Shiba-Inu-themed meme coins DOGE, SHIB, Luna Classic LUNC, and SafeMoon have witnessed a spike in their social dominance over the last few months. Analysts expect the meme coins to hit their local tops as their popularity among crypto traders increases.
Dogecoin, Shiba Inu, Luna Classic, and SafeMoon dominate social media platforms.
Analysts at Santiment noted that through the past few months, the popularity of meme coins like Dogecoin DOGE, Shiba Inu SHIB, SafeMoon SAFEMOON, and Luna Classic LUNC. Social dominance is a metric calculated by the number of mentions of a cryptocurrency across social media platforms like Twitter.
With a spike in social media dominance, these cryptocurrencies are closer to their local tops. Typically, analysts have noted a point in social power coincides with a local shelter in these cryptocurrencies.
Thank you to all who attended this evening's Fireside Chat, on the @Shibtoken Discord, to discuss WAGMI Temple for SHIB The Metaverse!
As a surprise to the community, we are happy to reveal concept artwork (in color) for the HUB!
— SHIB (@ShibTheMV) September 9, 2022
Analysts predict Shiba Inu price rally to $0.000014
Bob Mason, a leading crypto analyst, and trader, evaluated the Shiba Inu price trend and predicted a rally to $0.000014. Mason has forecast a 16.6% rally in Shiba Inu price as the meme coin bucks the broad market trend.
Crypto traders have focused on meme coins while sitting on the fence on Bitcoin, Ethereum, and other leading cryptocurrencies ahead of the CPI data release and the Merge.
Dogecoin price suffered a recent decline and plummeted to the $0.064 level. Despite a mixed start, Mason predicts a rally to the $0.064 level before further correction in the meme coin.
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— Shib (@Shibtoken) August 26, 2022
Dogecoin will likely witness an extended crypto rally and test second significant resistance at $0.0666. DOGE’s third major resistance is at $0.0693. If Dogecoin fails to sustain above the $0.0625 level, a decline in the meme coin is likely. If Dogecoin loses its support, the meme coin is expected to suffer from a downtrend.