Dogecoin and Shiba Inu holders have had a rough few days.
Their prices have plummeted since Tuesday’s highs, prompting meme coin traders to look for new opportunities.
One project gaining traction is Crypto All-Stars – which has raised over $2.9 million in early funding through its ICO.
Meme Coins Dip as DOGE & SHIB See Double-Digit Drops
The meme coin rally that looked unstoppable has taken a dramatic turn.
A few days ago, Dogecoin shot up to its highest price since April, and Shiba Inu saw a 25% gain in under a week.
But that bullishness didn’t last long.
Now, DOGE has dropped 11% from Tuesday’s peak, with SHIB right behind it, down 12%.
The dip isn’t limited to these two – most meme coins have seen double-digit losses, bringing the sector’s market cap back to $58.3 billion.
So, what’s causing the sudden cooldown?
No major news is driving the sell-off, but most believe it’s a classic case of profit-taking after such a fast climb.
Bitcoin slipping below $70,000 may have added to the market jitters, prompting a wave of selling from traders looking to cash in.
It’s a familiar pattern in crypto: big rallies leading to steep pullbacks as traders rush to lock in gains.
Can DOGE and SHIB Rebound Despite the Bearishness?
Even with the recent dip, there are signs the meme coin rally might not be done.
Dogecoin’s drop to the 0.5 Fibonacci retracement level – a zone that often kicks off new rallies – could mean more room to climb.
The bounce off the 50-period EMA on the 4-hour chart supports this bullish outlook.
Shiba Inu’s chart shows similar strength.
The coin is still moving within a steady upward channel on the daily time frame, keeping up its pattern of higher highs and higher lows.
SHIB’s recent bounce from the 50-day EMA as support also hints that the uptrend might be holding strong.
Zooming out a bit, next week’s election is causing lots of buzz in the crypto world.
Most traders are betting a Trump win could lead to another bull cycle – and meme coins tend to benefit from this sort of environment.
With DOGE and SHIB still more than 75% below their all-time highs, this pullback could be an interesting entry point for anyone eyeing the next leg up.
Crypto All-Stars Presale Nears $3M as Traders Pile Into High-Yield Meme Coin Staking App
While some traders are weathering the volatility of meme coins, others are eyeing new opportunities – like Crypto All-Stars.
The project’s ICO has raised over $2.9 million, drawing attention from investors hunting for the next big thing.
So, what’s causing the buzz?
Crypto All-Stars’ standout feature is the MemeVault – a unique staking platform set to change how people use their favorite meme coins.
Instead of just letting DOGE, SHIB, and others sit in wallets, holders can stake them in the MemeVault to earn STARS tokens.
It’s a clever fix to the common problem of meme coins not offering much beyond trading.
Security is a big deal for Crypto All-Stars, too.
With audits by SolidProof and Coinsult, the team is showing they’re serious about safety.
This focus on security, paired with the project’s staking setup, is why many traders see Crypto All-Stars as more than just another meme coin.
That’s certainly the case for YouTuber ClayBro.
In a recent video, he said STARS is “set to soar” in the next market rally.
Crypto All-Stars was also featured in a video on the Cryptonews YouTube channel that has been viewed almost 4,000 times in under a day.
Overall, while Dogecoin and Shiba Inu struggle, this new project looks primed for success.
It’s one many are watching as we enter the final weeks of 2024.
This article is not intended as financial advice. Educational purposes only.
