Dogecoin (DOGE) and Shiba Inu (SHIB) Climb Higher in Crypto Market – But How Close Is the Peak?

Dogecoin (DOGE) and Shiba Inu (SHIB) Climb Higher in Crypto Market – But How Close Is the Peak?

Table of Contents

Recently, meme tokens have seen an impressive jump of around 9.5%, nearly touching a market capitalization of $66 billion. Dogecoin (DOGE) and Shiba Inu (SHIB) stand out in this price rally, with Dogecoin, the progenitor of meme coins and currently the ninth-largest cryptocurrency, experiencing a more than 7% price surge following Elon Musk's hint at Tesla accepting DOGE payments. SHIB, though more modest in its gains, has been steadily climbing, amassing monthly gains of 240%.

Amidst this whirlwind of meme token activity, a new player, ScapesMania (MANIA), has made an impressive entry to PancakeSwap, a decentralized exchange on the Binance Smart Chain network renowned for its vast user base and liquidity. Unlike many short-term ICOs, MANIA has already established itself as a serious contender in this thriving market.

However, the soaring trading volumes of meme coins are reminiscent of the days just before the 2021 crypto bubble burst, prompting some experts to speculate about a potential peak in the market. With a history of meme token surges signaling market tops, the current scenario is tinged with a mix of excitement and caution, as the influence of social media trends and the influx of new capital adds a layer of unpredictability to the market’s direction.

While the fervor around meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) continues, the emergence of projects like ScapesMania adds a new dimension to the debate. Investors, now more than ever, face a challenging decision: to buy, sell, or hold.

Ride The Wave of Innovation with ScapesMania

The introduction of a new crypto project is usually met with very cautious optimism. But when its numerous past sales and token generation event (TGE) are a huge success, it all seems like the first step on a path full of growth potential. ScapesMania, the groundbreaking casual gaming project, has a lot to show for its unstoppable hype. 

$MANIA has stepped into PancakeSwap, a decentralized exchange on the Binance Smart Chain network known for its extensive user base and liquidity. The debut trading day proved to be impressive. The token price demonstrated resilience, indicating robust tokenomics and promising prospects for the project. Unlike short-term ICOs, ScapesMania has proven itself to be a serious venture within a thriving market.

Just let the numbers speak for themselves: 

  • Holder count: 18.41K 

  • 24-hour trading volume: $2.25M

  • Over 2,535 buys and 1,651 sells

ScapesMania also topped DEXTools' Hot Pairs list right away after its debut. 

This project started out with a presale event that garnered an incredible $6.125 million. The fact that it attracted over 60,000 followers across different social media networks and a vast number of holders is even more remarkable. This strong support and funding demonstrate how appealing and promising the project is to a wide audience. A real breakthrough might be just around the corner, so it would be a waste not to grab $MANIA tokens before they skyrocket.

The launch of liquidity pairings including MANIA/WBNB and MANIA/USDT marked the beginning of active trading. The demand from the community led to USDT becoming the main source of liquidity. 

Why get involved with ScapesMania now that it's listed? First, $MANIA tokenomics are balanced, with a cliff and vesting system helping maintain stability. Second, ScapesMania incentivizes community members through its staking program, rewarding commitment with extra tokens. Third, through DAO governance, community members can vote on ecosystem development decisions. Finally, ScapesMania continuously expands token utility, offering more benefits to $MANIA holders.

With a strong plan for promoting the project after listing, its success might keep up the record-breaking pace after its debut. The team's dedication to long-term development and prominence in the cryptocurrency industry is shown by their impressive marketing efforts — 75K+ average monthly traffic is no joke.

Additional upsides that may be the biggest deciding factors when it comes to growth are:

  • The project's smart contract has been approved by BlockSafu. Holders may rest certain that the project's infrastructure is reliable and up to par thanks to this endorsement.

  • Enthusiastic support from numerous notable crypto influencers. It lends legitimacy and affirms ScapesMania’s status as one of the promising new projects.

  • Experienced team.  Innovating and executing a project successfully requires a team of seasoned specialists. This project is in a strong position to overcome any obstacles and take advantage of opportunities.

  • Bright future. The project has come a long way, but it still has a long way to go. There are tentative plans to list on a centralized exchange (CEX), which will provide access to more markets and more liquidity.

Everything about ScapesMania was carefully designed to facilitate major growth potential. From successful, well-publicized sales to its advantageous alliances, seasoned staff, and strategic positioning in the casual gaming niche – it looks poised for big things.

Choosing ScapesMania right now, post-TGE, offers early access, exclusive benefits, diversification, lower competition within a dynamic niche, and, more importantly, a potentially perfectly-timed entry point for maximum growth. The coin's stable post-listing price and strong initial support, coupled with an influx of newcomers, indicate long-term confidence, so it might be the time to make your decision.

>>> Get $MANIA Now <<<

Dogecoin (DOGE): Stellar Leap Post-Musk's Remarks

Dogecoin (DOGE) garnered significant attention following Elon Musk's announcement at a Tesla manufacturing plant in Berlin on March 13. Musk entertained the possibility of accepting DOGE as a payment method for Tesla products “at some point,” a statement that resonated strongly with both crypto enthusiasts and the general public. This isn't Tesla's first foray into Dogecoin (DOGE); the company began accepting DOGE for merchandise back in January 2022. Musk's remarks, emphasizing Dogecoin (DOGE) as "the people's crypto," sparked a notable reaction in the market.

The immediate aftermath saw DOGE's price surge from $0.166 to $0.189, a 14% increase, although it subsequently corrected some of these gains. Currently, Dogecoin (DOGE), riding on the momentum of Bitcoin's recent all-time high, has achieved a staggering 42% increase over the past two weeks, despite still being 75% down from its May 2021 peak of $0.731.

Dogecoin (DOGE) Technical Analysis

Technically, DOGE is hovering between the first support at $0.1292 and the first resistance at $0.2086.

Source: TradingView

The Exponential Moving Averages (EMA) for 10, 50, and 200 days are significantly higher than the current price, indicating a potential overextension in the shorter term.

The MACD Level at 0.0027 aligns with a bullish sentiment in the near term.

The Relative Strength Index (RSI) at 60.39 suggests that Dogecoin (DOGE) is neither overbought nor oversold, maintaining a relatively stable momentum.

While the Stochastic %K points to a heightened buying pressure, the Commodity Channel Index (CCI) at 135.96 leans towards overbought territory, hinting at a possible retracement.

Furthermore, the Average Directional Index (ADX) at a low 16.84 shows a lack of strong trend direction.

Dogecoin (DOGE) Price Forecast

In a bullish scenario, if DOGE continues to garner positive sentiment and maintains its current trajectory, a break above $0.2086 could pave the way for a test of the second resistance at $0.2475, and potentially aiming for the third resistance at $0.3269.

On the flip side, in a bearish scenario, if the market reacts negatively to broader economic factors or if the excitement around Musk's comments fades, Dogecoin (DOGE) could retreat towards $0.1292. A breach below this level might see DOGE testing further supports at $0.0887 and $0.0093, aligning with the historically lower trading range it experienced earlier this year.

Shiba Inu (SHIB): Holder Sentiment and Market Moves

Shiba Inu (SHIB) has been showcasing interesting movements in the market lately. The recent Google Trends data indicates a surge in SHIB's popularity, reaching heights not seen since December 2021. The buzz is particularly strong in Singapore, the USA, the Netherlands, Canada, and Belgium. The most searched terms linked to SHIB include its price, price predictions, and latest news.

This heightened interest coincides with Shiba Inu's (SHIB) price performance, where it successfully defended the crucial support level of $0.00003. On-chain data reveals a key factor behind SHIB's resilience: a noticeable reduction in selling pressure among existing holders, as highlighted by the shifting of 7 trillion SHIB tokens, valued at around $230 million, from trading wallets to long-term storage in early March 2024. This suggests a collective reluctance to sell Shiba Inu (SHIB) at current prices, hinting at a strong holder sentiment.

Shiba Inu (SHIB) Technical Analysis

From a technical standpoint, SHIB is currently oscillating between the support level of $0.00002001 and the resistance level of $0.00004576.

Source: TradingView

The 10-day EMA at $0.00003289 is slightly above the 50-day EMA at $0.00003183, indicating short-term bullishness. However, the 200-day EMA at $0.00002178 reflects a more conservative long-term trend.

The RSI at 51.86 is neutral, suggesting that the market isn't in the overbought or oversold territory. The low ADX of 11.9 also suggests a lack of strong trend direction.

However, the Stochastic %K is tilting towards overbought at 69.04.

Additionally, the MACD is hovering just below the signal line, hinting at potential bearish momentum, but the situation is counterbalanced by a positive Momentum indicator.

Shiba Inu (SHIB) Price Forecast

Considering the bullish scenario, the recent reduction in exchange reserves and the spike in Shiba Inu's (SHIB) burn rate, which has soared by over 400%, could catalyze a further uptrend. 

Should the meme coin sector experience another wave of demand, the current supply crunch, coupled with SHIB's increasing popularity and strong holder sentiment, might amplify its upswing, potentially pushing the price towards the next resistance levels of $0.00005863 and even $0.00008438.

On the flip side, the bearish scenario could emerge if Shiba Inu (SHIB) fails to maintain its momentum. A break below $0.00002001 might trigger a selloff, leading to a test of lower support at $0.00000713.

Closing Thoughts

In the crypto-verse, meme tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) are leading the pack, ushering in a thrilling epoch that's stirring things up. While DOGE, buoyed by Elon Musk's comments about Tesla potentially accepting it as payment, saw a significant price increase of over 7%, highlighting its enduring appeal, SHIB achieved steady growth and amassed three-digit monthly gains. This upswing in meme coin popularity, however, is met with a blend of excitement and caution. 

The increase in trading volumes and market capitalization reminiscent of pre-bubble burst times suggests a volatile and unpredictable market ahead. This current market trend has investors at a pivotal point, poised on the precipice of uncertainty – mulling over whether to take the plunge or play it safe, with sky-high market values, internet buzz that's causing ripples and new waves of capital rolling in.

Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.

Investment Disclaimer
Related Topics: 

You may like