A Deep Dive: What’s Really Driving DOGE, SHIB, FLOKI, PEPE, and BONE Prices?

On Oct 12, 2023

The crypto universe has been buzzing more than usual recently, and there’s a good reason for that. Paul Tudor Jones, a titan in the hedge fund space, recently advocated for Bitcoin and gold over equities. And why? He points to an unstable geopolitical scene and a burgeoning US debt that’s looking less like a molehill and more like Everest. Tensions from the Israel-Hamas conflict only add fuel to this fire. Paul isn’t alone in his sentiments. Major players like JPMorgan are making waves with blockchain-based transactions, as seen with their collaboration with BlackRock and Barclays.

2023 has been a roller-coaster for Dogecoin. Despite a decline of 17% year-to-date, hope springs eternal, especially with whispers of Dogecoin’s integration into X (Twitter’s successor). Elon Musk’s affinity for Dogecoin (DOGE) is no secret. Might DOGE be the payment currency of the future X platform? There isn’t a way to know until it happens.

Dogecoin (DOGE) Price Analysis

DOGE’s market dynamics have been intriguing. A major buzz was its potential integration into the X platform. Notably, DOGE’s volatility reduced in September, even undercutting Bitcoin’s. This stability is a promising sign for the meme coin’s future.

Dogecoin (DOGE) is currently trading within a narrow band, hovering close to its 10-day moving average of $0.06015. This positioning gives it a near-term support that, if maintained, could propel the coin toward a bullish trajectory. Additionally, if DOGE breaks past its immediate resistance at $0.06760, it stands a strong chance to test and possibly breach the more significant resistance at $0.07312.

Source: TradingView

The 200-day moving average at $0.07046 acts as a crucial threshold; a sustained move above this level can be a strong bullish signal, indicating a potential long-term upward trend for the coin. The recent price actions, coupled with underlying market sentiment, will be pivotal in deciding if DOGE can capitalize on these bullish indicators.

On the flip side, Dogecoin’s proximity to its immediate support at $0.05655 presents potential bearish implications. Should the coin dip below this support level, it might find itself seeking the next support at $0.05103. The fact that the current price is below the 200-day moving average already paints a picture of caution.

If the 10-day moving average, which stands at $0.06015, starts to trend downward and crosses below the said support, it could signal a bearish trend in the short term. Any breach of the established support levels could see DOGE entering a more extended bearish phase.

Anyway, the excitement around DOGE cannot be ignored. With potential integration into major platforms and reduced volatility, the future seems bright. There are still challenges to overcome. The key to DOGE’s success will be to keep volatility low and to boost adoption.

Shiba Inu (SHIB): The Canine Contender

Shiba Inu has made significant strides since its inception in August 2021, now ranking as the fourth most popular Bitcoin alternative this year. Despite its milestones and the recent achievement of Shibarium marking a million blocks, SHIB faces challenges. A spike in SHIB tokens being moved to exchanges suggests that a massive sell off could be imminent, which has been reflected in its recent price decline. According to CryptoQuant data, the total supply of SHIB on crypto exchanges peaked at 169 trillion tokens in a 50-day period. The inflows began on October 8th as 1.3 trillion SHIB tokens flooded exchanges.

Source: CryptoQuant

Shiba Inu (SHIB) Price Analysis

Currently, SHIB trades between $0.00000688 and $0.00000793. It’s positioned just below its 10-day moving average of $0.00000709, which could indicate short-term bearish momentum. Should SHIB manage to climb past its immediate resistance at $0.00000851, it might aim for the more formidable resistance at $0.00000956. However, with the price beneath the 200-day moving average of $0.00000854, caution is advised.

Source: TradingView

Potential dangers loom as SHIB nears its first support level of $0.00000641. A dip below this might send it plummeting to the next support at $0.00000536. With the current bearish sentiment, traders should be watchful of these critical levels and consider protective strategies.

A recent report from Marketplace Fairness reveals SHIB’s growing popularity. Based on Google searches, SHIB claims the fourth spot with 678,000 searches monthly, surpassing other notable cryptos.

Floki Inu (FLOKI): Not Just Another Viking Saga

As ‘Floktober’ rolls in, FLOKI is building up a lot of chatter among crypto enthusiasts. The results from a recent poll posted by the Floki community underscore a bullish sentiment. A significant majority, 52.2%, believe that the memecoin’s strength lies in its fundamentals and utility. Additionally, FLOKI’s strong brand and partnerships have won the confidence of 23.5% of the poll’s participants.

An enlightening AMA by the FLOKI team disclosed many insights into the project’s future. Several tweets fueled excitement by hinting at numerous developments in the pipeline. A notable revelation pertained to a potential institutional adoption. A core contributor dropped strong hints about a partnership with crypto market maker, DWF Labs. While complete details remain under wraps due to non-disclosure agreements, the community anticipates major announcements soon. Notably, FLOKI’s relationship with esteemed market maker Wintermute stands strong, which could be a significant boost for the coin’s future.

Floki Inu (FLOKI) Price Analysis

The coin currently trades between 0.0000158 and 0.0000204. If it maintains momentum above its 10-day Moving Average of 0.0000175, it may challenge its immediate resistance at 0.0000204. Breaching this can lead it towards the next resistance of 0.0000224.

Source: TradingView

With the recent developments and potential partnerships, there’s a chance for a bullish run.

However, the bearish scenario could unfold if FLOKI drops below its support at 0.0000132. A more significant bearish sign would be a dip below the second support at 0.0000086. It’s also worth noting that FLOKI trades below its 200-day Moving Average of 0.0000257456, a cautionary indicator.

Pepe (PEPE): A Meme Amidst Controversy

Pepe, once simply seen as a meme coin, has been thrust into the spotlight due to a controversial “pump and dump” scandal. Reports suggest that the former head of OpenSea Ventures was implicated in a scheme using PEPE to launder a whopping $10 million they had allegedly taken from unsuspecting investors. Although unlikely to affect Pepe’s long-term value, this development certainly casts a cloud over its reputation.

Adding to the cloud of uncertainty, there was another alarming incident where a group purported to be former Pepe team members reportedly extracted $15 million from Pepe’s multi-signature wallet. In response, the remaining Pepe team members quickly took action, stating that the alleged perpetrators had been ejected from the team, and access to the wallet had been denied.

Historically, Pepe’s price dynamics showcase its volatile journey. From an all-time low on April 17, 2023, of $0.0000002764, which has seen an impressive rise of over 2,000%, to its all-time high on May 5, 2023, at $0.000004354, and has fallen by over 85% since then.

Pepe (PEPE) Price Analysis

Currently, PEPE is trading in the range of $0.0000006577 to $0.0000008838. The 10-day moving average, located at $0.0000006878, acts as a key indicator, while the 100-day moving average stands at $0.0000010461, potentially signaling longer-term trends.

Should PEPE maintain momentum and successfully breach its immediate resistance at $0.0000009689, it might attempt to challenge the higher resistance at $0.0000011950. A decisive move beyond these resistance levels, especially when backed by significant trading volume, could signal a return of investor confidence and a potential upward trend, notwithstanding the recent controversies.

Source: TradingView

Alternatively, the shadow of the recent scandals might weigh heavily on PEPE. If the coin faces selling pressures pushing it below its first support level at $0.0000005167, it might seek its next base of support at $0.0000002906. Moreover, if the 10-day moving average, currently at $0.0000006878, undergoes a bearish crossover against the price, it might be an indication of a more extended bearish sentiment in the market. Given the recent events, investors and traders should approach PEPE with increased caution, awaiting clarity on the controversies and monitoring the coin’s behavior around these pivotal levels.

The trajectory of PEPE in the coming days will likely be dictated by investor sentiment and how effectively the Pepe team manages to navigate these crises. What remains certain is that the crypto world will watch PEPE closely.

Bone ShibaSwap (BONE): A New Bone to Pick?

BONE, part of the Shiba Inu ecosystem, has caught renewed attention as Bitcointry, a prominent Turkish-based cryptocurrency exchange platform, took a bold step. The service is now integrating a variety of Shiba Inu products, effectively expanding its reach in the digital asset universe. Notably, Bitcointry is now extending full support to the Shibarium network, reflecting its intent to strengthen its ecosystem further. More excitingly for BONE enthusiasts, the token is poised to be listed for trading on Bitcointry, as suggested by recent hints from the platform.

Within the vibrant Shibarium Tech group on Telegram, Shytoshi Kusama, the lead developer of SHIB, shed light on some pressing questions surrounding BONE. Addressing concerns related to undistributed BONE staking rewards, the current lack of new validators, and the specific steps the development team is taking to remedy existing issues, Shytoshi provided some insights. He emphasized the team’s “particular strategy” for adding validators, which is rooted in ensuring the network’s safety. An instant addition of a plethora of validators might compromise the network’s integrity, hence the gradual onboarding approach. When it comes to rewards, Shytoshi shared that they have been amplified and are on the horizon. Delving into SHIB burns on Shibarium, he elucidated that burns commence when $25,000 worth of BONE is converted into SHIB within a contract. Given this significant amount, aggregating such a BONE volume might take longer than many anticipate. But, as Shytoshi reassured, the team remains diligent, continuously striving to enhance the platform, even if their entire strategy isn’t disclosed to the public.

Bone ShibaSwap (BONE) Price Analysis

Currently, BONE’s price oscillates between $0.6713 and $1.0902. Its 10-day moving average stands at $0.7705, providing a closer snapshot of recent price behavior, while the longer-term 200-day moving average sits at $1.0262.

If BONE rides on the wave of positive developments and penetrates its immediate resistance level at $1.3526, it could then aim for the loftier resistance at $1.7715. Such a move, especially when supported by robust trading volume, may be indicative of the market’s optimism and faith in the Shiba Inu ecosystem, further propelled by its integration on platforms like Bitcointry.

Source: TradingView

On the flip side, if the concerns voiced in the Shibarium Tech group take a toll on investor sentiment, and BONE descends below its primary support at $0.5148, it might seek its subsequent base at a significantly lower $0.0959. If the 10-day moving average ($0.7705) experiences a bearish crossover with the price, it may hint at an extended negative trend in the market. Given the underlying developments and the dialogue surrounding BONE, prudence and vigilance are recommended for investors and traders.

The upcoming trajectory of BONE will be largely determined by both the development team’s efforts and the broader market sentiment. Whatever ensues, BONE remains a token of interest in the crypto arena.

Conclusion

The meme coin craze doesn’t seem to be slowing down. Despite the volatile nature of these assets, their popularity and adaptability continue to amaze. With the wind of potential integrations and increased adoption in their sails, the meme coin market is certainly set for a right royal rollercoaster. Investors and enthusiasts should tread carefully, armed to the teeth with solid research and savvy. In the cryptosphere, fortunes can change faster than you can say “Bob’s your uncle” – or perhaps, quicker than a meme’s flash in the pan.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.