Dog coins and meme tokens have obviously taken the backseat amid the onset of the Russia-Ukrainian war, but does that mean that the meme economy is dead? Covered: Dogecoin (DOGE) Shiba Inu (SHIB) Floki Inu (FLOKI) Dogecoin, Shiba Inu, and Floki Inu seem to be the three top dogs when it comes to meme tokens. […] The post An Update On The Long-Forgotten Dog Coins appeared first on CryptosRus.

An Update On The Long-Forgotten Dog Coins

Dog coins and meme tokens have obviously taken the backseat amid the onset of the Russia-Ukrainian war, but does that mean that the meme economy is dead?

Covered:

  • Dogecoin (DOGE)
  • Shiba Inu (SHIB)
  • Floki Inu (FLOKI)

Dogecoin, Shiba Inu, and Floki Inu seem to be the three top dogs when it comes to meme tokens. Their strength is often powerful, but short-lived; When they’re not pumping by eye-watering multiples at breakneck speeds, they’re typically dumping or ranging sideways. Right now, we’re in the latter stage, but sustained strength in the overall crypto markets could send these dog coins to new highs.

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Dogecoin (DOGE)

First and foremost is the market’s favorite meme, Doge. Dogecoin (DOGE) is a rather elusive cryptocurrency. In early 2021, it had its spotlight moment when even traditional finance seemed to hear more about DOGE than they did Bitcoin or Ethereum, but since topping out after Elon Musk’s SNL performance, DOGE has been in a nonstop downtrend ever since.

At the time of writing, DOGE is trading at $13.27.

The silver lining with DOGE is that despite the downwards price action, the current price swings look to be forming a falling wedge pattern, which historically breaks bullish (assuming a healthy market allows for it). The relative strength index (RSI) seems to be coiling up as well, indicating that a big move may be coming in the near future.

Dog coins like DOGE tend to follow the beat of their own drum rather than listen to what the market decides. Plenty of coins rise and fall based on the action of Bitcoin on a given day, but DOGE seems to be working with an entirely different basket of investors in its market. Its non-reliance on Bitcoin can be either a pro or a con depending on who you ask, but from a strict chart perspective, we’re seeing a long-term bullish pattern forming here.

However, as highlighted by the blue ellipses, you would want to see another large spike in trading volume before taking any trades. Large market orders are the catalysts needed to drive meme tokens to new heights because, unlike “traditional” cryptocurrencies, everyone (or so we can hope) in the dog coin market understands that they are trading purely on hype and not on fundamentals. It’s a different game being played in the dog pen, and for the impatient or data-driven investor, it’s not a very fun experience.

Shiba Inu (SHIB)

The next dog coin on today’s list is probably the market’s most-hated on meme project, Shiba Ibu (INU). While the market may not like it, SHIB feeds off the attention it gets from haters in the crypto market. And why has it amassed such a large group of haters? Well, it’s probably because, unlike traditional meme tokens, SHIB was one of the first to break the mold and provide real utility to the SHIB token. It’s even bringing its own metaverse, the “Shiberse,” to connect meme fanatics and dog coin connoisseurs.

At the time of writing. SHIB is trading at an unreadable number (in true meme coin fashion), but its market cap is sitting at $14.6 billion.

Of all the dog coins on the market, the SHIB chart is surprisingly looking the most bullish to me. Unlike DOGE, which is still consolidating in a falling wedge pattern, SHIB looks like it’s already broken out of its downtrend and came back down to retest it as support. Despite price now trending sideways, the RSI looks to be capturing new highs now while setting higher lows.

The current movement, to me, looks a lot like its sideways trend in the second half of 2021. If you look at the left half of this chart, you’ll notice a sideways-moving trend accompanied by a steadily-rising RSI. The pump that followed in October 2021 could serve as a hint to us today of what could be coming from SHIB assuming the market remains healthy.

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Floki Inu (FLOKI)

Finally, we have Floki Inu (FLOKI). Compared to DOGE and SHIB, FLOKI is a relatively underappreciated dog coin by the market. Despite bringing loads of utility to its holders, the lack of accessibility to FLOKI makes it harder to appeal to the masses. On the flip-side, however, its lack of support from centralized exchanges could be a bullish signal for traders looking to get ahead of the crowd.

And the development for FLOKI doesn’t look to be slowing down, either. The team showcased some footage yesterday for the dog coin’s Valhalla metaverse, and it actually looks a lot better than a lot of metaverse-focused gaming projects.

At the time of writing, FLOKI’s market cap is sitting around $330 million, according to CoinMarketCap, but the official market cap is unconfirmed.

I’m sure you get what I mean by “lack of support” when I have to bring out the CoinGecko charts just to see price action. As you can see, FLOKI had a lot of fun alongside SHIB in October 2021 when dog coins took center stage near the local top of the crypto markets. However, its price action has been noticeably weaker as it has since retraced to basically historic lows prior to its October run-up. For comparison, SHIB is still trading nearly 4x higher from its October lows.

However, with the onset of its own metaverse, and the crypto markets showing a lot of strength at the moment, FLOKI’s flat price action could mean that it has found its bottom and is gearing up for another pump alongside the meme token market. Keep in mind, however, that just because a token has retraced 90% doesn’t mean that it can’t retrace another 90%. FLOKI’s survival likely relies on the survival of the crypto markets in general, so proceed with caution before making any hasty decisions. These dogs do like to bite sometimes…

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