Shiba Inu (SHIB), Dogecoin (DOGE) Push Memecoin Market Cap to $17B

Aaryamann Shrivastava
Published: Aug 11, 2022, 18:53 GMT+00:00

The meme coin market gained more than $1 billion dollars today as Dogecoin and Shiba Inu led the rally for the memecoins.

Shiba Inu (SHIB), Dogecoin (DOGE) Push Memecoin Market Cap to $17B

Key Insights:

  • Shiba Inu shot up by more than 4.3% today.
  • Dogecoin also noted a 4.2% rise in the last 24 hours.
  • Bitcoin and Ethereum did not hold back either, rising to $24k and $1.8k today.

The bullish effect of Ethereum’s Goerli Testnet merge, the final merge before Ethereum transitions to Proof of Stake, received mixed reactions from the market.

While the crypto market did not decline, it also did not gain much, balancing out the bearishness thanks to Bitcoin and Ethereum’s rise to $24,226 and $1,890, respectively.

Dogecoin Continues To Go Up

The meme coin, which closed above $0.07 again yesterday, kept its rally up, trading at $0.071 today, marking a 4.23% rise.

Even so, this does not do much for the altcoin as it is yet to recover the losses of June’s crash and the recovery of May’s dip is not even in question right now.

However, price indicators seem to be slightly positive at the moment, which might help DOGE incline further.

The Parabolic SAR’s white dots are currently placed above the candlesticks, and the presence of an uptrend is a good sign for the altcoin.

Secondly, the MACD is still not exhibiting clear signs of either a bullish crossover or a bearish crossover, but since the indicator line (white) is beginning to rise above the signal line (red), DOGE might have a shot of reclaiming its losses.

Shiba Inu Heads Into Volatile Waters

The second biggest meme coin in the world, which recently lost its spot in the top 15 cryptocurrencies list, is actually making progress with its 4.32% rally from the day before, pushing SHIB further above $0.00001255.

The divergence of the Bollinger Bands is the first sign of increasing volatility which might actually play in favor of Shiba Inu.

The altcoin needs some room to rally ahead, and as long as the candlesticks keep above the basis of the indicator, SHIB will only note a price rise.

Besides, the Awesome Oscillator is also maintaining the green bars above the neutral line of the indicator.

This is proof that despite the fluctuations, the bullishness is still persisting in the market, providing SHIB with the support it needs to rise to $0.00001500.

About the Author

Holding a Mass Media Degree has enabled me to better understand the nitty-gritty of being a journalist and writing about cryptocurrencies’ news and price movements, effects of market developments, and the butterfly effect of individual assets nurtured me into a better investor as well.

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