Dogecoin and Shiba INU, two of the most well-known memecoins in the cryptocurrency market, are awaiting the bullish push necessary for the assets to exit the current consolidation. In contrast to the DOGE price, which is currently at about $0.062, the SHIB price is still below $0.000012. Although a sizable volume continues, prices largely remain unaffected.
The SHIB & DOGE prices are anticipated to reverse course in the coming quarter, though, as significant hype is about to start.
According to the analyst Doctor Profit, memecoins may overtake traditional cryptos in terms of popularity within the next two to three months. He predicts that well-known cryptocurrencies like Bitcoin, Ethereum, Cardano, and others could bottom out in the fourth quarter of 2022. As a result, the anticipated memecoin surge may deter investors from acquiring traditional cryptocurrencies when they are at their lowest points.
As a result, as in the past, the FOMO factor may have a significant impact on the prices of Shiba INU and Dogecoin. Since memecoin started the bull run more recently than any other altcoin or Bitcoin, there is a chance that the markets will turn bullish again.
The markets are currently trying to reverse the bearish trend, but this could just be a brief bounce.