Popcat up over 90%, as SHIB and DOGE see price declines

by

As a seasoned crypto investor with a keen interest in meme coins, I’ve been closely monitoring the recent price action of Popcat (POPCAT), Dogecoin (DOGE), and Shiba Inu (SHIB). Over the past two weeks, it’s been an intriguing ride.

Over the last two weeks, POPCAT has experienced robust growth, surging by 113.8%. In contrast, well-known meme coins such as DOGE and SHIB have seen their prices decrease.

Popcat price analysis

In the last week, Popcat has shown exceptional performance in the cryptocurrency realm, registering a staggering 99% price surge contrasted to a 3.90% decline witnessed by the broader market.

As a proud holder of Popcat, I’ve been thrilled to witness its impressive performance compared to other meme cryptocurrencies in recent times. In fact, while those coins only managed a 3.3% growth during this period, Popcat surpassed expectations and delivered more substantial gains. Reaching an astounding all-time high of $0.6840 on May 4th was truly a memorable moment for me and the entire Popcat community.

The current price is 12.5% below this peak. Conversely, the all-time low (ATL) was recorded on Jan. 5 at $0.0408, making the current price 16,417.60% higher than its ATL.

Currently, the price of Popcat is $0.5844, and its trading volume over the past 24 hours has amounted to $49,458,132. The total number of Popcat tokens in circulation is 979.98 million.

Based on the chart analysis, the forecast for Popcat’s price trend is optimistic. The estimated price fluctuation lies between $0.3922 and $0.9363, with an average value of approximately $0.6834.

Popcat tokens can be purchased and exchanged on multiple central crypto platforms. Among these, OrangeX is the go-to platform with a substantial daily trading volume of $4,447,410.83 for the POPCAT/USDT pairing. Additionally, Crypto.com Exchange and Gate.io are other frequently used exchanges for Popcat transactions.

The addition of Popcat to Bybit’s exchange market is a notable advancement for the project, leading to a price rise and heightened trading activity due to the associated trading competition.

Shiba Inu, Dogecoin struggle

As a crypto investor, I’ve noticed that both Dogecoin (DOGE) and Shiba Inu (SHIB) have been trading stagnantly, lagging behind other altcoins in terms of price recovery.

As a data analyst, I’ve observed that the subpar performance of DOGE and SHIB could be linked to their significant correlation with Bitcoin. Based on my analysis of the data from IntoTheBlock, it appears that the price fluctuations of these meme coins closely mirror those of Bitcoin.

As a result, Dogecoin and Shiba Inu have mirrored Bitcoin’s recent uninspiring price action.

In simpler terms, technical analysis adds to the pessimistic viewpoint regarding meme coins like Dogecoin. The rate at which new users are joining Dogecoin’s network has been decreasing, suggesting a possible shrinking user base.

Furthermore, there have been minimal significant transactions among Dogecoin’s big investors, indicating a lack of strong conviction from major investors in the meme currency.

Shiba Inu encounters analogous difficulties, as indicated by its chain data suggesting a bearsish trend. Notably, the “Concentration” statistic reveals that substantial SHIB holders and investors are disposing of some of their coins instead of acquiring more of the meme currency.

Based on their latest achievements in the crypto market, Dogecoin and Shiba Inu have experienced a setback and moved down in the rankings by market capitalization. Specifically, Dogecoin has descended from eighth place to ninth, while Shiba Inu has dropped from eleventh to thirteenth position.

In the past few days, Dogecoin and Shiba Inu have experienced some disappointments in the market. Yet, their Market Value to Realized Value (MVRV) ratios over the last 365 days suggest that holders are still making a profit. This is an encouraging sign. Nevertheless, the possibility of these two cryptocurrencies bouncing back significantly depends on a robust comeback in the overall crypto market.

In the last 24 hours, Shiba Inu has seen a notable rise in its token destruction rate, eliminating over 29 million SHIB coins from circulation. This development has instilled confidence among investors and propelled the token past the $0.000025 value milestone.

As an analyst, I’ve examined the current price trend of Shiba Inu and projected potential resistance and support levels based on that trend. If the trend persists, I anticipate the price may reach $0.00002591, $0.00002966, and $0.00003719 by the end of 2024. Conversely, if the trend reverses, the price could potentially drop to $0.00001358 or $0.00001629.

Dogecoin trades at $0.1224 at press time, while Shiba Inu exchanges hands for $0.00001700.

Read More

2024-06-30 18:48