TL;DR Breakdown
- DOGE and SHIB are testing a break from their resistance level.
- Dogecoin had a positive week following Elon Musk’s tweet and its first roadmap.
- Shiba Inu will hold its first-ever AMA session on Twitter on December 29th.
Meme coin holders might have been looking for a Christmas miracle this year, but the recent market crash has somewhat spoiled that dream. Dogecoin and Shiba Inu, two of the top meme coins in the market have been on a week-long recovery phase. DOGE has increased 14% in a week, while SHIB has regained over 20% in a week.
DOGE is pushing to re-enter the $0.20 zone but faces major resistance at $0.192. However, the original meme coin is up by 6% in the last 24 hours, and it’s looking very strong heading into boxing day. Investors and analysts are expecting Dogecoin to break the resistance level because of its increased trading volume over the last 48 hours.
The meme coin had a very positive week, as Dogecoin released its first-ever roadmap. The roadmap revealed major plans for the project in 2022, including a complete re-design of its website, and a new dedicated wallet launch for retailers to easily set up DOGE payments. Elon Musk also tweeted yesterday that he’s ‘Pro Dogecoin’ and prefers the meme coin over Bitcoin and Ethereum. All of these factors can really drive DOGE prices in the coming days.
DOGE is currently trading at $0.193287. Compared to last Christmas, its 4000% rise.
Shiba Inu continues to fight the bears
Although SHIB has been bullish for the past week, it’s still unable to break above the resistance level of $0.000038. The trending meme coin climbed to $0.00003896 yesterday but dropped back to the $0.000037 zone again. It’s been over 3 weeks since Shiba Inu trended above the $0.000040 zone.
Shiba Inu has received massive adoption recently. Almost every popular exchange has listed the meme coin, except Robinhood. The developers are also working on Shibarium, a layer-2 scaling solution for SHIB which will reduce its transaction fees and help to integrate the coin with metaverse applications.
The solution is still in the conceptual phase and its imminent launch could potentially boost SHIB prices. We might receive more details on Shibarium in the upcoming AMA session on December 29th. It will be Shiba Inu’s first-ever AMA session on social media. There’s also the upcoming Shiba Inu game being developed in collaboration with the AAA game studio PlaySide.
These proceedings could significantly boost SHIB prices in 2022. However, investors need to remember that Ethereum whales control 9% of the total SHIB supply. So, the whale’s movement would be a decisive factor in the meme coins direction in the coming days. SHIB is currently trading at $0.00003804, during the time of writing.
