Meme Coin Rally Continues: Dogecoin and Shiba Inu Set for Further Gains
Highlights:
- On-chain data suggests meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) are likely to sustain their upward momentum.
- Analysts predict a potential 5100% rally for DOGE and significant growth for SHIB.
- Increased SHIB exchange outflows and a spike in burn rates signal strong market confidence.
Recent on-chain analysis reveals that the meme coin season is far from over, with Dogecoin, Shiba Inu, and other meme tokens showing signs of continued growth. According to IntoTheBlock, retail investors have not fully re-entered the meme coin market, indicating room for further rallies as enthusiasm builds.
Meme Coin Momentum Builds
Dogecoin has seen monthly gains of approximately 175%, while Shiba Inu has risen by 33% over the same period, highlighting growing investor confidence. IntoTheBlock reports that meme coin activity remains below previous peaks, despite rising market caps. This divergence suggests untapped retail interest could drive trading volumes and prices higher for DOGE, SHIB, and similar assets.
The recent surge in meme coin interest is bolstered by market optimism following broader crypto gains, including Bitcoin’s record performance. Analysts predict that increased retail participation could spark significant price rallies for meme coins.
Outlook for DOGE and SHIB
Dogecoin (DOGE)
Dogecoin’s status as a leading meme coin positions it well for future rallies. Analyst Ali Martinez predicts DOGE could reach $2.40 and possibly $18 in the near future. Despite a recent 1.5% price dip to $0.3903, DOGE’s trading volume increased by 6%, reflecting sustained interest. A recent analysis suggests a potential 5100% rally, further boosting market sentiment.
Shiba Inu (SHIB)
Shiba Inu also shows promise, with a 3% price decline to $0.00002446 accompanied by a 20% increase in trading volume to $1.51 billion. Martinez notes that 1.67 trillion SHIB tokens were withdrawn from exchanges in the past 24 hours, signaling strong confidence among holders. Historical trends suggest such spikes in activity have previously led to price increases of over 62%. Additionally, a rise in SHIB’s burn rate reduces token supply, potentially pushing prices higher.
Broader Market Confidence
Meme coins are benefiting from renewed market confidence, with investor optimism further fueled by significant events, such as Donald Trump’s election win and Bitcoin’s surge. As retail interest grows, Dogecoin, Shiba Inu, and other meme coins are poised to lead the charge into a bullish altcoin season.
