As a seasoned crypto investor with a knack for spotting opportunities in the meme coin sector, I can confidently say that the current market recovery trend presents a golden opportunity to speculate and potentially make substantial returns. With an initial $500 investment, these Shiba Inu rivals could potentially flip it into a whopping $5,000!
As an analyst, I’ve observed a persistent uptrend in the cryptocurrency market during the second half of September, fueled by anticipation surrounding the Federal Reserve’s rate cut, now standing at 475-500 basis points (BPS). In this ever-changing market landscape, the meme cryptocurrency sector emerges as an intriguing prospect for speculative traders. With a likely surge, these Shiba Inu alternatives could yield impressive returns, potentially transforming a $500 investment into $5,000.
Top Shiba Inu Rivals with Potential to Flip $500 to $5000
Over the last seven months, SHIB, the second-largest meme cryptocurrency, has significantly dropped in value from $0.0000456 to $0.000014, representing a decrease of 69%. With this downward trend continuing unabated, other Shiba Inu competitors might capitalize on the situation to attract investors and spark a prolonged recovery.
Dogecoin (DOGE)
Dogecoin, the leading meme cryptocurrency by market value, has seen its ongoing downward trend holding steady above $0.091. Over the past 11 weeks, experts have predicted three unsuccessful attempts to break the mentioned support level. This suggests that the current price range might be an ideal accumulation point for a potential reversal in the trend.
Furthermore, Santiment data shows a substantial increase in purchasing activity from whale wallets containing between 1 and 10 million DOGE, totalling an impressive 10.78 billion coins at present. This buying trend suggests that major investors are becoming increasingly optimistic about the future prospects of Dogecoin.
Pepe Coin (PEPE)
PEPE, the cryptocurrency based on the frog meme, ranked as the second best competitor to Shiba Inu coins in our list. With the current market surge, the value of PEPE increased from 0.00000585 dollars to 0.00000806 dollars, representing a 27.3% rise. As a result, its market capitalization soared to an impressive $3.38 Billion.
Furthermore, the amount of PEPE available on exchanges has been decreasing since March 2024, now sitting at approximately 167.67 trillion units. This decrease in exchange supply could lessen the urge to sell, possibly instigating a pattern of recovery.
Dogwifhat (WIF)
For seven consecutive weeks, the meme token Dogwifhat, built on the Solana blockchain, has been moving back and forth between the $2 and $1.25 price points. However, even with this sideways trend, major Dogwifhat holders have just borrowed 4.5 million US Dollars Coin (USDC) from Kamino Finance and purchased approximately 2.55 million WIF tokens at a price of $1.76 today.
Based on Lookonchain’s figures, a particular whale is currently in possession of about 31.2 million WIF, which equates to around $57.4 million. This individual has made over $74.5 million in total profits so far. At the time of press, Dogwifhat is trading at $1.7 and is just 4% away from breaching a 6-month resistance trendline. If it successfully breaks out, the WIF price could potentially rise to $2.8 initially, with further rallies possibly reaching $5.
5 hours ago, the entity with the most $WIF holdings took out a loan of 4.5 million USD Coin (USDC) from Kamino to purchase approximately 2.55 million dollars’ worth of $WIF at a price of 1.76!
This whale now holds 31.2M $WIF($57.4M), with a total profit of more than $74M!
This whale spent $226K to buy 19.86M $WIF at only $0.0114 from Dec 13 to Dec 15, 2023, then…
— Lookonchain (@lookonchain) September 20, 2024
Floki (FLOKI)
In the group of competitors for Shiba Inu, the price of Floki exhibited early indications of a turnaround, with a pattern of higher lows appearing on daily charts. The strong demand has driven the asset up to $0.00013, while its market capitalization currently stands at approximately $1.27 Billion.
To expand upon this, a significant portion of the FLOKI supply (around 75%) is now held by leading wallets as per Santiment’s findings. This could potentially suggest a higher level of centralization, posing certain risks. However, it also implies that these major stakeholders are consistently increasing their investment in FLOKI, demonstrating their faith in its long-term prospects.
Bonk (BONK)
Instead of other competing Shiba Inu tokens, the value of BONK has followed a horizontal pattern, with a current support level at $0.000015. After a four-day surge, the price of BONK rose from $0.000015 to $0.000017, resulting in a 13% increase.
In contrast to the ongoing optimistic price action, the Funding Rate for BONK in OI-weighted terms increased to 0.0185%, implying that investors are ready to pay a higher fee to hold onto the asset, expecting it to rise further. This trend suggests an escalating conviction among traders, potentially signaling a sustained bullish outlook that might propel BONK’s worth past its current resistance level at $0.00002.
For a detailed analysis, checkout our top meme coins article
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2024-09-20 23:28