The meme tokens Dogecoin (DOGE) and Shiba Inu (SHIB) spent the last week in the red. However, different metrics show positive signs for both cryptocurrencies in the coming days.
What about dogecoin?
The original memecoin, DOGE, recently experienced a strong downtrend. Data from CoinMarketCap shows that dogecoin accumulated a weekly loss of 7.34%.
The drop was caused by recent market movements, which had a negative effect on DOGE. This week, bitcoin (BTC) and Ethereum (ETH) faced losses, after failing to break the psychological price levels of $25,000 and $1,700, respectively.
However, one metric in particular shows optimism for Dogecoin. According to analyst firm Phoenix Group, DOGE is the most active meme cryptocurrency on social media.
— PHOENIX 🇺🇦 (@pnxgrp) February 19, 2023
The token leads the ranking with more than 24,200 mentions and an engagement (or brand connection) of more than 23.9 million users.
Dogecoin is followed by Shiba Inu, with around 14,400 mentions and an engagement of more than 24.5 million.
DOGE’s popularity on social networks is largely due to the sympathy shown by Twitter’s billionaire owner, Elon Musk, towards the cryptocurrency.
In fact, the interest of the also Tesla CEO has come to affect the price of Dogecoin, as well as the cryptocurrency’s investor sentiment.
Last week, Musk posted several photos of a Shiba Inu dog, which inspired the creation of DOGE, next to which he wrote: “The new CEO of Twitter is amazing”.
The new CEO of Twitter is amazing pic.twitter.com/yBqWFUDIQH
— Elon Musk (@elonmusk) February 15, 2023
Dogecoin, as well as SHIB, surged following Musk’s tweet. DOGE rose by 6.1% and Shiba inu by 4.3%.
In addition, interest from prominent investors in Dogecoin appears to be rising, which could portend a price rise for the meme token.
Data from IntoTheBlock shows that the total number of transactions in the large whales of the Dogecoin protocol grew from a total of 766 on February 20, to 976 as of February 24.
“Large transactions” are those worth more than $100,000.
In the last four days, the cryptocurrency recorded a total transaction volume that grew from $12.08 billion to $13.21 billion.
At the time of writing (18:16 UTC), Dogecoin is trading at $0.0805 down 0.52% in the last 24 hours.
What about Shiba Inu?
SHIB had a 4% drop over the last week. However, the asset’s trend could change in the coming days with the launch of Shibarium.
The advent of this protocol will surely mark a new era for Shiba Inu. The expectation is that the beta launch of SHIB’s layer two networks already triggered a price hike for the meme token earlier this month.
With this protocol, Shiba Inu will move from being just a meme cryptocurrency to a platform offering genuine utility. And along with the possible launch of SHIB: The Metaverse this year, its release could help this cryptocurrency reach new records.
While unconfirmed, Shibrium’s lead developer, Shytoshi Kusama, hinted on Twitter that the beta version of the layer two networks would be launched by the end of February.
#Shibarium Breaking News‼️
As per Shytoshi Kusama, #Shibarium Beta Will Be Live This Week.💯🙏
— SHIB Bezos (@BezosCrypto) February 21, 2023
Some SHIB supporters, such as analyst Bezos Crypto, predict that this launch will lead the meme token to break its all-time high price of $0.00008616.
— SHIB Bezos (@BezosCrypto) February 16, 2023
In fact, analyst Crypto King mentioned on his YouTube channel that it could eventually reach even $1.
However, reaching $1 per SHIB would mean a rise of about 7,500,000% from its current price.
Given that the coin already rose approximately 23,600,000% from its all-time low of $0.0000000000000056366, set in November 2020, it may be hard to imagine such an increase, especially considering that the cryptocurrency has a maximum supply of 999.99 trillion.
— SHIB HODLER (@ShibaInuHodler) February 23, 2023
Still, blockchain data shows that large Shiba Inu investors are still betting on this meme token.
Recently, the sixth largest SHIB whale added $1.21 million worth of this token to its wallet.
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