Bitrabo Editorial
Peter Brandt, a well-known figure in cryptocurrency, has expressed optimism regarding Dogecoin (DOGE). Simultaneously, the outlook for Shiba Inu (SHIB), another popular meme coin, appears bright. However, on-chain analytics platform Santiment has cautioned that investors may need to exercise patience before seeing significant gains in these assets.
Peter Brandt’s Positive Stance on Dogecoin
Peter Brandt has recently shown an encouraging outlook for Dogecoin. In a post on X, he indicated that the leading meme coin might be on the verge of a significant price surge. He noted a breakout from a channel in DOGE’s price chart, suggesting that if this momentum continues, Dogecoin could potentially reach its peak of $0.70 again.
Brandt also mentioned the possibility of a positive long-term trend, pointing out a historical inverse head-and-shoulders pattern on Dogecoin’s chart that has emerged again. He projects a long-term price target of $2.50 for DOGE, indicating strong potential for growth.
This optimistic view aligns with assessments from other crypto analysts, such as Crypto Kaleo, who have suggested that Dogecoin might reach the $1 mark during this bullish phase. Kaleo reinforced his statement, asserting that DOGE reaching $1 should not be dismissed as merely hype.
Another analyst, Master Kenobi, predicted that Dogecoin’s ascent to $1 might echo Bitcoin’s meteoric rise from $10,000 to $20,000 in just under two weeks, and believes Dogecoin could gain from $0.10 to $1 even quicker. He agrees with Brandt’s forecasts, suggesting that DOGE could shoot up to $2 swiftly.
Positive Trends for Shiba Inu
Shiba Inu’s prospects are also looking promising. The meme coin has experienced a 47% increase over the past week, notably surpassing the $0.00002 mark. Santiment has observed a notable uptick in discussions surrounding SHIB, particularly relating to a 33,000% rise in its burn rate, which has significantly influenced its price ascent.
Additionally, Santiment reported that SHIB’s on-chain activity has increased compared to other altcoins, with notable rises in metrics like trading volume, circulation, and social influence. Recent whale activity has also peaked at a 10-week high.
Despite the current enthusiasm for Shiba Inu, Santiment cautions that there might be heightened fear of missing out (FOMO), suggesting the potential for a temporary peak. They advise that cooling off in these bullish indicators might be necessary before SHIB can break its annual high of $0.000043, previously achieved in February.