The cryptocurrency market has been on a rollercoaster ride in the past 24 hours, with Shiba Inu and Pepe outperforming the wider market. This surge comes after news broke of the SEC postponing its decision on the Ark Bitcoin ETF. As market analysts speculate about potential altcoin dominance, it may be a good time for investors to consider scaling into these meme coins.
Altcoin Dominance and Bitcoin Halving
Historically, prior to the last Bitcoin halving, there was an inverse relationship between BTC dominance and altcoin dominance. As Bitcoin’s dominance peaked, altcoin dominance hit its bottom. If this pattern repeats itself, it could indicate a favorable environment for altcoins. With the next Bitcoin halving estimated to occur in April or May 2024, an “altcoin season” might be on the horizon. Meme coins, known for their price volatility and rapid pumps, could be some of the best cryptocurrencies to watch.
Shiba Inu: Leading the Market
Altstreet Bets, a prominent crypto community, predicts that Shiba Inu’s price will go even higher. They have already entered a position when SHIB reached its 2022 lows and swiftly reclaimed the 2023 yearly open. Furthermore, the upcoming launch of Shibarium, a decentralized exchange (DEX) specifically for SHIB, is seen as a potential catalyst for Shiba Inu’s continued market leadership.
Pepe, currently the second most trending cryptocurrency on CoinMarketCap, has its own loyal following. The Birb Nest trader QBS believes that $PEPE will experience a significant rally. Rekt_Tekashi, a well-known crypto analyst, indicates growing buying volume on the high-timeframe Pepe price chart. Meanwhile, KALEO, one of the most followed crypto Twitter accounts, suggests that Pepe is ready to initiate a full-send, adding to his bullish predictions for Dogecoin.
Meme Coins on the Rise
Shiba Inu and Pepe are not the only meme coins capturing attention. Uniswap, one of the leading decentralized exchanges, has recently listed new meme coins with the tickers $SHIB and $PEPE, following the success of $BITCOIN. These coins are separate assets, distinct from the original Shiba Inu and Pepe currencies. Additionally, another new meme coin called Shibie Coin has gained traction, with its presale coming to a close. Analysts believe this low market cap token could be one to watch.
Investment Opportunities and Price Predictions
Crypto analyst @Chloe_crest includes $SHIBIE, Shiba Inu, and Pepe in their list of the best meme coins to invest in this year. Should Shiba Inu return to its all-time highs, investors could potentially gain eight times their initial investment, while Pepe offers a potential four-fold increase. However, it is worth noting that new meme coins with low market caps often achieve such returns within a few hours of their initial exchange listings. For more in-depth analysis on Shibie Coin, refer to our Shibie Coin price prediction post.
The rise of meme coins like Shiba Inu and Pepe in the past 24 hours demonstrates their resilience and potential for significant gains. As the cryptocurrency market undergoes volatility, altcoin dominance may indicate a shift in investor sentiment. With the next Bitcoin halving fast approaching, meme coins could be an attractive investment for those seeking higher risk and potential high rewards. However, investors should exercise caution and conduct thorough research before allocating funds to these highly speculative assets.
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