Cryptocurrency prices are exploding as the Bitcoin and memecoins prices enter the stratosphere. Ethereum price is also following with a surge to its highest level since January 2022. The smart contract asset soared to $3,752 on Tuesday, which was its record high in the last two years. This bullish BTC and ETH price action has sent memecoins like Dogecoin (DOGE), Shiba Inu (SHIB), BONK and PEPE to stellar.
On Tuesday morning, the markets experienced a wave of excitement as BTC tagged $68,800 level on some exchanges. This price level was slightly shy of the all-time high of $69,000 for Bitcoin. However, the buying pressure was not enough to push the price of the pioneering crypto asset above the key level.
Consequently, the BTC/USD pair experienced a slight correction and dipped to $66,000. At the time of writing, the cryptocurrency is trading above $67,000 as it gains momentum for another retest of $69,000. Today's correction also impacted PEPE, DOGE, SHIB, and BONK prices. Nevertheless, on a daily timeframe, the impact was almost unnoticeable.
Unlike the previous cycles, dogcoins have gone ballistic before even Bitcoin breaking above its all-time high. This shows a strong demand for speculative assets like Dogecoin, Shiba Inu and PEPE coin. With the latest surge to $0.206, the DOGE price is now trading at levels not seen since January 2022. If the $0.175 resistance is held, the price may rocket toward the next major resistance level of $0.34.
The SHIB vs DOGE battle has intensified in the ongoing memecoin frenzy. After a 300% surge in the last 7 days, Shiba Inu coin is about to dethrone Dogecoin as the most valuable memecoin. At the time of writing the market cap of DOGE and SHIB is $26 billion and $23.96 billion, respectively. This means that SHIB has to gain only 8% to overtake Dogecoin and become the new king of memecoins.
Considering the following chart, SHIB/USD may soon hit the Fibonacci golden pocket above $0.000057.
PEPE is relatively a new coin when compared to the OG memecoins like Dogecoin and Shiba Inu. The frog-themed crypto asset was launched only last year but since then it has shown a very significant growth. At press time, PEPE is the second 3rd biggest memecoin in terms of market capitalization.
After a breakout above $0.00000440 resistance level, PEPE/USD has entered into unchartered territories. As a result, PEPE price prediction of $0.000001000 is on the cards.
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