Crypto veteran Peter Brandt has become optimistic about Dogecoin (DOGE). Simultaneously, Shiba Inu (SHIB), the second-largest meme coin, is also showing a bullish outlook. However, the on-chain analytics platform Santiment suggested that investors might have to wait a while to witness new highs.
Crypto Veteran Turns Bullish On Dogecoin
Peter Brandt, a seasoned trader in the cryptocurrency market, has recently expressed his bullish sentiment towards Dogecoin. In a recent social media post, Brandt highlighted a channel breakout on the DOGE chart. This technical pattern, according to Brandt, indicates that Dogecoin could potentially rally to its current all-time high (ATH) of $0.7 if it breaks above the identified channel.
Brandt also pointed out a historical inverse head-and-shoulders pattern on DOGE’s chart, which had previously formed before a significant breakout. This pattern appears to have completed once again, suggesting a potential upward breakout. Based on his analysis, Brandt’s long-term price target for Dogecoin is $2.5.
This bullish outlook is supported by other crypto analysts. For instance, Crypto Kaleo has predicted that Dogecoin could reach $1 during this bull run, reinforcing his prediction by stating that DOGE reaching $1 isn’t just a “meme.” Additionally, Crypto analyst Master Kenobi compared Dogecoin’s potential rise to Bitcoin’s 2017 rally, suggesting that DOGE could rally from $0.10 to $1 even faster. He also believes that Dogecoin could surge to $2 or higher in a very short timeframe.
Shiba Inu Is Also Gaining Attention
Shiba Inu, another popular meme coin, is also gaining significant attention. Over the past seven days, SHIB has surged by over 47%, pushing its price back above $0.00002. The on-chain analytics platform Santiment has noted a significant increase in discussions around Shiba Inu, particularly highlighting a recent 33,000% surge in SHIB’s burn rate, which has contributed to the price increase.
Furthermore, Santiment has observed a rise in Shiba Inu’s on-chain activity compared to other altcoins and meme coins. Metrics such as volume, circulation, and social dominance have seen a spike. There has also been a notable increase in whale transactions, reaching a 10-week high.
However, Santiment cautioned that the current FOMO (Fear of Missing Out) surrounding Shiba Inu is high, suggesting the possibility of a local top. The platform indicated that these bullish metrics might need to stabilize before SHIB can surpass its year-high of $0.000043, which was recorded earlier this February.
As the cryptocurrency market continues to evolve, both Dogecoin and Shiba Inu remain coins to watch. Investors and enthusiasts will be keenly observing the market trends and on-chain analytics to make informed decisions.
