Dogecoin, Shiba Inu, Pepe Rise Together Following Bitcoin

▲ Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE)/ChatGPT generated image

As Bitcoin (BTC) surpassed $75,000 and continued its bullish trend, major memecoins Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) all showed an upward trend, rapidly spreading speculative sentiment in the market.

According to crypto media outlet Coingape on the 16th (local time), the overall virtual asset market has recently shown an upward trend, with the memecoin sector also experiencing a concomitant rebound. The total market capitalization has increased to approximately $2.54 trillion, and as risk asset preference expands, capital inflow into memecoins is also strengthening.

Dogecoin rose by approximately 5%, rebounding to the $0.096 level. From a technical perspective, the $0.093-$0.094 range is acting as a critical short-term support level, and if maintained, there is a possibility of continued attempts to break through the $0.097-$0.099 resistance range.

Shiba Inu also joined the upward trend, rising by approximately 3%. Notably, the recent increase in token burn rate by over 41% is analyzed to have positively influenced investor sentiment by stimulating expectations of supply reduction. However, whether it breaks through $0.0000062 is pointed out as a watershed for further gains.

Pepe recorded a relatively strong increase of approximately 8%. The price has risen to around $0.0000039, attempting to break through a major resistance level, and if it surpasses this range, there is a prospect of further upward potential. Conversely, a short-term correction is possible if it breaks below the support level.

This trend is interpreted as a result of the overall market liquidity expansion coupled with Bitcoin's rise. In particular, as institutional capital inflow drives up Bitcoin's price, investment funds are spreading to high-risk assets like memecoins.

The market is currently watching whether the current memecoin surge will lead to a further rally beyond a short-term rebound. However, given memecoins' sensitivity to changes in investor sentiment, there is also a possibility of increased volatility depending on Bitcoin's price movements and changes in market liquidity.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*