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Dogecoin and Shiba Inu skyrocket, while AI token Scotty exceeds $2.3M in presale.
The meme coin market continues to take center stage as top dogs Dogecoin and Shiba Inu soar 100% and 281% this week, respectively.
However, new tokens are eagerly following behind, with dog-themed Scotty the AI exceeding $2.3 million in its presale. Can this be the next meme coin to explode?
Top meme coins take flight as BTC approaches ATH
The meme coin market has experienced unrivaled success this week, with its total market cap surpassing $62 billion, jumping over 19% today.
This compelling advancement comes as Bitcoin flirts with its ATH, recently tapping the $68.6K level.
The possibility of Bitcoin creating a new ATH places the market in all-out euphoria mode. Bitcoin price discovery will likely draw tremendous liquidity, enabling altcoins also to flourish.
As per an analysis from EllioTrades, the recent explosion of meme coin prices signals that retail is returning to crypto, meaning much more upside could be expected in the coming months.
Elio wrote, “People think memes pumping means the market is overheated. This is wrong and very outdated. The recent pumps in DOGE+ other memes signal the very beginning of retail coming back.”
He continued, “These are the coins that a huge portion of 21 traders gravitated towards (because they are familiar). It’s pure muscle memory in the charts and is signaling the start of a new thing. This is clearly the beginning of the next wave IMO.”
Moving to what this could mean for Dogecoin and Shiba Inu, prominent analyst Kaleo believes Dogecoin holds significantly more upside potential.
The analyst references the DOGE/BTC chart, speculating that Dogecoin could outperform the market leader in the coming weeks.
Meanwhile, TradingView analyst CobraVanguard anticipates Dogecoin to climb toward its 2021 ATH after breaking a descending triangle to the upside.
The analyst published the theory yesterday, and it has already garnered 78 positive reactions, illustrating a significantly bullish market sentiment supporting DOGE.
Shiba Inu analysts are also bullish, with Alan Santana predicting SHIB will push beyond its ATH in the coming months. According to the analysis, SHIB could climb to $0.00014.
Santana wrote, “Shiba Inu’s major bullish breakout this week brought in the highest trading volume weekly since late 2021, the previous bull-market phase. Looking at this type of action, the first time volume goes so high after so long is indicative that a new market cycle is starting.”
However, other analysts are more weary of a potential pullback after such parabola. One of those is Jackis, who initially predicted the Shiba Inu pump but has now said he will be “taking heavy profits here.”
Nevertheless, the meme coin market continues to present new opportunities daily. One of the latest projects is Scotty the AI, a cross-over meme coin and AI-powered blockchain security protocol.
Scotty the AI: Bridging meme coin with AI-driven blockchain technology
Scotty the AI blends the appeal of meme coins with the functionality of AI in enhancing blockchain security. The project’s presale has raised over $2.3 million so far.
The AI-driven project aims to blend blockchain interaction with AI capabilities, identifying patterns and anomalies beyond human detection. Its approach combines the cultural traction of meme coins with substantial technological utility, potentially mitigating typical market volatility.
Analysts have picked up on this new cross-breed sensation, with Michael Wrubel dubbing it his “number one meme crypto for 2024.”
However, Scotty the AI’s presale price will incrementally increase as the campaign progresses, as the next uptick will occur in nine days.
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