142 shares, 355 points

It seems that meme coins are no longer a joke. The crypto market has started to show interest in dog-themed coins, leaving the main cryptocurrencies such as Bitcoin and Ethereum. Crypto assets such as Shiba Inu (SHIB), Floki Inu (FLOKI), Samoyedcoin (SAMO), and Dogecoin (DOGE) have all risen over the past few days. Dogecoin has resumed the bullish trend as dog coins rise again. According to crypto analyst Ali Martinez, DOGE could enter a 64% bull run if buy orders continue to pile up.

Bitcoin, Ethereum forgotten in crypto market, dog money craze is happening

According to the analyst, the cryptocurrency market seems to have entered its second dog money season. After the dramatic rise of the Shiba Inu, a few more dog tokens were collected this week. The Dogecoin killer rallied throughout the month and hit an all-time high on Wednesday as it broke into the top ten cryptocurrencies by market cap. Many other similar cryptocurrencies such as Floki Inu and Solana-based Samoyedcoin are also trading in the green amid growing interest in dog-themed assets.

Samoyedcoin is among the biggest winners. It rose 115% overnight after rallying 815% in the last two weeks. The renewed surge of interest comes despite Vitalik Buterin’s latest move to sell millions of dollars worth of dog tokens he accidentally bought into his wallet. Cryptocoin. com, Vitalik Buterin did a similar trick by donating $1 billion worth of Shiba Inu to India’s COVID-19 relief fund in May, helping the price drop due to lack of liquidity. At the same time, Shiba Inu and Dogecoin lost billions of dollars in just days during a market-wide crypto crash.

Will Dogecoin be able to follow the path paved by the Shiba Inu?

Now, as Bitcoin pushes into the background and the dog token craze returns, Dogecoin seems to be paddling as well. According to analyst Ali Martinez, the tenth-largest cryptocurrency by market capitalization has been through a prolonged period of recession and now looks poised for higher highs after breaking through a critical resistance area. The analyst states that DOGE’s price action has been contained within a symmetrical triangle since June 3, but a recent bullish impulse has allowed it to break out of this consolidation pattern, inferring:

Further buying pressure could lead Dogecoin to rise more than 64% to $0.47. The y-axis height of the optimistic triangle is measured and can be determined by adding the upward distance from the intermediate point.

Source: TragView

According to Ali Martinez, the Shiba Inu is 1% to hit all-time highs. After entering a bull run of 140, it looks like Dogecoin is poised for investors to follow the same path now, even though it led the latest wave of dog money.

The number of transactions exceeding $100,000 on the network has increased significantly over the past four days. Approximately 3,500 large transactions are currently being processed on the Dogecoin network, representing an increase of 162.4% since October 23. The analyst makes the following assessment:

The increase in on-chain activity may indicate that institutional players and whales are starting to control price action. If this metric continues to post higher highs, the odds will likely be in favor of the bulls. This means that DOGE can reach its full opposite potential.

Source: IntoTheBlock

The analyst states that a decisive candlestick must hold above $0.28 for the bullish view to be valid, and if it fails to stay above this support zone, the most important interest area underneath is $0.21, which may cause a steep correction for Dogecoin. reminds.

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142 shares, 355 points

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