The meme coin sector has been facing a challenging period recently, with a significant drop in market capitalization below the $50 billion mark. Among the meme coins, Dogecoin (DOGE), Shiba Inu (SHIB), and Bonk Inu (BONK) have shown signs of potential recovery, despite facing price declines in the past week.
Dogecoin (DOGE) has experienced a 15% weekly price decline, causing concern among investors. However, there are indicators pointing towards a possible recovery in the near future. One such indicator is the rise in the number of non-empty DOGE wallets, which have surpassed 54 million, indicating a 13.8% increase in the last three months. This surge in wallet numbers suggests an uptick in demand for DOGE, which could potentially drive the price higher if the supply remains constant. Analysts like Ali, JAVON MARKS, and Mikybull Crypto are optimistic about a bull run for DOGE in the short term, with some predicting that the value may reach the $1 milestone.
Shiba Inu’s Resurgence
Shiba Inu (SHIB) has also shown signs of resurgence through network upgrades and token burns. The recent upgrade of its layer-2 scaling solution, Shibarium, and the ongoing burning program have resulted in an increase in the scarcity of the token, potentially making it more valuable over time. Despite facing price corrections, SHIB’s enhanced volatility and growing community base make it a coin to watch for potential gains in the coming month.
Bonk Inu (BONK) has been one of the standout performers in the crypto market, with its price spiking by over 50% in the last two weeks, despite the overall market correction. The significant price increase has positioned BONK among the top 5 meme coins, with a promising outlook for further growth.
Despite the recent challenges faced by meme coins in the market, there are signs of potential recovery for Dogecoin, Shiba Inu, and Bonk Inu. The rise in non-empty wallets for DOGE, network upgrades and token burns for SHIB, and the impressive performance of BONK indicate a positive outlook for these coins in the near future. Investors and analysts are closely monitoring these developments, anticipating a possible rally for meme coins in the coming months.
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