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As Dogecoin and Shiba Inu face downturns with respective dips of 2.4% and 13.6%, the crypto community turns its gaze to the promising presale of Dogecoin20, sparking interest with its performance.
The meme coin top dogs Dogecoin and Shiba Inu have endured a disappointing week, down 2.4% and 13.6%, respectively. However, investors are looking toward the new presale token Dogecoin20 as it continues to outperform ahead of its exchange launch on Doge Day.
DOGE and SHIB dip as broader crypto market tumbles
The recent Dogecoin and Shiba Inu selloff occurred amid a broader market struggle ignited by a Bitcoin retracement. Bitcoin is currently trading at $66.1K, down 5.9% this week.
Dogecoin has outperformed the market leader, down 2.4%, but Shiba Inu is worse for wear, down 13.6%. Dogecoin is also down 2.2% today but remains up 34% this month.
Prominent market commentator Rekt Capital anticipated this volatility in a recent analysis, noting that DOGE is “in the process of retesting this $0.20 level as new support.” However, he warned traders that “it could get volatile around here, but don’t lose sight of this important technical step.”
The analyst displayed a price chart illustrating Dogecoin breaking a trend line resistance before breaching $0.2.
In a follow-up tweet, Rekt Capital said the volatility is “all part of the process,” alluding that Dogecoin will continue its higher-time frame uptrend in the coming weeks.
Meanwhile, analyst Kaleo speculated the “next leg up soon,” depicting a Dogecoin chart gaining strength against Bitcoin.
Moving to Shiba Inu, it is currently trading at $0.0000271. As well as being down 13.6% this week, it is down 0.5% today and up just 0.8% this month. These figures represent a notable underperformance compared to Dogecoin.
Nevertheless, analysts remain optimistic. In a recent price forecast on X, prominent trader Captain Faibik predicted a “2x bullish rally,” which will catapult SHIB toward $0.000058.
The analyst cites a wedge chart pattern formation, speculating a break to the upside will occur. However, he forecasted that SHIB will first retest the pattern’s support level around $0.000026.
Captain Faibik published the chart on Sunday when SHIB was trading at $0.0003. Since then, it has touched the support and started to bounce, indicating a move to the upside could be imminent.
But while market-leading meme coins have struggled recently, the next generation of up-and-comers have held strong. For instance, the third-largest meme coin, Dogwifhat, is up 22% this week.
Meanwhile, new presale meme coin Dogecoin20 continues to gather pace after raising a whopping $10 million in its first week of presale.
Dogecoin20 poised to be the next big memecoin
The latest revelation of meme coin excitement has arrived as Dogecoin20 opens its doors to presale investors. Raising $10 million in seven days reflects an unwavering market appetite, but now trades are short on time to secure DOGE20 before its IEO.
The exchange launch will take place on Doge Day and is slated to boast massive potential. “Dogecoin 20 raises $10 million. Is this the next 100x meme coin?” renowned analyst Jacob Bury speculated in a recent YouTube video.
While Dogecoin20’s name provides instant recognisability and pays homage to the market leader, the project also ushers in unprecedented benefits, looking to align Dogecoin with current market dynamics. Most importantly, Dogecoin20 boasts a Stake-to-Earn feature, inviting users to compound their investment while stabilizing and securing the network. They can currently earn a 64% APY, but this decreases as more tokens are staked.
It also has a capped supply of 140 billion tokens, incorporating the scarcity principle which is instrumental to Bitcoin’s success. In comparison, Dogecoin has an infinite supply, making it inflationary and a less-effective long-term asset. Dogecoin20 also boasts other benefits like launching on Ethereum for widespread accessibility and eco-friendliness.
To learn more about the project, visit the Dogecoin20 Presale.
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Source: https://crypto.news/doge-shib-prices-dip-traders-look-to-new-memecoin/