $2.08 billion in past week
- DOGE price up 9% in a week to $0.081, faces resistance at $0.087 before getting to $0.10
- DOGE-1 satellite mission approved, funded by DOGE and launching with SpaceX
- Physical DOGE coin will be sent to the moon on a Lunar Lander
Dogecoin achieved a new milestone this week with addresses holding a balance topping 5 million. Evidence of the enduring Shiba Inu-themed community continues powering noticeable adoption metrics even as the memecoin lags the crypto sector in terms of 2022 price performance.
DOGE moved higher by 9% in the past seven days, finding resistance around the $0.081 level as buyers remain unable to sustain pushes above $0.087.
Monitoring blockchain data from analytics provider IntoTheBlock reveals large transactions above $100,000 totaled $2.08 billion in the past week.
Outsized volume points to institutional participation even while retail activity dominates the DOGE scene. However, the firm also notes whales control the supply with roughly 700 addresses (0.01% of all users) holding over 81% of coins.
Despite centralization concerns with how leading memecoin Dogecoin differentiates itself from traditional corporate structures, DOGE continues finding novel use cases to permeate pop culture.
This week brought the announcement DOGE-funded space mission DOGE-1 received approval from the National Telecommunications and Information Administration (NTIA), taking it one step closer to reaching the Moon.
SpaceX launching satellite Doge-1 to the moon next year, now i find january 12, 2024
– Mission paid for in Doge⁰– 1st crypto in space⁰– 1st meme in space
To the mooooonnn!! pic.twitter.com/izwhIZngu9— Doge Norway (@DogecoinNorway) November 28, 2023
While dependent on subsequent Federal Communications Commission (FCC) signoff, the years-in-the-making flight combining DOGE, SpaceX rockets, and NASA facilities resonates with grassroots origins making anything possible through memes.
Conclusion
Meme coins continue to see strong community engagement and real-world use cases driving price gains. However, high volatility remains an issue. As we head into 2024, further exchange listings and project launches could provide catalysts for additional breakouts across this subset of cryptocurrencies.
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