$23 Billion ‘Memecoin Bull Earthquake’ Looks To Storm Shiba Inu, PEPE, Dogecoin, Dogwifhat Markets
In the crypto world, envisioning price movements can often feel like navigating uncharted waters. However, keen observers of market indicators and historical patterns can sometimes reveal clues to potential future trends.
One crypto niche that’s been catching the attention of investors is meme coins. After seeing notable price pumps in the past, Shiba Inu, PEPE, Dogecoin, and new meme bull, Dogwifhat appear to be gaining steam and gearing up for a mammoth explosion.
Shiba Inu, PEPE, Dogecoin Supply Dynamics
One of the primary indicators suggesting a colossal price surge for PEPE is the recent drop in its supply on exchanges. In one day, from March 25 to 26th, PEPE token supply on exchanges dropped from 180.7T to 178.7 T.
When token supplies drop drastically, that creates buying pressure, and prices go up if demand stays around the same level. Dogecoin and Shiba Inu followed a similar path when their supplies decreased. That means this recent drop in exchange tokens for PEPE could lead to another pump.
Mean Coin Age Indicator
Another compelling factor pointing towards a $23 billion market upturn for meme coins is their steadily increasing Mean Coin Age since the beginning of March. The Mean Coin Age is an indicator that tracks the average age of all coins in a network since their last movement and indicates investor behaviour.
A rising Mean Coin Age implies that investors prefer holding their coins instead of selling them, indicating a period of accumulation. This is usually an ultra-bullish sign for a token, as it shows conviction among holders and reduces selling pressure, which can drive prices up even further.
While Exponential Moving Average (EMA) lines might not be strong right now, their alignment with the current price trend hints at a potential stabilization of Shiba Inu, PEPE, Dogecoin, and Dogwifhat prices. Short-term convergence of EMA lines above longer-term ones is usually a bullish sign and going into a consolidation period.
Price Predictions
Considering these indicators and factors, many pundits and investors are now contemplating the potential price trajectory of these top meme coins, with most analysts particularly envisioning a new all-time high for Shiba Inu.
Predicting crypto prices with certainty can be quite a challenge. However, analyzing key indicators and historical patterns can provide valuable insights into future trends. With PEPE showing promising signs like the drop in supply on exchanges, increasing Mean Coin Age, and EMA lines hinting at consolidation, many are optimistic about the meme coin’s future.
