In the past 24 hours, both Shiba Inu and Pepe have surged by 8%, outperforming the broader crypto market. This comes after news of the SEC’s delay in deciding on the Ark Bitcoin ETF, causing the overall market to dip slightly. Analysts have noticed a pattern where, leading up to the previous Bitcoin halving, BTC dominance reached its peak while altcoin dominance hit its bottom. If history repeats itself, now might be a good time to consider scaling into altcoins. With the next Bitcoin halving expected in around eight to nine months, a potential altcoin season could be on the horizon. In this article, we will explore whether meme coins, such as Shiba Inu and Pepe, could be the best cryptos to watch in this upcoming altcoin season.
Shiba Inu Surges
Altstreet Bets is optimistic about the Shiba Inu price, expecting it to rise even further. They have already taken a position in SHIB when it swept its 2022 lows and swiftly reclaimed the 2023 yearly open. Furthermore, CryptoGodJohn highlights the upcoming launch of Shibarium as a potential catalyst for $SHIB to continue leading the market. Meanwhile, Cantering Clark (now The Flow Horse) reveals that someone is building a long position in $SHIB, indicating positive sentiment and potential narrative-driven growth. Shiba Inu currently holds the title of the most trending cryptocurrency on CoinMarketCap.
Pepe Gains Momentum
The Birb Nest trader QBS expresses confidence in Pepe, predicting that it will experience a significant rally. Rekt_Tekashi also shows enthusiasm by tweeting “send the frog,” noting the increase in buying volume on the high-timeframe Pepe price chart. KALEO, a highly followed crypto Twitter account, remarks that $PEPE appears ready for a full send. KALEO has also made bullish predictions about Dogecoin’s price in recent days. Pepe currently holds the position of the second-most trending cryptocurrency on CoinMarketCap and is the second hottest pair on DEXTools.
It should be noted that there are newly listed meme coins on Uniswap with the tickers $SHIB and $PEPE. These new assets follow the success of $BITCOIN and are separate from Shiba Inu and Pepe. One such meme coin is Shibie Coin, which is currently in its final 48 hours of the presale and has already sold over 75% of its supply. Shibie Coin, inspired by both Shiba Inu and the Barbie movie, is set to launch on Uniswap with a market cap of less than $1 million. Analysts predict that it could be a coin worth monitoring. Crypto analyst @Chloe_crest also includes $SHIBIE on her list of the best meme coins to invest in this year, alongside Shiba Inu and Pepe.
A return to their all-time highs could potentially mean an approximately 8x gain for Shiba Inu and a 4x gain for Pepe. However, it is worth noting that new meme coins with a low market cap often achieve this level of return within hours of their initial exchange listings. This highlights the potentially volatile and fast-paced nature of the meme coin market. Investors should exercise caution and conduct thorough research before entering positions in these assets.
As the crypto market prepares for a potential altcoin season, meme coins like Shiba Inu and Pepe have shown significant strength. With positive sentiment from various analysts and traders, these coins are attracting attention and gaining momentum. Additionally, the emergence of new meme coins such as Shibie Coin adds to the excitement in the market. It is important for investors to carefully assess the risks and potential returns associated with meme coins. While they can offer substantial gains, they also come with a higher level of volatility. As with any investment, it is crucial to conduct thorough research and stay informed about market developments. Ultimately, the decision to invest in meme coins should align with an individual’s risk tolerance and investment strategy.