Meme Tokens DOGE and SHIB in Spotlight as Investors Hunt CatalystsMeme coins Dogecoin and Shiba Inu are trading mixed with some potentially bullish drivers lining up.
Crypto meme coins are trading mixed as investors look to spark a rally that will have legs. Dogecoin and Shiba Inu, the latter of which was created as a rival coin to its larger peer, are giving investors something to talk about rather than just discussing buying the dip. DOGE is down nearly 2% in the last 24 hours while SHIB is holding onto 3% gains.
Technical analyst Eric Thies, who has more than 39K followers on Twitter, gave Dogecoin investors something to cheer. Thies stated and illustrated that there is a hidden bullish divergence on DOGE one-week chart. He added that while this trend is “substantial,” it might not play out overnight. Instead, it could be another two weeks before the bullish sentiment takes hold.
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Hidden bull div on #DOGE 1W.
This is substantial but note it could be a couple of weeks before anything came of it. pic.twitter.com/JAn63rxpI6
— Eric Thies (@kingthies) June 15, 2021
Sheriff of Crypto Land
Fellow meme cryptocurrency Shiba Inu coin, which calls itself the ‘Doge Killer,’ has gained 3% in the last 24 hours. SHIB has been giving up some ground in June compared to May, but there are a couple of catalysts in the pipeline that investors are banking on.
A petition to have Shiba Inu coin listed on mainstream investment app Robinhood is growing. The organizers have attracted more than 140,300 signatures, which is nearing their current goal of 150,000, If the petition reaches that level, it will become one of the most popular on the Change.org site, according to the Shiba Inu petition, which was started by user Tristan Luke.
It isn’t unusual for investors to ask on social media platforms like Reddit how they can buy Shiba Inu. For now, the coin is listed on the leading crypto trading platform Binance and a couple of others. But the Shiba Inu community would like to make it even easier for retail investors to add SHIB to their portfolio using the commission-free Robinhood trading app.
Separately, trading platform Capital.com recently added a Shiba Inu CFD asset on its platform. Shiba Inu has a circulating supply of a whopping 394.7 trillion and there is also a petition to burn some of the token supply.
Forest for the TREES Token
Now that Tesla CEO Elon Musk has thrust sustainability into the cryptocurrency spotlight, don’t be surprised to see more environmentally friendly blockchain projects coming on the scene. One such project is called SafeTrees, the token for which is TREES. The TREES token is designed to support environmental projects.
While Shiba Inu is building a decentralized exchange (DEX), it is unclear if TREES will be trading on the platform, at least not yet. For now, TREES tokens can be swapped on PancakeSwap and purchased on Binance Smart Chain.