Benzinga - A pseudonymous cryptocurrency analyst, Altcoin Sherpa on Thursday shared an optimistic outlook for the two largest meme-inspired cryptocurrencies Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB).
What Happened: The analyst said that both DOGE and SHIB are primed for a bullish run after extended periods of price consolidation.
Altcoin Sherpa warned that expecting all-time highs for DOGE and SHIB would be unrealistic at this stage. “DOGE and SHIB will never experience the same insane growth they did back in 2021, simply due to the market cap now. Both of those coins are established big caps (literally) and are more going to trade like big liquid coins that you can do on any big CEX (centralized exchange),” he said.
$DOGE: Several notes on this one--Its going to go to crazy #s this cycle, I don't know what. $1 wouldn't honestly surprise me.
-Chart itself looks good, consolidated for like 600 days.
-Given the overall mc, this one is NOT going to give you as big of gains as… pic.twitter.com/ifNdTGCr9L
— Altcoin Sherpa (@AltcoinSherpa) February 29, 2024
According to the analyst, both meme cryptocurrencies are in a state of accumulation, a period when an asset is neither increasing nor decreasing in price but is being actively bought and held by investors, and might “have huge runs sometime this year in 2024-2025.”
“But I'm planning to just wait for the first big move before hopping on the train and trading later.” Currently, Dogecoin has seen an increase to $0.113, up 17%, while Shiba Inu is up 5%, trading at $0.00001139.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: In the case of self-proclaimed ‘Dogecoin Killer' Shiba Inu, Altcoin Sherpa’s technical assessment pointed towards the possibility of surpassing the $0.000010 threshold and aiming for a higher bracket around $0.000014.
$SHIB: Similar chart to DOGE tbh and it's probably going to trade very similarly to DOGE given their respective market caps + both being on eth. This will do big numbers eventually but will act more as a big cap vs. a meme (because it is). Good liq but not really 1 to expect… pic.twitter.com/UT3aCudsZD— Altcoin Sherpa (@AltcoinSherpa) February 29, 2024
As for Bitcoin (CRYPTO: BTC), the analyst believes it might face a decline near its all-time high of $69,000. “BTC: the next area up is probably $60,000… There should be some sort of pullback around all-time highs but this has been mind-blowing to see.”
Price Action: At the time of writing, DOGE was trading at $0.12, up 3.15%. SHIB was trading at $0.000013, up 3.03% in the last 24 hours, according to Benzinga Pro.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
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