A prominent cryptocurrency analyst has predicted that the prices of major meme-inspired digital assets Dogecoin ($DOGE) and Shiba Inu ($SHIB) will both see their value surge in the near future, in a rally that’s going to bring a “lot of disbelief.”
In a series of tweets the pseudonymous cryptocurrency strategist Kaleo shared with their over 500,000 followers on the microblogging platform, they revealed that $DOGe has broken out above its high time-frame downtrend, and could be targeting the $0.25 mark, in a price rally that would more than double its current value of $0.097.
The analyst also pointed to Dogecoin rival Shiba Inu, another meme-inspired cryptocurrency that has a substantial amount of tokens being held by long-term investors, demonstrating the token’s growing appeal among holders with a longer investment horizon.
Blockchain from IntoTheBlock data shows that SHIB holders who have kept their tokens for over a year collectively own 687.17 trillion $SHIB, worth over $7.20 billion. These long-term holders control nearly 70% of Shiba Inu’s circulating supply.
To Kaleo, while DOGE may be a “better play,” SHIB looks “ready to rally alongside it for another leg up.”
Kaleo predicts that a breakout could result in significant gains for SHIB, with a potential increase of 50% to 100%. The analyst notes that although a 1.5x to 2x squeeze may seem substantial, it only scratches the surface of what these meme coins have achieved in the past during rallies.
Notably, Google searches for Dogecoin have exploded nearly 2,000% in the past seven days after Twitter switched its logo to DOGE’s Shiba Inu, which led to a surge in buying interest.
Analysis has shown that searches for “buy Doge” and “buy Dogecoin” skyrocketed 1,044% and 253%, respectively, while searches for rival meme-inspired cryptocurrency Shiba Inu also moved up 132% on Twitter’s logo change.
Data from CryptoCompare shows that the trading volume for the meme-inspired cryptocurrency DOGE also skyrocketed after Twitter’s logo change, as a trading frenzy ensued.
As CryptoGlobe reported, tens of billions of DOGE tokens are now being held by long-term investors, as entities that have been HODLing onto the cryptocurrency for over a year now have 44.8 billion tokens, worth over $4.5 billion.
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