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The recent downturn in meme cryptocurrencies Dogecoin and Shiba Inu contrasts with the success of Dogecoin20’s ICO, raising over $2.7 million.
After a meteoric uprising this month, some meme coins have initiated a cooling-off period. Today, top dogs Dogecoin and Shiba Inu are down 12.3% and 11.9%, respectively.
However, new meme coin ICO Dogecoin20 has raised $2.7 million in five days, offering a promising opportunity for meme coin traders.
Dogecoin and Shiba Inu sell off amid a broader market pullback
In a tale as old as time, meme coins suffered outsized retracements in a broader market drawdown.
According to CoinMarketCap data, the total crypto market cap is $2.44 trillion, down 6.16% today.
Dogecoin and Shiba Inu’s deeper sell-offs reflect traders de-risking from more volatile assets amid turbulence and uncertainty.
This is an age-old phenomenon where market participants venture further along the risk curve in favorable market conditions.
However, as conditions worsen, they will move to “lower-risk” assets like Bitcoin, Ethereum, or fiat.
Currently, Dogecoin is priced at $0.1306, down 12.3% today and 23.8% this week, but up 51.3% this month and 75.2% this year.
Meanwhile, Shiba Inu is priced at $0.000025, down 11.9% today and 23.5% this week, but up 156% this month and 130% this year.
Market sentiment favors a reversal of the recent dip in the coming weeks, presenting a timely buying opportunity for altcoins.
“For most people, it’s hard to take profit on green days, and it’s hard to buy on red days. They often do the opposite. Buy the FOMO and panic sell the bottom. That’s why most traders lose money. Investors can just buy and do nothing,” said analyst Kaduna on X.
Meanwhile, Dami DeFi predicts that “more established memes” will bounce the quickest, a nod toward Dogecoin and Shiba Inu enjoying swift recoveries.
Nevertheless, with Dogecoin and Shiba Inu climbing exponentially in recent weeks, they may incur a short-term consolidation move before an uptrend continuation.
“DOGE continues to do what I expect after a weekly breakout.: Range range range… Then boom! Another move towards $0.37 – $0.50. But for now the name of the game is range range range,” predicted analyst DavidOnCrypto.
Evidently, both Dogecoin and Shiba Inu seem poised for higher-time-frame success, although they may experience short term volatility.
Yet the meme coin market continues to present new opportunities daily. The most promising emerging project is Dogecoin20, a trending ICO that has raised over $2.7 million in five days.
New meme coin Dogecoin20 surges past $2.7M in ICO
Inspired by the OG meme coin Dogecoin, Dogecoin20 ventures into an uncharted realm of DeFi.
When software engineers Billy Markus and Jackson Palmer jokingly created Dogecoin in 2013, nobody suspected it would become a global internet sensation peaking at a $84 billion market cap.
Consequently, the project was unequipped for such triumph. But this is where Dogecoin20 comes in. Retrofitting the godfather of meme coins with innovative tech, Dogecoin20 stands as a fierce meme coin contender.
Through its flagship Stake-to-Earn mechanism, users can put their investment to work and generate free crypto on autopilot. They can currently garner a 307% APY, but this will decrease as more tokens are staked.
Adding to Dogecoin20’s scarcity efforts, the token features a capped supply of 140 billion. This follows the “sound money” principle pioneered by Bitcoin, offering a distinct advantage over the inflationary Dogecoin.
Jacob Bury recently listed it as the best crypto to buy now and speculated it could be “the next Shiba Inu.”
The interest is also reflected in the investor community, with the project’s presale raising a staggering $2.7 million in five days.
However, potential buyers should not wait around as its price will incrementally increase throughout the presale. The next uptick will occur when it hits $2.9 million.
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