Bitcoin is consolidating above $25,000 in September, as the month is off to a positive start. The king cryptocurrency is pulling other altcoins up in the indices, making them remain on the greener side of the spectrum. Both altcoins and meme coins are faring well this week, delivering slim profits to investors. So will September deliver decent returns to investors if they take an entry position today? In this article, we will highlight the two cryptocurrencies to watch out for this week.
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Cryptocurrency: 2 Tokens To Watch Out This Week
- Shiba Inu
Shiba Inu’s newly released Shibarium layer-2 network crossed the 1 million wallet threshold on Sunday. Investors are learning about the functionalities of the L2 network, and the dog-themed token is attracting buying pressure. As more wallets are created, the better the prospects for SHIB in the coming months.
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The transactions initiated on the network will lead to larger burns by sending millions or billions of tokens to the dead wallet. Therefore, Shiba Inu might spike in the indices in the coming weeks if the burns are implemented this month. Read here for a realistic price prediction on when Shiba Inu could reach the $0.01 milestone.
- Dogecoin
Elon Musk’s X (formally Twitter) has received licenses to operate cryptocurrency trade and settlements in seven states in the U.S. The states that have provided licenses are Arizona, Missouri, Georgia, Maryland, Michigan, New Hampshire, and now Rhode Island. Many more states are expected to approve of X’s allowing users to trade cryptocurrency.
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Musk is a proponent of Dogecoin and could use DOGE as one of the other payments on the social media platform. The move could lead to Dogecoin experiencing a spike in the charts as it could receive use cases in the markets.