Dogecoin and Shiba Inu in the grip of a sharp drop? Everything suggests that Dogecoin (DOGE) and Shiba Inu (SHIB) are in the throes of a sharp drop ahead. These two memecoins although slightly different kinds of cryptos seem to be taking the hit from the bear market a lot more than they let on.
Thus, according to the technical analyses, significant drops in their respective values are to be expected in the weeks and months to come. For Dogecoin it had passed an important resistance zone before sinking again below it and in the case of Shiba Inu, it managed to pass its resistance zone.
The case of Dogecoin
Currently, at a value of $0.06368, DOGE has seen a fall of 8.77% in the last 7 days. Its price is decreasing following a descending wedge pattern for several months dating back to June 2021.
There is a good chance that the price of this asset will decline soon following its deviation below $0.075 which is now a resistance zone. As a bonus, Dogecoin is trading in an ascending channel, but below this resistance zone.
There is therefore a high probability that the decline will increase in the coming weeks unless Dogecoin manages to rise above its resistance again and hold its ground.
Other problems
Dogecoin is the number 1 coin meme, the one that precedes all the others. However, it seems to be running out of steam among the many projects emerging. Indeed, he struggles to be useful, and apart from Elon Musk who likes to support him to distract the community, the reality is that we do not know what DOGE could be used for in the future.
Therefore, Dogecoin needs to pull itself together and above all offer new products in order to revive interest in it. Just being a coin meme is no longer enough in 2022, especially when this asset is over 8 years old! One could almost wonder if Dogecoin is dead.
The Shiba Inu case
In the case of Shiba Inu, it is relatively similar to Dogecoin in terms of its technical analysis. The big difference is that the latter managed to cross the bar above its resistance.
He must now hold his own and confirm this passage. This will indicate the future trend. If it holds, it is possible that the price will rise, on the other hand, if it falls again below its resistance, it is very likely that the fall will be greater.
SHIB has a current value of $0.00001214 with a decline of 8.19% in the last seven days. A similar case to DOGE on many counts.
The development of the SHIB ecosystem
Unlike Dogecoin, Shiba Inu is a coin meme who understood that his status was no longer enough. Thus, the team managing the project seeks to develop on various axes. Shiba Inu is potentially tipped to be one of the Metaverse crypto-currencies.
The second Shibarium layer is under development as is another token to regulate the SHIB ecosystem called NEAR. As a bonus, a game likely using NFTs has been teased slightly over the past few months.
Therefore, unlike Dogecoin, the Shiba Inu team wants to see further with its project and does not intend to rest on its laurels. Will that be enough? Only the future will be able to bring us this answer!
A much more promising meme: Tamadoge
It's not enough to just be a corner meme in the crypto sphere anymore. Tamadoge (TAMA) understood this very well. This new project which is a meme corner of the Dogecoin ecosystem is much more!
Indeed, it is also a Play to Earn (P2E) mixing Tamagotchis and the Metaverse in order to offer a game allowing to raise virtual creatures in the form of NFT, improve them, and even make them fight against other players.
There will also be a leaderboard where you can earn rewards. Tamadoge uses its own universe the Tamaverse in addition to having a shop that will use a 5% burn system. It is therefore a deflationary token.
Finally, the presale has started for about a month and is causing a stir. Indeed, more than 8 million dollars have been collected and more and more investors are interested in the project.
Beyond Tamadoge, among the projects that had a successful pre-sale this year, there is also Battle Infinity. This game could become the worthy successor to Axie Infinity in the months and years to come.
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