Shiba Inu Surges 5% as Meme Coins Prepare for Altcoin Season

As discussions around altcoin season intensify, memecoins are also gaining attention. Despite being highly criticized, these meme-based tokens have managed to stay afloat, with leaders Dogecoin and Shiba Inu experiencing a bullish uptrend, suggesting a possible preparation for altcoin season.

Shiba Inu, the 16th largest cryptocurrency by market cap and the second most valuable memecoin behind Dogecoin, has made a remarkable rebound after recording a mild intraday price decline. According to data from Coindesk Research’s technical analysis model, the meme coin experienced a 5% price surge in under 24 hours. The move comes after the asset recorded an intraday low, sending Shib down to the $0.0000139 price mark. The follow-up bullish reversal signals a slow recovery for SHIB, priming it to retest previous support levels soon potentially. The intraday price decline was observed after a sell-off, which resulted in the meme coin trading at a daily low. The meme coin began its recovery as buying pressure increased, with trading volume shooting upwards.

Similarly, leading memecoin Dogecoin has managed to stay afloat despite the volatility recorded in the previous week. The memecoin snagged 6.4% in gains under 24 hours, breaking through the $0.220 resistance levels. Notably, buying volume has surpassed $67,456,500. It bears mentioning that whale activities have skyrocketed for the memecoin, with large whales accumulating more than 1 billion Doge tokens over the last month. Both milestones suggest that Doge Bulls are wide awake and buying pressure is building up strongly, with a potential price breakout in sight. At the time of this report, Dogecoin is trading at $0.22.

The cryptocurrency market is witnessing significant movements, particularly with meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB). Despite a slight decline of 0.04% over the last 24 hours, Dogecoin is showing bullish patterns that suggest a potential rise towards a $50 billion market cap. This accumulation of DOGE indicates a growing interest and confidence among investors, signaling a possible meme coin season. Smart investors are quietly accumulating SHIB, recognizing its undervalued status despite the market's hype and overvalued tokens. This strategic accumulation suggests that SHIB could be poised for a significant rebound, further fueling the meme coin season.

The meme coin phenomenon is not limited to DOGE and SHIB. Other meme coins, such as BRETT, have also gained traction. BRETT, inspired by the character Brett from Matt Furie’s “Boys’ Club” comic series, has quickly gained popularity with a market cap exceeding $1 billion. The token operates on a renounced contract, ensuring decentralized governance and community engagement. Its cultural significance and partnerships in decentralized finance (DeFi) enhance its utility and value in the crypto space. BRETT's price analysis shows a bearish sentiment in the short term, with the price hovering near the lower Bollinger Band and the Relative Strength Index (RSI) below the 50-neutral mark. However, the token's long-term prospects remain promising, with projections suggesting it could reach between $0.70 by 2027 and $0.2 by 2030. The growth of BRETT is expected to be influenced by cryptocurrency market trends and regulatory developments.

The accumulation of DOGE and the recovery of SHIB, along with the rise of other meme coins like BRETT, indicate a potential meme coin season. Investors are advised to exercise caution and conduct thorough research before making investment decisions, as the value of meme coins is highly speculative and influenced by market trends. The cryptocurrency market's dynamic nature requires vigilance and strategic planning to navigate the opportunities and risks presented by meme coins.