As a seasoned researcher with extensive experience in the crypto market, I’ve closely followed the price movements of Dogecoin and Shiba Inu, two of the largest meme coins that have garnered significant attention from investors. Based on my analysis of recent market trends and historical data, I believe that both these meme coins could see some interesting developments in the coming month.
1. Crypto investors closely follow the trends of Dogecoin and Shiba Inu due to their positions as the leading meme cryptocurrencies in the market. Frequently, a surge in the values of Dogecoin and Shiba Inu suggests a meme coin rally that could potentially boost other similar coins. Despite experiencing difficulties in Q2, there are indications that Q3 might show more positive movements.
Why Dogecoin Could See An Increase In Price
Utilizing CryptoRank’s data, it’s evident that Dogecoin’s price has had difficulty maintaining its upward momentum over the past two months, experiencing a decline of approximately 21.9% in June and slight increases of 4.24% in July thus far. Yet, with August approaching, there might be a shift in price trends.
A notable indicator pointing towards a potential increase in Dogecoin’s price as we approach the new month is an escalation in trading activity. According to statistics from token monitoring site CoinMarketCap, the daily volume of Dogecoin surged by over 60% on Sunday, reaching a figure above $1.22 billion.
1. An increase in the trading activity of any given coin indicates growing interest in that particular coin. For instance, if we focus on Dogecoin, this heightened activity might signal that the recent downturns, which had driven its value down to $0.13, are nearing their conclusion. Consequently, there could be an opportunity for Dogecoin’s price to rebound and rise further.
Based on historical trends, Dogecoin’s potential August rally might be short-lived. Out of the ten August months since its inception, six have resulted in losses, while only four have seen gains. The average return during these August months was a modest 0.83%, with a median loss of -5.17%. Therefore, if this pattern persists, any potential rally could be short-lived and may give way to bearish price action once again.
Shiba Inu Has Better Prospects
In comparison to Dogecoin, Shiba Inu’s price might experience more success in August. Although its trading volume has been modest, with just a 4% surge on Sunday, Shiba Inu’s average returns for the month of August have exceeded those of Dogecoin.
Over the past three years, it’s been evident that the Shiba Inu’s price tends to do relatively well during the month of August, with an average increase of 2.67% and a median hike of 3.36%. However, last August saw a 5.44% drop in its price. Yet, there seems to be a growing potential for a turnaround as its losses from July have reduced significantly to just 2.76%.
1st Person Analysis: Based on historical average and median performance, I anticipate that Shiba Inu could potentially rebound above $0.17 again. Yet, similar to other altcoins, the movement of Bitcoin serves as a significant factor in predicting whether August will see gains (green) or losses (red).
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2024-07-30 00:12