The highly anticipated Doge Day, celebrated on April 20th, is stirring the crypto pot once again. This unofficial holiday, dedicated to the Shiba Inu dog breed that became the meme coin mascot, has historically seen surges in Dogecoin (DOGE) and other meme coin prices. However, with just ten days to go, a surprising trend is emerging – Shiba Inu (SHIB) whales, large investors holding significant amounts of SHIB, are seemingly shifting their focus.
SHIB Loses Steam as Whales Seek Greener Pastures
SHIB prices have dipped by over 7% in the past 24 hours, a stark contrast to the bullish sentiment typically observed before Doge Day. Analysts point towards a potential exodus of SHIB whales as the culprit behind this unexpected price movement.
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AMBCrypto’s analysis of Santiment data reveals a decline in SHIB’s MVRV ratio, indicating the meme coin might be overvalued. This, coupled with a rising NVT Ratio, could trigger a further price slump. However, a glimmer of hope remains – SHIB’s Supply on Exchanges has dropped, suggesting some buying pressure exists.
New Meme Coins Capitalise on Doge Day Hype
The approaching Doge Day has spurred the launch of several new meme coins grabbing investor attention. Two such projects are Dogeverse ($DOGEVERSE) and Dogecoin20 ($DOGE20).
Dogeverse: A Multi-Chain Doge on a Mission to Bridge the Meme Coin Galaxy
Dogeverse promises to be the world’s first multi-chain meme coin, shattering the limitations of single-blockchain projects. Designed to leverage advanced bridging technology via Wormhole bridges, Dogeverse aims to launch its token ($DOGEVERSE) on six popular blockchains – Ethereum, Binance Chain, Polygon, Solana, Avalanche and Base.
This ambitious approach positions Dogeverse as a pioneer in fostering interoperability and breaking down barriers between isolated meme coin communities.
Imagine a Doge with the ability to seamlessly travel across the vast expanse of the blockchain universe. That’s the whimsical mascot embodying the spirit of Dogeverse. Inspired by the legendary journey of its mascot, Cosmo, who is said to have been born from the cosmic ashes of a collapsed supernova, Dogeverse aims to revolutionize the meme coin market by promoting inclusivity and diverse crypto communities.
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Here’s what makes Dogeverse unique:
Multi-Chain Dominance: By deploying $DOGEVERSE across six prominent blockchains, Dogeverse offers investors flexibility and eliminates the need to choose between their favorite ecosystems. Users can buy and claim tokens on their preferred chain, fostering a broader and more diverse investor base.
Advanced Web3 Tech:Â Dogeverse leverages Wormhole Bridges, a secure inter-blockchain communication protocol, to make its multi-chain vision a reality. This ensures seamless token transfers between supported blockchains, enhancing user experience and promoting a more unified meme coin community.
Structured Tokenomics:Â The total supply of $DOGEVERSE is capped at 200 billion tokens, with 15% allocated for the presale, incentivizing early investors. The remaining tokens are distributed strategically towards staking rewards, project development, liquidity pools, marketing initiatives, ecosystem development, and exchange liquidity.
The Dogeverse presale has been nothing short of phenomenal. Within just two days of launch, the project surpassed its initial target of $250,000, highlighting the immense investor interest in this groundbreaking meme coin concept.
As of now, the presale has raised a staggering $4.75 million, with a live widget on the Dogeverse website showcasing real-time progress. Additionally, the team has ensured transparency by publicly sharing the presale wallet addresses for each supported blockchain.
Dogecoin20: Aiming for a 100x Return, Dogecoin20 Woofs its Way into the Spotlight
Low-cap altcoin Dogecoin20 (DOGE20) proudly sports comedic branding and a meme-themed aesthetic across its website and social media channels.
This isn’t to say Dogecoin20 lacks utility altogether. The project offers a staking protocol that allows investors to earn a compelling 49% APY simply for holding DOGE20 tokens. Additionally, Dogecoin20 has implemented a capped supply of 140 billion tokens to combat inflationary pressures often associated with meme coins. However, the project’s biggest catalyst lies in its strategic launch date.
Riding the Doge Day Wave: A Well-Timed Debut on Uniswap
Dogecoin20’s developers have meticulously planned its launch to coincide with Doge Day on April 20th. This strategic timing aims to capitalize on the anticipated frenzy surrounding Dogecoin (DOGE) and the broader meme coin market. Doge Day has historically witnessed surges in meme coin prices and Dogecoin20 is positioned to ride this wave of speculative demand from retail traders.
Presale Success and Influencer Endorsements Fuel the Hype
Dogecoin20’s presale campaign solidified its potential for explosive growth. The project successfully achieved its $10 million target within a mere two weeks, demonstrating a significant level of investor confidence. This accomplishment highlights the strong demand for meme coins with even a hint of utility like staking rewards.
Furthermore, Dogecoin20 has garnered endorsements from prominent crypto influencers like Jacob Bury. These endorsements carry significant weight within the crypto community and Bury’s prediction of a potential 100x price increase for DOGE20 has undoubtedly fueled the hype surrounding the project.
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Why Dogecoin20 Could Be the Next Meme Coin Sensation
Several factors contribute to Dogecoin20’s potential for significant growth:
Perfectly Timed Uniswap Launch:Â By launching on Uniswap on Doge Day, Dogecoin20 positions itself to benefit from the surge in meme coin buying typically observed during this unofficial holiday.
Compelling Staking Rewards:Â The 49% APY staking reward offered by Dogecoin20 incentivizes long-term holding and adds a layer of utility beyond pure meme appeal.
Capped Supply:Â The capped supply of 140 billion tokens helps mitigate inflationary concerns, a common criticism of meme coins.
Influencer Backing:Â Endorsements from prominent crypto influencers like Jacob Bury add credibility to the project and attract a wider investor base.
Meme Coins: A Force to Be Reckoned With in 2024
The dominance of meme coins in the 2024 crypto market is undeniable. Established tokens like Dogecoin (DOGE) and Shiba Inu (SHIB) have experienced significant growth, while newcomers like Floki Inu (FLOKI) and Bonk (BONK) have garnered impressive followings. This trend is further validated by a recent CoinGecko report highlighting meme coins as the top-performing cryptocurrency narrative in Q1 2024, boasting an average return of over 1,300%.
The Doge Day Effect: A Speculative Frenzy or a Long-Term Trend?
With Doge Day just around the corner, the question remains – will established meme coins like SHIB bounce back, or will newcomers like Dogeverse and Dogecoin20 steal the show? While the answer remains uncertain, the unwavering hype surrounding Doge Day suggests a potential buying spree for $DOGE20 and $DOGEVERSE – with early investors positioned to secure 100x gains from these low-cap altcoins.