A sea of red has swept the crypto market, with Shiba Inu faring worse for wear as it plunges 14%.
However, the new presale crypto Dogecoin20 displays epic resilience, exploding over $280K in its opening hours. Will this be the next meme coin to the moon?
Shiba Inu Nosedives as Crypto Market Turns Bearish
The crypto industry’s total market cap has slumped by 6.9% over the past 24 hours, and many altcoins have been badly affected. Shiba Inu is one such project, down 14% today, currently trading at $0.00002848.
The move follows an exceptionally bullish month for SHIB, with its price peaking at $0.00004456 on 5 March. This equates to a whopping 400% increase from its $0.000008896 valuation one month earlier.
Although SHIB struggled following 5 March, the past day has been particularly detrimental, breaking below the $0.0003 support. When writing this, Shiba Inu is down 18% this week but remains up 192% this month.
While Shiba Inu’s decline has outpaced other top 20 altcoins, Dogecoin has suffered the same fate. This hints that traders are cutting their “high-risk” assets due to market turbulence.
Based on that, we could expect SHIB to follow the broader market’s trajectory in the coming weeks.
This provides a bullish outlook, with analysts anticipating Bitcoin’s retracement may have found its bottom, enabling the market to recover.
“Funding rates nuked, perp premium at lowest levels in a while. Open interest almost completely reset and back to “baseline.” These are bottom signals folks. If the bottom isn’t already in, it’s damn close,” said prominent trader CrediBULL Crypto.
Meanwhile, Rekt Capital noted that the altcoin market is retesting a previous resistance as support, reflecting market strength and increasing the likelihood of an imminent recovery.
He wrote, “Altcoin market cap is still retesting the $315 billion level as new support, despite double-digit downside on many altcoins today.”
Moving to a Shiba Inu-specific analysis, RK_Crypto anticipates the next leg up will occur soon. The analyst cited a descending triangle, speculating a break to the upside will occur next.
“SHIB will bounce back very soon & hit the new all-time high,” they wrote.
These comments illustrate an overarching bullish market sentiment, with analysts expecting a swift return to the higher-time-frame uptrend.
However, while most altcoins have struggled today, the new ICO meme coin Dogecoin20 has raised over $280K in its opening hours.
New Stake-to-Earn ICO Dogecoin20 Advances Past $280K in Opening Hours
Inspired by the meme coin godfather Dogecoin, Dogecoin20 offers a compelling new alternative, merging a high-octane memetic allure with tangible utility and sophisticated tokenomics.
Its flagship feature is an ingenious Stake-to-Earn mechanism, offering meme coin traders a way to compound their investment. Currently, stakers can garner a 1,876% APY, but this will decrease as more tokens are staked.
Another benefit to the project is that it holds a capped token supply of 140 billion. This encapsulates the “sound money” principle of economic powerhouses like Bitcoin, driving scarcity and the potential for price appreciation.
In comparison, Dogecoin’s supply is uncapped, with critics arguing that this inflationary nature will dilute the token value over time. Although Dogecoin20 embodies the vibrant essence of meme coins, standing as a fun-filled financial asset, it also swipes at a real-world impact, driving it to be a force for good.
As per its whitepaper, it champions Dogecoin’s underlying “Do Only Good Everyday” ethos by leveraging its influence to support charitable initiatives, community projects, and noble causes.
Its innovative approach has already stoked immense excitement, with the presale raising over $280K and 1,492,419,427 $DOGE20 being staked. Such momentum amid market turbulence could reflect incalculable long-term potential.
Currently, investors can buy $DOGE20 for $0.00014, but this price will rise incrementally throughout the presale.
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