• 18 June, 2024
Market News

David Gokhshtein is Bullish on Memecoins; Shiba Inu (SHIB) and Dogecoin (DOGE)

In his series of tweets, Gokhshtein had already expressed that he holds plenty of Dogecoin (DOGE) and Shiba Inu (SHIB). This week, he also announced the launch of the DOGE shoot-off Floki Inu (FLOKI), which is experiencing an incredible surge in its value by over 90%.

On Jan. 15th, Gokhshein posted on Twitter about stocking up on SHIB when it was trading at the $0.00001039 price level. Gokhshtein maintains that meme coins serve as an invaluable resource in introducing retail investors to the crypto market and steering them towards Bitcoin, the main cryptocurrency.

Gokhshtein is confident that it’s only a matter of time before SHIB and DOGE near their all-time highs. He believes in the long-term potential of these coins and is bullish on their respective price action in 2023. He suggests that investors should diversify their portfolios with these meme coins, as they are extremely volatile and can generate considerable returns quickly.

In the past day and week, Dogecoin has seen a rise of 1.99% and 7.75%, respectively – while Shiba Inu spiked slightly more at 1.29% over 24 hours and 5.19% since Friday’s closeout. All the credit for this goes to none other than Elon Musk.

His famous Twitter had a rippling effect, which led to an increase of Dogecoin by 9%, and in turn, drove Floki’s price up when he posted a manipulated image of his beloved puppy.

Dogecoin and Shiba Inu analysis

The sentiment surrounding memecoins is strong, and the outlook for both Dogecoin and Shiba Inu remains positive. Dogecoin is trading at $0.0876, up by 1.5% in the past 24 hours, while Shiba is at $0.002718, up by a further 2%.

Dogecoin’s price action: Coinmarketcap

Dogecoin is trading in a horizontal channel pattern, where it has been consolidating. On the other hand, Shiba Inu is trading in an ascending triangle pattern, which could be the reason for its recent upside price action.

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