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PEPE’s Hidden Catalysts: Why DOGE and ETH Could Trigger a 60% Explosion

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  1. PEPE’s 4-hour chart shows a bearish rising wedge; a breakdown below 6800 could trigger a drop to 6200, signaling potential losses.
  2. A successful defense of the 6800 support could lead to a bullish rebound towards 7500, with Ethereum’s momentum fueling a 50-60% rally.
  3. Despite technical warnings, PEPE leads in social and market activity, ranking highest among rising crypto stars, including BMT and CAKE.

Is $PEPE losing ground? The popular frog-themed meme coin has displayed warning signs. A rising wedge has formed on the 4-hour chart, a pattern that typically leads to a downward move. Amidst this troubling pattern, analysts have uncovered two key catalysts that could supercharge the meme coin.

After a robust rally of 14% in the weekly index, PEPE’s technicals depict signs of weakness inside this bearish wedge. Technical analysts note the price struggle near support, and suggest that a breakdown could trigger further losses. Traders are keeping an eye on these crucial levels. If support fails, a drop toward 6500 – 6200 could be next.

One of the possible scenarios is a bearish breakdown – If the price loses 6800, expect a move toward 6500 – 6200 as selling pressure builds. One key factor is to look out for high volume to confirm the breakdown.

On the other side, a bullish recovery scene would likely be defending the 6800 zone, which if successful could propel PEPE to bounce back toward 7500+. To put it simply, a breakout above wedge resistance would shift the momentum bullish again.

PEPE
Source: @cryptosatred

However, market experts suggest PEPE/DOGE and PEPE/ETH as the two key movements that should remain on the traders’ radar. Both Dogecoin and Ethereum have acted as market catalysts for the meme coin in the past. A successful breakout above the neckline resistance at $0.00000720 USDT can trigger massive moves on the meme coin.

PEPE Steals the Spotlight: Outranking BMT and CAKE as Social Activity Surges

Analysts further predict a 50-60% rally if Ethereum ($ETH) shows upward momentum (let’s assume, with a broader altcoin season).

While, traders and investors are laser-focused on the meme coin’s next move, PEPE is gaining tremendous traction based on the combined social and market activity today. As per LunarCrush, the meme coin is ranked at the top, making it the only high-ranked meme coin among the rising stars like Bubblemaps’ BMT token and PancakeSwap’s CAKE.

Shiba Inu Surges To AltRank™ 1, Outperforming 4,489 Coins In Crypto Market: LunarCrush

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LunarCrush, the renowned cryptocurrency data analytics platform, took to Twitter to announce an impressive milestone achieved by Shiba Inu. Based on a comprehensive evaluation of relative combined social and market activity, the digital token Shiba Inu has soared to claim the coveted AltRank™ 1 position, surpassing a staggering total of 4,489 coins currently circulating in the cryptocurrency market.

AltRank™, a unique me­tric introduced by LunarCrush, serves as a powe­rful indicator of how well a coin performs within the broade­r crypto landscape. By analyzing both social media engage­ment and market activity data, AltRank™ provides valuable­ insights into where a coin stands in the digital asse­t ecosystem.

The Shiba Inu’s incre­dible rise to the top spot on the­ AltRank™ leaderboard showcases its impre­ssive presence­ and widespread popularity across multiple social me­dia platforms.

However, excitement ripples through social media as SHIB enthusiasts gear up for the forthcoming Shiba Inu-based layer 2 blockchain, Shibarium. The developers recently unveiled a live bridge for public testing, enabling seamless token transfers between Shibarium and Ethereum networks. 

Chief developer Shytoshi Kusama disclosed that initially, users could transfer testnet ether tokens to Shibarium. Expected to commence operations next month, each transfer should take a maximum of 30 minutes. 

Notably, real assets were not yet supported as of Friday. The bridge’s introduction is a game-changer as it paves the way for efficient “Layer 2” protocols, alleviating scaling and data bottlenecks. 

Meanwhile, DoggyDAO, a decentralized autonomous organization governed by token holders, will fund projects on the Shibarium blockchain upon its launch. The testnet’s vibrant activity, with 27 million transactions from around 16 million wallets in July, underscores the network’s growing demand.

 Shiba Inu Surges To Reclaim Top 15 Crypto Spot

The infamous SHIB token has experienced a rollercoaster ride in the final months of 2022. After reaching a peak of $0.00001739 in August, the price encountered a downturn, struggling to hold on to its gains.

However, the tides have turned for Shiba Inu, as it made a powerful comeback. Over the past seven days, SHIB witnessed a remarkable surge of 8.48%. This boost propelled it past other prominent cryptocurrencies like Wrapped Bitcoin and Bitcoin Cash, securing the 14th position in the market cap rankings.

SHIB 7D graph coinmarketcap 1
CoinMarketcap

As of the latest update, the current SHIB price stands at $0.000008458, and the circulating supply totals 589,346,914,631,298 SHIB. The 24-hour trading volume registered at $162,810,201, indicating significant investor interest in this crypto’s recent resurgence.

Related Reading | Ripple Partners With FPC To Improve Global Payments With Crypto

XRP Steals Social Limelight Amidst Trading Frenzy

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Riding high on the social wave, XRP has overtaken Ethereum and is now only marginally behind Bitcoin, according to the latest data insight provided by LunarCrush. Demand for the Ripple-backed token soared as trading volume hit 1 million per minute.

Demand for XRP is absolutely crazy right now and will only continue to grow. Trading volumes for the last 24h have been wild. LunarCrush recently shared that social engagement stats have flipped ETH and were slightly behind BTC The world is watching XRP, everyone disappointed in the RECENT price action simply won’t make it. This is just the start.

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XRP Steals Social Limelight Amidst Trading Frenzy 4

The surge is a result of the landmark XRP decision in its legal dispute with the US SEC, which caused the token’s trading volumes to soar by more than 1,300%. The token’s price rose sharply in response to the ruling, peaking at $0.93, the highest level since May 2021.

A few days ago, a reputable crypto research entity called CCData shed light on the notable increase in trading activity that followed Judge Analisa Torres’ decision. According to CCData’s research, XRP trading pairs on centralized exchanges witnessed a total volume of $6.05 billion on the day of the ruling, representing an increase of 1351% compared to the previous day.

The trading craze propelled several prominent digital asset services trading firms, such as Coinbase and Kraken, to relist or announce plans to reopen XRP trading on their platforms following the ruling.

Exchanges Rush To Relist XRP

UpBit, a popular exchange in South Korea, recorded over $2 billion in trading volume for the digital asset. This is over 50% of the total trading volumes on the platform during that period. The data also reflects a speculative frenzy surrounding the XRP token, with market depth expanding by nearly $5 million during Asian morning hours.

On July 13, Judge Analisa Torres ruled in favor of blockchain payment firm Ripple, determining that XRP should not be considered a security, alleviating risks for trading platforms and allowing users to trade freely with the token. This victory undercuts the SEC’s rationale for classifying the token that is most likely to be considered a security and diminishes its ability to classify all such asset classes as securities, TronWeekly reported.

Shiba Inu Soars To AltRank™ 1, Riding A Bullish Wave With 9% Weekly Gain

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Popular cryptocurrency analytics firm LunarCrush revealed that Shiba Inu had achieved an unprecedented milestone. According to a recent tweet by LunarCrush, Shiba Inu has surged to claim the coveted AltRank™ 1 position among a staggering pool of 4,481 digital coins currently circulating in the market.

The AltRank™, a unique metric devised by LunarCrush, combines both social and market activities to determine a coin’s overall performance and popularity. Shiba Inu’s meteoric rise to the top is a testament to its rapidly growing influence and unwavering support from the crypto community.

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Within the past 24 hours alone, Shiba Inu has witnessed a whirlwind of activity. The social volume, representing the number of mentions and discussions across various social media platforms, has skyrocketed to an astounding 13,100.

This surge in social activity indicates the immense interest and engagement surrounding the Shiba Inu project.

Additionally, Shiba Inu has managed to amass awe-inspiring 193,858,991 social engagements within the same 24-hour timeframe. These engagements include likes, comments, shares, and other interactions, demonstrating the overwhelming buzz nature of the coin’s online presence.

However, with Shiba Inu’s rise to AltRank™ 1, the cryptocurrency has firmly cemented its status as a force to be reckoned with in the ever-evolving landscape of digital assets.

Shiba Inu Price Analysis

With its dedicated community and an exponential surge in social and market activities, SHIB continues to captivate the attention of both seasoned investors and newcomers alike.

According to the latest data from CoinMarketcap, SHIB is currently trading at $0.000007201, showcasing a significant upside ride of approximately 3.38% within the past 24 hours. The weekly chart displays a noteworthy surge of 9.52%, signifying a touch of a bullish trend.

SHIB 1D graph coinmarketcap 1

Drawing attention to SHIB’s trading volume, it has observed a notable increase of 3.38% to a staggering $204,458,970. The market capitalization has also experienced an increase of 3.37%.

As per the technical analysis of Shiba Inu (SHIB), a long-term bullish trend is observed, as a result, it is predicted that the price of SHIB will rise by $0.00000000 in the next 7 days, reaching $0.00000721 by June 26th, 2023.

In the short term, a machine learning algorithm indicates that SHIB is currently experiencing a bullish trend. Therefore, investors can anticipate a slight increase in the next few hours.

Related Reading | Weekly Market Watch: Bitcoin & Ethereum Struggles, Altcoins On The Path To Recovery