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Dogecoin price continues balancing act as the Shiba-Inu themed memecoin dominates Reddit [Video]

Dogecoin price continues balancing act as the Shiba-Inu themed memecoin dominates Reddit [Video]
Written by publisher team

  • Dogecoin price resumes the uptrend, recovering from the drop below $0.16.
  • The memecoin subreddit Shiba-Inu dominated Reddit, indicating a rise in social dominance.
  • Analysts anticipate a rise in the price of Dogecoin, and compare the trend of memecoin with the rise of Ripple in 2017.

More than 54% of Dogecoin holders are making a profit as of December 2021. Memecoin has seen a revival since Tesla accepted Dogecoin as a payment method. The Dogecoin subreddit was one of the most popular in 2021.

Dogecoin price is preparing to return in 2022

Based on data from crypto information platform IntoTheBlock, 54% of Dogecoin holders have been profitable over the past month. memecoin recorded a recovery from the decline below $0.16.

Elon Musk, a billionaire Tesla CEO, recently announced the acceptance of Dogecoin as a payment method for some of the company’s goods. The massive 40% rally in the Dogecoin price has brought the memecoin close to its previous all-time highs.

Interestingly, r/Dogecoin was the most popular subreddit, implying a sharp rise in social memecoin dominance.

Analysts assessed the price direction of Dogecoin and expected an upward movement. By comparing the Dogecoin price hike to Ripple’s bullish rally from 2017, analysts have drawn parallels between the two. The Dogecoin price trend is similar to that of Ripple, when the altcoin price reached an all-time high in the 2017 bull run.

kingthies, a crypto analyst and trader has set a target of $0.19 for the Dogecoin price. The analyst recorded resistances at $0.191, $0.198, $0.203 and $0.0223. The analyst is looking at the price of Dogecoin in the range of $0.15 to $0.19.

For the first time in Dogecoin history, the developers have published a roadmap for 2022 that feeds a bullish crypto price narrative under the title Shiba-Inu.

FXStreet analysts believe Dogecoin has set a bear trap to push the price of memecoin to $0.24, up 41% from the current price.

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