Dogecoin Rivals – Shiba Inu (SHIB), Floki, Pepe coin (PEPE), Dogwifhat (WIF), and BONK are set to attract investor interest as DOGE price has been stuck in a five-month correction. Despite the recent market rebound, Dogecoin price projects no clear sign of bottom formation, projecting the risk of further sell-off.
Dogecoin Rivals- Shiba Inu (SHIB)
Shiba Inu (SHIB), often called Dogecoin killer, is currently trading at $0.000014, boosting a market cap of $8.39 Billion. Amid market uncertainty, the SHIB price jumped from $0.000013 to $0.0000143, registering a growth of 10%.
The recent surge can be attributed to the U.S.-based crypto exchange Kraken expanding its support to Shiba Inu and three other altcoins by adding a new margin trading pair against the Euro.
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Moreover, Santiment analytics highlights that SHIB’s supply distribution from addresses holding between 100,000 and 1,000,000 tokens has seen a massive surge since March 2024. The metric recently 238.94k SHIB indicates the retail investors are active accumulation at asset.
SHIB supply distribution | Santiment
With sustained buying, the Shiba Inu price prediction hints at a potential rally past the $0.00002 psychological level, followed by $0.00003.
Pepe Coin (PEPE)
The Flag-themed meme coin Pepe recently showcased a notable bounce from $0.000006 to $0.0000008, registering a 17.6% bounce. This upswing shows a new bull cycle within the falling wedge reversal pattern, indicating a potential breakout ahead.
Moreover, the 30-day MVRV (Market Value to Realized Value) ratio at -3.15% indicates that short trades are witnessing loss, as per Santiment data. Typically, this metric may indicate reduced selling pressure and pave the way for investment for accumulation from the largest player.
30-day MVRV Ratio | Santiment
Therefore, the PEPE price breakout from wedge pattern resistance at $0.000009 will accelerate the buying momentum and drive a rally to $0.0000172.
Floki (FLOKI)
Among the Dogecoin Rivals, the Floki coin could again gain notable traction amid the English Premier League (EPL) in the coming months. The FLOKI token and its play-to-earn Valhalla game will gain prominent exposure across multiple English Premier League (EPL) platforms as part of a new one-year deal.
The Floki token has partnered with Nottingham Forest, while their Valhalla game is featured on the back of Sunderland AFC jerseys. With this move, FLOKI will gain worldwide visibility among millions of football fans, which may attract new investors for the token and the Valhalla game.
The Floki price rose from $0.00011 to $0.000138 within a week, registering a 23.3% growth. This upswing bolstered buyers to escape an 11-week correction and chase potential targets of $0.00021 and $0.00035.
FLOKI/USDT – 1d Chart
Dogwifhat (WIF)
The Solana-based Meme coin Dogwifhat shows bounced from $1.361 to $1.63, registering a growth of 20%. This recovery positioned near the apex of the falling wedge pattern signals the downtrend reaching maturity.
In addition, the WIF’s future open interest signals a notable surge of $213.5 million, according to Coinglass data. This increase in OI metric implies heightened market activity and growing investor interest in WIF futures.
WIF Futures Open Interest | Coinglass
Among the Dogecoin Rivals, the Dogwifhat price is poised at 22% before the major breakout from the downsloping trendline at $2. A successful breach will surpass the $2.85, followed by $4.
Bonk(BONK)
Unlike other Dogecoin rivals, BONK coin shows a broader bullish trend, supported by the formation of a channel pattern. The two rising trendlines, dynamic support, and resistance, assist buyers in preventing major corrections.
A recent reversal from bottom support has uplifted the BONK price from $0.000017 to $0.000019, accounting for 11.4% growth. As the recovery trend continued, BONK’s OI-weighted funding rate surged to 0.066%. This increase suggests that long positions are gaining momentum, with traders willing to pay a premium to maintain their positions.
BONK OI-Weighted Funding Rate | Coinglass
If the bullish momentum persists, the post-breakout rally could drive the BONK price to $0.000034, followed by $0.0000445.
Conclusion
The meme cryptocurrency sector is known for its volatility due to its susceptibility to speculative trading. The potential investors of this asset class often look for fast movement and quick gain. As DOGE showcases a prolonged correction and stable price action, the emerging Dogecoin rivals, such as Shiba Inu (SHIB), Floki, Pepe coin (PEPE), Dogwifhat (WIF), and BONK can offer suitable opportunities to capture aggressive rallies.
Frequently Asked Questions (FAQs)
These Dogecoin rivals are gaining attention as DOGE’s price remains stuck in a five-month correction, offering opportunities for aggressive rallies.
Pepe coin’s recent 17.6% bounce is driven by a new bull cycle within a falling wedge reversal pattern, signaling a potential breakout ahead.
BONK coin is showing a broader bullish trend due to the formation of a channel pattern, with dynamic support and resistance preventing major corrections.
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Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
