Shiba Inu Price Pumps, Dogecoin Also Rising – Best Meme Coins to Buy?
The post Shiba Inu Price Pumps, Dogecoin Also Rising – Best Meme Coins to Buy? appeared first on Coinpedia Fintech News
The market is showing signs of a recovery – but Shiba Inu is spearheading the charge – up 22% in the last 24 hours.
At the same time, market-leading meme coin Dogecoin has jumped by 6% today.
Traders Flock to Meme Coins On Market RallyA new meme coin rush is emerging as traders seek beta exposure to the crypto market’s strong performance.
Meme coins offer a lot of volatility, which is good in bullish periods but very bad in bearish periods.
However, right now, the market consensus is that crypto’s next bull rally is coming.
This is why capital is flooding into meme coins, with Shiba Inu heading the way among the top 100 cryptos. The second and third-highest gainers are also meme coins (Bonk and Brett).
But is this sustainable?
From a high-level overview, the answer might be a strong yes. September is historically a bearish month for crypto, while the following three months of the year are usually bullish.
However historical data shows that when September is green, Q4 delivers huge gains.
Bitcoin is up 6% in September so far.
Whenever September is green, Q4 has been extremely bullish for Bitcoin.
Will history repeat itself? pic.twitter.com/QTPIchzk4v
But traders aren’t just looking at the past. They’re also pointing to an uptick in global liquidity caused by loosening monetary policies in nations like the United States and China.
This is bullish for risk-on assets, with increased liquidity causing greater demand and, therefore, pushing up prices.
China just started printing.
U.S. starts printing soon.
We all know what comes next…
BIGGEST.
BULL.
RUN.
EVER.
Should this play out as expected, there’s a strong tailwind for meme coin growth.
What does this mean for SHIB? Analyst Crypto Dream points to its previous all-time high (ATH) as a key target, noting that it recently bounced from macro support, which could provide a springboard for gains.
#SHIB The price has not gone below the last accumulation block, which shows the strength of the bulls and continued growth on a global scale! I think we will test the peak of 2021, it's only a matter of time! $SHIB pic.twitter.com/TphfMF68Be
— Crypto Dream (@_Crypto_Dream) September 24, 2024Analysts are also looking for high targets for Dogecoin. Zer0 tells people they’re in for a “brutal awakening” if they don’t think Dogecoin will make a new ATH.
The analyst notes it is currently forming a similar pattern to just before its parabolic 2021 explosion.
If you think $DOGE will not make a new ATH
You have a brutal awakening ahead of you.
Not owning any doge will become a nightmare for many pic.twitter.com/WavWXBRkyq
