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As the cryptocurrency market grapples with turbulence, Bitcoin (BTC), the world’s largest cryptocurrency, has recently hit a low of $54,784.49. This decline has contributed to a slight dip in the global market capitalization, which now stands at $1.94 trillion, just under the $2 trillion mark.
In a rare turn of events, the meme coin sector displayed some resilience over the weekend. Iconic meme coins Dogecoin (DOGE) and Shiba Inu (SHIB) have begun to show signs of recovery after enduring a challenging month. As the new week unfolds, there’s a glimmer of hope that these assets could spark a broader market rally.
Shiba Inu’s Bullish Forecast
Shiba Inu (SHIB) has faced a period of stagnation, but recent data suggests that a breakout might be on the horizon. Changelly reports an optimistic forecast for SHIB, predicting a notable 53% increase in its value this week. The meme coin is anticipated to surge to $0.00002003, a significant rise from its current price of $0.000013. Over the past 24 hours, Shiba Inu has already shown a modest 2% increase, signaling a potential trend reversal.
Dogecoin’s Bearish Outlook
In contrast, Dogecoin (DOGE) has struggled to gain momentum. Despite its high-profile endorsements, DOGE has exhibited a lackluster performance. Currently trading at $0.09681, the coin has only experienced a modest daily increase of 1.63%. According to Changelly’s analysis, Dogecoin might face further declines. The meme coin is expected to drop to approximately $0.093456 by September 15, reflecting a 1.75% decrease from its current value.
Also Read: Bitcoin Dips 15% In 2 Weeks – $31,000 Crash Looms Amid Weak Jobs Report
Russia’s Digital Ruble Pilot Expands
Amidst these developments, the cryptocurrency landscape is also being influenced by geopolitical factors. Russia’s Digital Ruble pilot is expanding, introducing new features as the Moscow Exchange exits cryptocurrency trading. This move highlights Russia’s commitment to its Central Bank Digital Currency (CBDC) and could have significant implications for global crypto markets.
As Bitcoin grapples with its recent lows and the global market cap experiences a slight contraction, the meme coin sector shows signs of recovery. Shiba Inu appears poised for a bullish surge, while Dogecoin faces a challenging outlook. Additionally, Russia’s Digital Ruble pilot expansion adds a new dimension to the evolving cryptocurrency narrative. Investors and enthusiasts will be watching closely to see how these factors unfold and impact the market in the coming weeks.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
With a keen eye on the latest trends and developments in the crypto space, I’m dedicated to providing readers with unbiased and insightful coverage of the market. My goal is to help people understand the nuances of cryptocurrencies and make sound investment decisions. I believe that crypto has the potential to revolutionize the way we think about money and finance, and I’m excited to be a part of this unfolding story.
