Dogecoin and Shiba Inu skyrocket, while AI token Scotty exceeds $2.3M in presale.

The meme coin market continues to take center stage as top dogs Dogecoin and Shiba Inu soar 100% and 281% this week, respectively.

However, new tokens are eagerly following behind, with dog-themed Scotty the AI exceeding $2.3 million in its presale. Can this be the next meme coin to explode?

Top meme coins take flight as BTC approaches ATH

The meme coin market has experienced unrivaled success this week, with its total market cap surpassing $62 billion, jumping over 19% today.

This compelling advancement comes as Bitcoin flirts with its ATH, recently tapping the $68.6K level. 

The possibility of Bitcoin creating a new ATH places the market in all-out euphoria mode. Bitcoin price discovery will likely draw tremendous liquidity, enabling altcoins also to flourish.

As per an analysis from EllioTrades, the recent explosion of meme coin prices signals that retail is returning to crypto, meaning much more upside could be expected in the coming months.

Elio wrote, “People think memes pumping means the market is overheated. This is wrong and very outdated. The recent pumps in DOGE+ other memes signal the very beginning of retail coming back.”

He continued, “These are the coins that a huge portion of 21 traders gravitated towards (because they are familiar). It’s pure muscle memory in the charts and is signaling the start of a new thing. This is clearly the beginning of the next wave IMO.”

Moving to what this could mean for Dogecoin and Shiba Inu, prominent analyst Kaleo believes Dogecoin holds significantly more upside potential.

The analyst references the DOGE/BTC chart, speculating that Dogecoin could outperform the market leader in the coming weeks.

Meanwhile, TradingView analyst CobraVanguard Go to Source to See Full Article
Author: Guest Post

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