Dogecoin wiped out gains from the past two weeks as experts lowered their 2022 forecast for DOGE price. Shiba Inu prepares to rebound as Welly becomes the top-rated fast food store on UberEats. Legendary watchmaker Hublot accepts SHIB and DOGE, increasing the utility of meme coins.
SHIB and DOGE prepare to recover
Shiba Inu and Dogecoin prices are currently witnessing a slide as the crypto market struggles to recover from recent losses. However, analysts say that meme coins are poised to rebound after news pointing to more widespread adoption and increased utility. It also predicts a breakout in SHIB price.
A few major updates to the meme coin ecosystem have sparked a bullish sentiment among Shiba Inu and Dogecoin holders. Timothy Stebbing, Product Leader of the Dogecoin Foundation, recently advised investors not to invest in DOGE as a speculative asset. Stebbing shared the following on his Twitter account today:
Please do not invest in Dogecoin as a speculative asset. We are building the future of currency. A decentralized form of money that can be issued by governments but not manipulated by them. Educate yourself before you put your hard-won into anything.
Analysts chart a path to bullish target for DOGE
Dogecoin is, therefore, a widely adopted and utilitarian decentralized form of money. In the case of the Shiba Inu, Welly, a one-of-a-kind fast food chain, emerged as the top-rated fast food store on UberEats. Shiba Inu became a stakeholder in the restaurant chain. This led to an ascension update for SHIB holders.
Analysts evaluating the Dogecoin price trend are plotting a path to a bullish target at $0.110. Dogecoin is currently trading at $0.066. According to analysts, it is possible for a breakdown to push DOGE to $0.057. Analysts have identified a reversal area between $0.048 and $0.057 that could serve as a springboard to the aforementioned bullish target.
DOGE Perpetual Futures Contract 1-day chartAs you follow on Kriptokoin.com, Swiss elite watch manufacturer Hublot recently recognized cryptocurrencies. Hublot announced that Shiba Inu (SHIB) and Dogecoin (DOGE) are accepted through BitPay. The watch brand was founded in 1980 and now accepts SHIB and DOGE, increasing the utility of its two meme-coins.
Shiba Inu is a favorite of Ethereum whales
According to WhaleStats, the Shiba Inu is one of the most widely held cryptocurrencies among Ethereum whales. The 5,000 largest Ethereum whales hold $657 million in SHIB tokens. This is a significant amount of Shiba Inu tokens. This makes it a favorite among Ethereum whales.
Thanks to the recent Shiba Inu price drops, Ethereum whales have been busy accumulating meme tokens. Whales added more SHIBs to their portfolio ahead of a rally. SHIB Knight, a crypto analyst, predicts a rally in the Shiba Inu. The analyst has set bullish targets for the Shiba Inu at $0.00001196, $0.00001274 and $0.00001323. Meanwhile, Shiba Inu noted that support is at $0.00001171 and $0.00001148.
SHIB price chart
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