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Dogecoin

Dogecoin and Shiba Inu are on the rise and experts predict bigger gains by the end of 2021

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  • Dogecoin and Shiba Inu coin have posted double-digit gains over the weekend as trader sentiment on memecoins turns bullish.
  • Luke Martin, host of “The Coinist” podcast, shares a bullish outlook on DOGE in a recent tweet.
  • Experts predict that Dogecoin could be worth $0.42 by the end of 2021.

Altcoins DOGE and SHIB price surged over the weekend, and the correlation between the two Shiba Inu-themed altcoins became evident. 

Analysts bullish on DOGE and SHIB, further price rally likely

Two Shiba Inu-themed memecoins, Dogecoin and Shiba Inu coin, witnessed a surge in momentum over the weekend. Among top altcoins, DOGE and SHIB posted the highest gains, which explains traders’ bullish outlook. 

Dogecoin is back in the spotlight after posting an 18.8% weekly surge in price. IntoTheBlock, a blockchain intelligence firm, uses the Global In/Out of the Money (GIOM) indicator to determine whether addresses that hold DOGE are profitable at the current price level. An address’s average cost is calculated based on the weighted average price at which it bought or received the amount of DOGE tokens that it currently holds. 

According to GIOM, 66% of addresses currently holding DOGE in their wallets are profitable at the current price ($0.24) level. This is bullish for DOGE traders. 

Dogecoin GIOM

Dogecoin Global In/Out of Money

The increase in bullish sentiment among DOGE traders spilled over to SHIB, popular as “DOGE Killer.” SHIB price is up 21.3% in the last week. Currently, SHIB is nearly 80% away from its all-time high, but traders have a bullish outlook due to the increasing correlation between the two Shiba Inu-themed coins. 

Ahead of the latest price rally in DOGE and SHIB, a panel of cryptocurrency experts predicted DOGE could be worth $0.42 (up 60% from the current price level) by the end of 2021. Finder, a price comparison website, surveyed the panel, and it polled a total of 42 experts on what they expect to see happen to DOGE prices in the future. 

Forrest Przybysz, a senior cryptocurrency investment analyst at Token Metrics and a panel member, said, 

I would expect DOGE to grow in tandem with the rest of the rapidly growing crypto market, though it will likely have long periods of flat price action followed by violent speculative pumps like we’ve seen in the past.

The crypto experts stated that they see Dogecoin hitting $1.21 by 2025 and $3.60 by 2030. The panel was starkly divided since experts like John Hawkins, senior lecturer at the University of Canberra, predicted that DOGE would be worth $0.15 by the end of 2021 and worthless by 2030. Hawkins stated, 

Dogecoin seems largely dependent on Elon Musk’s erratic tweets.

Nevertheless, the average response of the panel members puts the DOGE price rally on the path to $0.42 before the end of 2021. Crypto influencers like Luke Martin, host of “The Coinist” podcast, recently tweeted about DOGE with a bullish sentiment: 

 

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Dogecoin

DOGE and SHIB See Biggest Gains in Top 100 Over Weekend

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Dogecoin (DOGE) and Shiba Inu (SHIB) saw the biggest gains over the weekend as market sentiment appears to have shifted in favor of bullish sentiment.

Following a weekend that finally saw Bitcoin climb well over $45,000. Altcoins DOGE and SHIB appear to have been the biggest benefactors of the market conditions over the weekend. Bitcoin rallied to a nearly three month high, touching $45,300 on Sunday. 

The surge in bullish momentum spilled over to ethereum, which also saw a nearly three month high, hitting $3,195 on Sunday. The total market capitalization increased to $1.8 trillion as bullish buying saw a majority of the top 100 coins increase in value. 

However, the most notable gainers over the weekend saw DOGE and SHIB both climb by double figures. At the time of writing, DOGE has jumped 16%, with SHIB also climbing over double figures, gaining 10.3% in price. 

Source: CoinGecko

DOGE has had a tumultuous run since reaching its all-time high of $0.74 on May 8, 2021. However, following a drawn-out correction, a bounce was expected around the $0.15 support level as previously reported.  

DOGE has seen a combined 43% gain since Friday. Climbing from $0.198 as it surged to Sunday’s high of $0.287. DOGE had previously bounced off of its resistance level at $0.16 on July 20. 

Source: Tradingview

SHIB follows its big brother 

The correlation between DOGE and its baby brother coin, SHIB, was evident over the weekend as the meme token followed the price action of DOGE. SHIB also saw a surge in price since Friday. SHIB jumped from $0.00000613 from Friday, up to $0.00000888 on Sunday. Seeing a 45% gain, similar to that of DOGE. 

Source: Tradingview

The recent price action of DOGE finally has no influence from Tesla CEO Elon Musk. Musk had previously added a profile picture of himself on Twitter with the Dogecoin logo in his sunglasses. DOGE climbed 20% from Musk’s profile update. However, this time the project appears to be climbing without any assistance from the DOGE fan. 

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Blog

DeFi tokens book double-digit gains after Bitcoin rallies above $39,000

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A renewed sense of optimism has returned to the cryptocurrency ecosystem on July 26 as Bitcoin’s (BTC) restoration above $38,900 has sparked a market-wide rally within the altcoins. 

Information from Cointelegraph Markets Pro and TradingView exhibits that the highest movers over the previous 24 hours are Amp (AMP), Venus (XVS) and Reserve Rights (RSR).

Prime 7 cash with the very best 24-hour value change. Supply: Cointelegraph Markets Pro

5 out of the highest seven gainers fall into the decentralized finance (DeFi) sector, a doable signal that DeFi could also be heating up for an additional main run in 2021.

AMP/USD

The highest performer over the previous 24-hours has been Amp (AMP), a digital collateral token protocol that provides prompt, verifiable assurances for any type of worth switch.

AMP/USD 4-hour chart. Supply: TradingView

Information from TradingView exhibits that after hitting a low of $0.048 on July 25, the worth of AMP rallied 96% to achieve an intraday excessive at $0.094 on July 26 as its 24-hour buying and selling quantity jumped greater than 800% from a mean of $20 million to $280 million.

XVS/USDT

Venus (XVS), a Binance Sensible Chain-based algorithmic cash market and artificial stablecoin protocol additionally noticed a robust breakout immediately.

XVS/USDT 4-hour chart. Supply: TradingView

As seen within the chart above, the worth of XVS has spiked 63% from a low of $17.13 on July 25 to an intraday excessive at $27.95 on July 26 as its 24-hour buying and selling quantity surged by greater than 600% to $180 million.

In line with the newest data supplied by Venus, the protocol presently has greater than $3 billion in complete worth locked on the platform and over $1.8 billion in accessible liquidity.

RSR/USD

The third-biggest gainer on Monday was Reserve Rights (RSR), a dual-token stablecoin platform comprised of the Reserve stablecoin (RSV), which is backed by a basket of property managed by sensible contracts and the RSR token which helps to maintain the worth of RSV secure by a system of arbitrage alternatives.

VORTECS™ knowledge from Cointelegraph Markets Pro started to detect a bullish outlook for RSR on July 24, previous to the current value rise.

The VORTECS™ Rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market situations derived from a mixture of information factors together with market sentiment, buying and selling quantity, current value actions and Twitter exercise.

VORTECS™ Rating (inexperienced) vs. RSR value. Supply: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ Rating for RSR turned inexperienced on July 24 and climbed to a excessive of 76, round 28 hours earlier than its value elevated by 45% over the subsequent day.

The soar in value follows the July 24 improve to the protocol which now allows app customers to “deposit and withdraw cash on Saturdays and Sundays from 6:00 am to six:00 pm.”

The views and opinions expressed listed here are solely these of the creator and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, it is best to conduct your personal analysis when making a call.