5 Dogecoin Rivals That Could 10x By Q4

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As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen trends come and go, but nothing quite like the meme coin sector. The recent correction in Dogecoin has left many investors on the sidelines, but fear not, for there are rivals ready to seize the moment.

Competitors like Shiba Inu (SHIB), Floki, Pepe coin (PEPE), Dogwifhat (WIF), and BONK are gaining attention from investors as Dogecoin‘s price has been in a five-month correction without showing signs of a bottom formation, increasing the possibility of further declines. Although the market has experienced some recovery recently, Dogecoin’s price offers no clear indication that it has reached its lowest point.

Dogecoin Rivals- Shiba Inu (SHIB)

As a crypto investor, I’m keeping a close eye on Shiba Inu (SHIB), frequently referred to as the ‘Dogecoin killer.’ At the moment, it’s trading at an approximate value of $0.000014, which equates to a substantial market cap of $8.39 Billion. Even amidst market instability, the SHIB price surprisingly surged from $0.000013 to $0.0000143, marking a notable growth of approximately 10%.

The recent surge can be attributed to the U.S.-based crypto exchange Kraken expanding its support to Shiba Inu and three other altcoins by adding a new margin trading pair against the Euro.

New EUR margin pairs available for:
$PEPE
$NEAR
$SEI
$SHIB
Gain exposure to these tokens and 120+ margin pairs on Kraken
*Geographic restrictions may apply
Trade now
— Kraken Pro (@krakenpro) August 20, 2024

To add to that, Santiment analytics shows us that the number of Shiba Inu (SHIB) tokens held by addresses containing between 100,000 and 1,000,000 coins has experienced a significant increase since March 2024. The figure of 238,940 SHIB suggests that retail investors are actively accumulating the asset.

5 Dogecoin Rivals That Could 10x By Q4

As continued purchasing occurs, the estimated Shiba Inu price suggests a possible surge beyond the $0.00002 significant barrier, potentially reaching $0.00003 next.

Pepe Coin (PEPE)

1. The meme coin Pepe featuring flag themes has experienced a significant jump from $0.000006 to $0.0000008, representing a 17.6% increase. This surge suggests the beginning of a new bull phase within a falling wedge reversal pattern, hinting at an upcoming possible breakout.

In addition, a 30-day MVRV (Market Value to Realized Value) ratio of -3.15% suggests that short trades are experiencing losses according to Santiment’s data. This metric often signals decreased selling pressure and may provide opportunities for investment by larger players as they accumulate, potentially leading to increased buying pressure.

5 Dogecoin Rivals That Could 10x By Q4

Consequently, once the PEPE token surpasses the resistance level of $0.000009 in its wedge pattern, it is likely to intensify the purchasing impetus, potentially propelling the price upwards towards $0.0000172.

Floki (FLOKI)

In the upcoming months, it’s possible that the Floki coin, one of Dogecoin’s competitors, may attract significant attention within the English Premier League (EPL). This is due to a fresh one-year agreement that will grant the FLOKI token and its “Valhalla” play-to-earn game extensive exposure across various English Premier League (EPL) broadcasts and digital platforms.

In a recent development, the Floki token has formed an alliance with Nottingham Forest. Meanwhile, the Valhalla game is prominently displayed on Sunderland AFC’s jerseys. This strategic move will significantly boost the visibility of FLOKI across the globe, potentially capturing the interest of countless football enthusiasts who could become new investors for both the token and the Valhalla game.

In just one week, the value of Floki increased from $0.00011 to $0.000138, representing a significant growth of 23.3%. This surge encouraged buyers to move away from an 11-week downtrend and aim for possible targets at $0.00021 and $0.00035.

5 Dogecoin Rivals That Could 10x By Q4

Dogwifhat (WIF)

The meme coin Dogwifhat, which operates on Solana, jumped from $1.361 to $1.63, marking a 20% increase. This surge, occurring close to the peak of a falling wedge pattern, suggests that the downtrend has almost run its course and may soon conclude.

Furthermore, data from Coinglass indicates an impressive jump of approximately $213.5 million in the WIF‘s predicted future contracts, often referred to as open interest. Such a rise suggests a significant uptick in market activity and escalating curiosity among investors regarding WIF futures trading.

5 Dogecoin Rivals That Could 10x By Q4

Regarding competitors of Dogecoin, the price of Dogwifhat is currently on the verge of a 22% surge prior to a significant breakout from its descending trendline at around $2. If this breakout is successful, it could push Dogwifhat’s price beyond $2.85 and potentially even reach $4.

Bonk(BONK)

In contrast to many other Dogecoin competitors, the BONK coin exhibits a more expansive upward trajectory, reinforced by the emergence of a channel pattern. This pattern is sustained by two ascending trendlines that function as both dynamic support and resistance, thereby helping buyers ward off significant corrections.

Lately, the price of BONK has climbed from $0.000017 to $0.000019 following a change in direction at its support level. This move represents an 11.4% increase in value. As this positive trend persists, the OI-weighted funding rate for BONK has risen to 0.066%. This rise indicates that long positions are gaining traction, as traders are prepared to pay extra to hold onto their investments.

5 Dogecoin Rivals That Could 10x By Q4

If the positive trend continues, the surge after the breakout might lead BONK‘s price to reach approximately $0.000034, potentially even climbing further up to around $0.0000445.

Conclusion

The meme cryptocurrency sector is known for its volatility due to its susceptibility to speculative trading. The potential investors of this asset class often look for fast movement and quick gain. As DOGE showcases a prolonged correction and stable price action, the emerging Dogecoin rivals, such as Shiba Inu (SHIB), Floki, Pepe coin (PEPE), Dogwifhat (WIF), and BONK can offer suitable opportunities to capture aggressive rallies.

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2024-08-23 18:34