2024-10-25 21:45 |
As investors grapple with the cryptocurrency market’s next moves amid recent turbulence driven by geopolitical and economic concerns, attention is shifting away from established top-cap coins like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Cardano (ADA) toward the burgeoning appeal of meme coins.
Notably, with speculation about an upcoming altcoin season, many traders are revisiting the allure of meme coins, which have historically demonstrated remarkable price surges during bullish market cycles. Currently, Dogecoin (DOGE) and Shiba Inu (SHIB) are capturing significant investor traction, reflecting a notable change in market sentiment.
A Thursday analysis by crypto analytics firm IntoTheBlock highlights this trend, revealing that DOGE and SHIB are now held for an average of 2.4 years, comparable to Ethereum’s holding period.
Interestingly, this data challenges the conventional perception of memecoin investors as short-term speculators and indicates a more stable, committed investor base.
“This chart highlights the typical holding period for different assets. As expected, Bitcoin leads with an average HODL time of 4.4 years. Interestingly, top meme coins like Doge and Shiba show similar holding times to ETH, “ the firm tweeted.
This shift in investor behavior and renewed interest in DOGE and SHIB signals growing confidence that these meme coins can perform strongly, particularly with the anticipation of an altcoin season on the horizon.
Recent sentiment in the crypto market has fueled this optimism. On Wednesday, crypto analytics firm Santiment observed that “Crypto markets have corrected alongside equities… with crowd optimism transitioning to doubt.” Despite these bearish trends, the firm underscored that DOGE and SHIB have emerged as projects with significant upside potential, showcasing remarkable resilience despite challenging market conditions.
Analysts are becoming increasingly optimistic about the future of these meme coins. Expert Dima James Potts projected on Wednesday that Dogecoin could potentially reach $10 in the next market cycle, indicating a significant price increase is on the horizon. Notably, the pundit shared a chart showing the token’s price has recently bounced off a nine-year support level, suggesting it has established a bottom for future growth.
“Since the green and red lines crossed in the first week of September, Dogecoin’s price has been steadily rising. This trend is expected to continue into 2025, indicating we won’t see Dogecoin dip below 10 cents again, similar to previous cycles.” He stated, sharing the sentiments of other analysts.
Similarly, SHIB analysts have also expressed confidence in the token’s future. Investing Haven remarked that SHIB’s October dip might serve as a setup for long-term gains, with a target price of $0.0000144 by early November. This indicates a belief that SHIB could be gearing up for significant upward momentum as the market stabilizes and retail investors return.
At press time, DOGE was trading at $0.14, reflecting a 4.45% increase over the past 24 hours. Meanwhile, its biggest rival, SHIB, traded at $0.00001782, showing modest growth of 0.26% during the same period.
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