Newton Gitonga
Bitcoin retraced to $87,150 at press time after failing to overcome the $90K obstacle in its recent attempt.
While most altcoins failed to sustain the uptrend, meme cryptocurrencies remained elevated.
Dogecoin reserve announcement and Shiba Inu’s potential breakout retained optimism in the sector.
Data shows the market value of meme cryptocurrencies increased by 6% in the past 24 hours to $57.61 billion.
The $6.56 billion 24-hour trading volume suggests massive interest in the alt category.
Doge Foundation launches Dogecoin reserve
The Doge Foundation confirmed the official Dogecoin reserve, marking a milestone in enhancing the alt’s real-world use cases.
The Foundation’s new arm, the House of Doge, will spearhead the initiative and has already purchased 10 million tokens (worth around $1.8 million) to back the reserve.
The Official @dogecoin Reserve is now live and operational
Over 10,000,000 INITIAL Dogecoin purchased!
Thank You @DogecoinFdn, HoDo Team and all the amazing people in the Dogecoin Community! 👊🏽
Dogecoin is Money
Dogecoin is the People’s Coin
globenewswire.com/news-release/2…
The reserve aims to address key challenges in crypto payments by ensuring a readily DOGE liquidity to facilitate instant transactions.
Furthermore, the Doge reserve will significantly reduce transaction fees, making the meme coin attractive for business.
DOGE price breakouts
The reserve announcement triggered bullish trends for Dogecoin’s price.
The original meme coin gained 5% over the past 24 hours to $0.1864.
The upswing has opened the path toward the post-test reversal target at $0.1945 (23.60% FIB level).
A decisive closing above $0.20 (200 Exponential Moving Average) would shift DOGE’s trajectory to bullish.
Continued gains could trigger upswings toward $0.2536 (50% FIB level), translating to an over 25% surge from current prices.
However, sudden selling activities could catalyze declines to $0.1739 (50 Exponential Moving Average).
The $0.15 support barrier would prevent further declines. Failure to sustain this foothold will ruin Dogecoin’s anticipated recovery.
Shiba Inu is ready for recovery
SHIB gained over 2% in the past 24 hours to trade at $0.00001346.
Various factors suggest continued uptrends for the second-largest meme token.
Firstly, SHIB’s burn rate exploded in the past day, destroying over 1 billion tokens.
Token burns are crucial since they reduce asset supply.
Shiba Inu started burning tokens three years ago and has removed over 410 trillion tokens from circulation, leaving around 584 trillion.
Also, SHIB’s exchange netflows indicate optimism.
Data from CryptoQuant shows outflows surpassed inflows over the past week.
That reduces immediate selling momentum as investors switch to self-custody.
Furthermore, the latest Shibarium milestone could enhance Shiba Inu’s bullish trajectory.
The L2 platform has witnessed significant activity resurgence lately, processing multi-million transactions daily.
Enthusiasts should also watch broad market developments.
Continued bearish sentiments could delay anticipated meme coins’ recovery.
Bitcoin whales booked profits after BTC’s latest rally above $88K.
Ali Martinez quoted Santiment’s chart, which shows wallets holding 10,000 – 100,000 Bitcoin assets dumped over 20,000 tokens amid price rallies.
Significant whale sell-offs could trigger temporary price retracements.
Bitcoin trades at $87,230 and needs a closing above $90,000 to ensure near-term uptrends.
Losing $85,000 again could delay predicted altcoin recoveries.
The post Memecoin update: Dogecoin reserve confirmed, SHIB gears up for recovery appeared first on Invezz
