Highlights:
- Dogecoin rose 21% this week, driven by strong adoption and whale purchases that boosted investor confidence.
- Shiba Inu’s burn rate increased by 2,200%, reducing supply and sparking renewed interest from investors.
- Bonk climbed 19% this week supported by investor excitement ahead of the massive Christmas token burn.
The cryptocurrency market is showing bullish momentum today. The price of Bitcoin is still holding steady, declining by 0.33% in the past 24 hours to $98,542. However, its overall bullish trend in recent weeks indicates investors’ confidence. Bitcoin is expected to reach a price of $100,000 any time before next month. The Crypto Fear & Greed Index is currently at 88, which suggests a strong ‘Greed’ sentiment.
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The meme coin market is showing renewed activity. The memecoin market is at $136 billion, with a 9.4% increase in the last 24 hours. Meme coins are volatile yet attractive for short-term opportunities, as they often follow social trends. These factors make these coins the perfect investments today: Dogecoin, Shiba Inu, and Bonk.
1. Dogecoin (DOGE)
Dogecoin is currently trading at $0.4605. Its price has gained 21% over the past week, indicating strong bullish momentum. Dogecoin’s market capitalization has risen to $67.64 billion, making it one of the top cryptocurrencies. With increased adoption and strong market interest, analysts predict it could rally to $1 by 2025.
Dogecoin is gaining attention for its unique position as both a meme and a utility coin. It is accepted by businesses such as Tesla as payment for merchandise, increasing its use cases in the real world. The Dogecoin Foundation also aims to improve its scalability which will further its adoption.
Whales are also increasing their activity. In the past week, whales have bought over 550 million dogecoins worth $214.5 million. According to analysts, the activity of this whale could contribute to Dogecoin’s continued bull streak.
#Dogecoin whales have bought more than 550 million $DOGE over the past week, worth around $214.5 million! pic.twitter.com/0eHqQGL3LO
— Ali (@ali_charts) November 21, 2024
2. Shiba Inu (SHIB)
SHIB is trading at $0.0000269, reflecting a 5.18% increase over the past 24 hours. Its market cap is $15.90 billion, and daily trading volume is $3 billion. Its trading volume has increased by over 115% in the past week, showing renewed interest.
If the coin can breach the $0.000028 resistance level, it could see another rally. According to crypto analyst Ali, the SHIB could jump to $0.000049 if it reclaims the $0.000025 resistance level.
#ShibaInu $SHIB looks like #Dogecoin $DOGE! If true, $0.00049 next! pic.twitter.com/MsNYhh3bNi
— Ali (@ali_charts) November 21, 2024
Shiba Inu’s burn rate has increased by 2,200% as a result of strong community initiatives and the increasing interest in the token. The burn reduces the total supply of the token hence increasing its demand. According to Coinglass, SHIB’s Long/Short ratio stands at 0.9, indicating strong market optimism.
3. Bonk (BONK)
Bonk has shown strong technical signals recently. The coin is currently trading at $0.00005 with a 19.24% increase in the last seven days. The Relative Strength Index (RSI) remains at 69 which suggests there is still room for the price to go up before it reaches overbought space. The Moving Average Convergence Divergence (MACD) shows a bullish crossover, signalling growing positive momentum.
On November 20, Bonk hit its new all-time high of $0.000058. Since being listed on Upbit, Bonk’s trading activity has increased significantly. BONK DAO’s announcement of their massive 1 trillion token burn scheduled for Christmas Day has led to increased interest from investors.
🚨Breaking News🚨
🚀 Upbit Listing Propels BONK to New All-Time High with a 74% Surge! 📈💥 #BONK #Upbit #CryptoNews #Altcoin #ATH #CryptoCommunity
Read more 👉 https://t.co/jTwGVk4jjd#Bitcoin #BTC #Crypto #blockchain #web3 #NFThttps://t.co/jTwGVk4jjd
— TSGG.XYZ (@TSGGCryptoNews) November 21, 2024
With the crypto market expected to surge after Trump’s inauguration, meme coins provide the best entry for new investors. These coins are expected to pump as the market grows and they offer the best investment choice today.
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