Cryptocurrency markets are showing a downtrend during early Asian trading hours. The global market cap is down by 3.24 percent in the last 24 hours and is at $2.09 trillion. Barring Dogecoin and Terra, none of the altcoins were holding gains.
The largest meme coin, Dogecoin, rallied 7 percent, whereas Avalanche posted an equal fall. Ethereum, Solana, and Cardano dropped 5 percent each.
MEME coin Accumulation Increases
It was a bullish session for DOGE and SHIB on Tuesday, with DOGE and SHIB bucking the broader market trend. With Bitcoin of America giving SHIB price support, DOGE gains more Musk support. The broader crypto market, on the other hand, had a gloomy session.
Large Dogecoin ($DOGE) transactions have more than doubled over the last 24-hour period amid a price rise for the meme-inspired cryptocurrency that was supported by Tesla CEO Elon Musk buying a 9.2% stake in Twitter.
As Per IntoTheBlock data, Shiba Inu whales have been on their toes in the previous 24 hours, with a 75% increase in large transactions. Large transaction spikes are frequently associated with increased activity from institutional players, or whales, who are either buying or selling
DOGE and SHIB Price Due for Big Gains!
Dogecoin (DOGE) and its biggest competitor are ready for massive increases, according to a crypto trader who has created a considerable following with his timely altcoin calls.
Altcoin Sherpa, a pseudonymous trader with 171,000 Twitter followers, says he’s attempting to accumulate Shiba Inu (SHIB) in the hopes that DOGE will cause SHIB to rally.
“Strategy: Buy SHIB spot (just layer/[dollar cost average] in), let it sit for 1-6 weeks, wait for it to pump during that time. Easy 50%+. Should outperform most other strategies.”
Dogecoin and its competitors are expected to rally together, according to the expert, but he favors SHIB’s technicals.
“I think other dog coins likely pump if doge starts to pump hard. DOGE and SHIB are close in [market cap] but I prefer SHIB because I like the chart more.”
Altcoin Sherpa doesn’t specify a specific time frame for when Shiba Inu is expected to surge, but he believes SHIB will go parabolic near the end of the current cycle before crypto markets reset.
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Source: https://coinpedia.org/altcoin/doge-shib-price-poised-for-50-gains-in-next-6-weeks/