Memecoins are on rise after market “bottoms out”
Dogecoin, the largest memecoin on the market, entered the top five most profitable digital asset from Coinmarketcap’s top 100, after another token, the Shiba Inu, rose higher.
Breakout everyone waited for
As we have mentioned in U.Today’s articles numerous times, both Shiba Inu and Dogecoin were on the verge of a breakout or at least a volatility spike in either direction as they have been showing an extremely anemic performance in the last 30 days of trading.
On August 14th, DOGE successfully broke through the symmetrical triangle acting as the coin’s consolidation range, which has not shown us fair price performance over the past few months.
In mid- or long-term time frames, there are no resistances that might hold Dogecoin from moving further up unless the rally fades due to the lack of trading volume, which remains on a relatively low level compared to bull market values.
Dogecoin’s biggest rival
With the Shiba Inu entering the market, we saw a split in the Memecoin industry, as some preferred the old classic and others risked for the highly volatile and risky SHIB token.
Today, the volatility of the token dropped to an average level which exceeds Dogecoin’s. In the last 24 hours, Shiba Inu gained more than 22% to its value, becoming one of the best performing assets on the cryptocurrency market.
The main question for investors now is how long will this rally last, as we are yet to see a spike in trading volume or market inflows and the reversal is more than possible after the weekend trading session is over?
