Dogecoin and Shiba Inu Prices Fall but Traders Are Backing This New Dog Meme Coin To Explode

The post Dogecoin and Shiba Inu Prices Fall but Traders Are Backing This New Dog Meme Coin To Explode appeared first on Coinpedia Fintech News

Leading meme coins have struggled today amid a broader market slump today. Currently, Dogecoin is down 5.1%, while Shiba Inu is down 4.3%.

However, the new presale meme coin Dogecoin20 continues to display strength as it advances toward its Doge Day IEO.

DOGE and SHIB Pullback But Traders Expect Swift Recovery

Traders are unfazed about the recent Dogecoin and Shiba Inu selloffs, with numerous high-profile players predicting an uptrend continuation.

The recent slowdown is due to the broader crypto market struggling, with market leaders Bitcoin and Ethereum down 2.7% and 4.5% today, respectively. Meanwhile, the total crypto market cap is down 3.15%.

Currently, Dogecoin is trading at $0.188, down 5.5% today, up 1% this week, and 13% this month. It holds a $27 billion market cap and a $2.1 billion 24-hour trading volume, up 3% today.

Analyst Milkybull Crypto note d that Dogecoin’s recent pullback marks a solid entry point ahead of its next leg up.

“This current retest presents a huge buying opportunity before an explosive upward move,” he wrote.

The analyst depicted a price chart where DOGE touched a macro support level for the first time since 2021.

Esteemed commentator Rekt Capital is also optimistic about Dogecoin, recently suggesting that the bull rally will continue once it reclaims the $0.2 level.

The premise behind his bias is that Dogecoin has broken a macro trend line resistance and already retested it. This sets a bullish precedent and lays the way for further upside.

The analyst noted, “Dogecoin has successfully retested the top of the bull flag it broke out from last week.”

He continued, “Over the coming weeks, DOGE will also try to reclaim the $0.20 level (red) to continue its rally.”

Similarly, Rekt Captial remains bullish on Shiba Inu, recently explaining, “Back in early 2022, SHIB rejected the very level that it holds as support today.”

Indeed, this reflects strength for the runner-up meme coin, indicating a recovery from its recent pullback could be on the horizon.

Currently, SHIB is trading at $0.00002741, down 4.3% today, up 1.1% this week, and down 21% this month. It holds a $16 billion market cap and a $677 million 24-hour trading volume.

While Dogecoin and Shiba Inu looked primed for higher-time frame uptrend continuations, newly launch Dogecoin20 has continued to push ahead despite the market turbulance.

Unlocking a new realm of memetic innovation, Dogecoin20 has enjoyed tremendous success since its presale launch.

Within its first week, the ICO raised an unprecedented $10 million, reflecting tremendous community interest.

Adding to the excitement, top analysts like Jacob Bury speculate it holds 100x potential after its IEO.

On the surface, Dogecoin20 is another light-hearted meme coin following in the market leader’s tracks. But there is more to this project than first meets the eye.

Its flagship feature is a Stake-to-Earn mechanism, which enables holders to compound their investment while stabilizing and securing the network. By locking up their tokens, holders can currently earn a 49% APY, but this decreases as more tokens are staked.

This injects a utility uncommon in most meme coins, helping offset the sector’s typical volatility.

In a two-pronged approach to stimulating long-term potential, Dogecoin20 also boasts a capped supply of 140 billion tokens. This opposes Dogecoin, which holds an infinite supply and is often criticized due to its inflationary nature.

These factors present an immensely bullish outlook for the new meme coin, but potential buyers should act fast. The presale is ongoing, enabling traders to get in at a fixed, discounted price. However, the token will launch on exchanges on Doge Day (20 April).

Visit Dogecoin20 Presale