Crypto Veteran Turns Bullish On Dogecoin, But What About Shiba Inu?

Crypto veteran Peter Brant has become bullish on Dogecoin (DOGE). At the same time, Shiba Inu (SHIB), the second-largest meme coin’s outlook is also bullish. However, the on-chain analytics platform Santiment suggested that investors might have to wait a while to witness new highs. 

Crypto Veteran Turns Bullish On Dogecoin

Crypto veteran Peter Brandt has turned bullish on Dogecoin. In a recent X post, he suggested that the foremost meme coin could enjoy a massive rally soon enough. Brandt highlighted a channel breakout on the DOGE chart, which he shared. Based on the chart, Dogecoin could rise to its current all-time high (ATH) of $0.7 if it breaks above that channel. 

The trader also remarked that the longer term could be constructive. He highlighted a historical inverse head-and-shoulders pattern that had previously formed on DOGE’s chart before it broke out. Dogecoin looks to have completed this pattern again and is ready for a breakout to the upside. Based on his accompanying chart, the trader’s price target for the meme coin in the long term is $2.5. 

This provides a more bullish outlook for Dogecoin, considering that most crypto analysts like Crypto Kaleo have predicted that the meme coin would at least reach $1 in this bull run. Kaleo recently reaffirmed his prediction again, stating that DOGE to $1 isn’t a “meme.”

Crypto analyst Master Kenobi stated that Dogecoin’s rise to $1 could mirror Bitcoin’s 2017 rally from $10,000 to $20,000 in just under two weeks. However, he is confident DOGE’s rally from $0.10 to $1 could even be faster. Master Kenobi also believes that the meme coin could still rally to $2 or higher, just like Brandt predicts. He stated that Dogecoin’s rally from $1 to $2 could happen “in a single day, or two at most.”

Shiba Inu Is Also Gaining Attention

Shiba Inu’s outlook is also bullish. The meme coin has surged over 47% in the last seven days and is back above $0.00002. The on-chain analytics platform Santiment revealed that there has been a significant rise in SHIB’s discussion rate. These discussions have included the recent 33,000% surge in Shiba Inu’s burn rate, contributing to the price surge. 

Meanwhile, Santiment also revealed in an earlier X post that Shiba Inu’s on-chain activity is surging compared to other altcoins and meme coins. Metrics like volume, circulation, and social dominance have spike. Whale transactions also recently rose to a 10-week high. 

Santiment warned that this indicates that the FOMO toward Shiba Inu is currently high. Therefore, there is a considerable likelihood that a local top is near. The platform added that these bullish metrics might need to calm down slightly before SHIB surpasses its year-high of $0.000043, recorded earlier this February. 

Featured image created with Dall.E, chart from Tradingview.com