The meme currency community is optimistic that the two most popular tokens could embark on a bull run sooner than expected. Despite uncertain market conditions for other cryptocurrencies, Dogecoin (DOGE) and Shiba Inu (SHIB) seem poised for significant recoveries.
These two currencies seem to move differently, regardless of the conditions of the broader cryptocurrency market. Perhaps, their fundamental difference in creation and purpose may be responsible for the volatile behaviour of these tokens.
Meme currencies are different from utility tokens. From the outset, no technical responsibility for utility is attributed to them. They are created for fun or hype and can only be adopted by a community for the secondary solutions it may need.
Signs are encouraging for DOGE and SHIB.
Dogecoin (DOGE) might break out soon, analyst says; here’s what’s happening
— Maria V. Hernandez (@Reynosausa) January 24, 2023
The signals are bullish for these 2 tokens. Dogecoin is currently in the ninth position in the CoinMarketCap ranking. It started an uptrend at the beginning of the year and rose from $0.6992 to $0.8321 at the time of writing.
The Dogecoin community sees DOGE as a potential investment option for the DeFi community. They are vigilant, waiting for the good wind to get behind the sail and for the DOGE to rise again in 2023.
Shiba Inu also has a strong community behind it. Its tendency to move very quickly allows the community to wait in waiting. The mass adoption of Shiba Inu’s game, Shiba Eternity, and the launch of Shibarium are two factors that allow SHIB to regain colour in 2023.
Meme currencies are known for their propensity to move very quickly in the presence of a catalyst. Little may have changed in 2023 as the community seeks the next bull run.