Will the Shiba Inu, Dogecoin meme coins make it back after a steep drop?

  • Dogecoin wiped out the gains of the past two weeks when experts cut the 2022 forecast for the DOGE price.
  • Shiba Inu is gearing up for a revival as Welly becomes one of the best fast food places on UberEats.
  • Legendary watchmaker Hublot accepts Shiba Inu and Dogecoin, taking the utility of SHIB and DOGE higher.

Shiba Inu and Dogecoin prices are currently falling as the cryptocurrency market struggles to recover from recent losses. That said, analysts are predicting a Shiba Inu price breakout as the meme coin prepares for a rally following news indicating more widespread adoption and greater utility.

Also Read: How Shiba Eternity laid the groundwork for Shiba Inu’s explosive price rally

Shiba Inu and Dogecoin price prepares to rally amid bear market woes

Several key updates to the meme coin ecosystem fueled bullish sentiment among Shiba Inu and Dogecoin holders. Timothy Stebbing, chief product officer of the Dogecoin Foundation, recently told investors not to invest in DOGE as a speculative asset. Stebbing said the team is building a future currency, a decentralized form of currency that can be regulated by governments.

Dogecoin is therefore thought to be a decentralized form of currency with widespread adoption and utility. In the case of Shiba Inu, Welly, a one-of-a-kind fast food chain, has become one of the best fast food restaurants on UberEats. Shiba Inu has become a co-owner of the restaurant chain, so this is a bullish update for SHIB holders.

Netcost-Security analysts evaluated Dogecoin’s price trend and charted a clear path to a bullish target of $ 0.110.

Dogecoin is currently trading at $ 0.066 and a breakout can push DOGE to $ 0.057. Analysts have identified a reversal zone of $ 0.048 to $ 0.057, which could serve as a stepping stone to the aforementioned bullish target.

1-day chart of the DOGE perpetual futures contract

Hublot, the elite watchmaker based in Switzerland, recently recognized digital currencies. Hublot has announced the acceptance of Shiba Inu (SHIB) and Dogecoin (DOGE) via BitPay. The watch brand was founded in 1980 and now accepts SHIB and DOGE, which reinforces the usefulness of the two memes.

In the video below, Netcost-Security analysts have identified the key factors that could lead to a massive Dogecoin price explosion.

Shiba Inu is a favorite of Ethereum whales

According to WhaleStats data, Shiba Inu is one of the most popular cryptocurrencies among Ethereum whales. Ethereum’s top 5,000 whales hold $ 657 million in Shiba Inu tokens. This is a significant amount of Shiba Inu tokens, making it a favorite among Ethereum whales.

Thanks to the recent Shiba Inu price drop, Ethereum’s whales have been busy hoarding the meme coin. They added more SHIBs to their portfolio ahead of a Dogecoin-killer token rally.

SHIB Knight, a cryptocurrency analyst, has predicted a Shiba Inu rally. The analyst set bullish targets at $ 0.00001196, $ 0.00001274 and $ 0.00001323 for Shiba Inu.

Support for the Shiba Inu, meanwhile, is expected to come in at $ 0.00001171 and $ 0.00001148.

SHIB-USDT price chart

SHIB-USDT price chart

Netcost-Security analysts have identified an opportunity for traders to profitably trade Shiba Inu, in the event of a likely collapse. For more information and key reward levels, watch the video below:

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