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For the first time in 17 months, the market is seeing net capital inflows, breaking the long trend of capital outflows. This change has been largely driven by the surge in stablecoins, which have seen a positive 90-day net change. This influx of capital, combined with Bitcoin’s surge above $35,000 and anticipation of US regulators approving cryptocurrency ETFs, is contributing to a renewed optimism in the market. In this revived environment, leading cryptocurrencies such as Dogecoin (DOGE), Samoyedcoin (SAMO), Apecoin (APE), Shiba Inu (SHIB), and the emerging Scapesmania, are poised to potentially benefit from these market dynamics.
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Dogecoin (DOGE): Market riding on optimism
Dogecoin (DOGE) is experiencing a mix of consolidation and resilience in the market. According to a recent analysis on FX Empire, the price of Dogecoin (DOGE) is currently trading around $0.074, down 10% from its all-time high of $0.082 last week.
Current market dynamics show that Dogecoin (DOGE) traders have placed orders to buy 750 million Dogecoin (DOGE) at current prices, indicating a strong buying momentum. This is a significant number compared to the amount listed for sale by bearish traders. Bullish dominance in the Dogecoin (DOGE) spot markets suggests the possibility of a price correction and stability.
Global In/Out of the Money data indicates a strong support buy-wall around the $0.07 area, which could be crucial to trigger a bounce in the Dogecoin (DOGE) price. However, if the bears gain the upper hand, the price may drop to $0.06. On the other hand, crossing the $0.1 mark may face resistance from holders buying at $0.081.
SamoyedCoin (SAMO): A Refreshing Perspective on Meme Coins
Solana’s unique contribution to the meme coin sector is SamoyedCoin (SAMO). Taking inspiration from Dogecoin and important figures in cryptocurrency, SamoyedCoin (SAMO) aspires to community ownership and entertainment value. It attempts to expand Solana’s ecosystem – by targeting a broader audience than just technologically advanced coins.
Currently, the price of Samoyedcoin (SAMO) is between $0.00346 and $0.00604. The 10-day moving average is at $0.00712, and the 100-day moving average is at $0.00371. This indicates a volatile but promising trend for SAMO. Support levels are at $0.00187, resistance levels are at $0.00704 and $0.00963, which outline potential price movement boundaries.
Should SamoyedCoin (SAMO) continue to attract interest through its NFT collection and community engagement, an upward trajectory in price could appear – potentially testing the resistance level.
AppCoin (APE): The road ahead is tough?
ApeCoin (APE) is currently facing a challenging market situation, as indicated by bearish on-chain metrics. According to FXStreet analysis, the supply of Apcoin (APE) on exchanges has nearly doubled over the past six months, reaching 50.65 million.
Despite a 40% gain in the past month, the number of active addresses for ApeCoin (APE) has declined, signaling a potential correction. The volume of Apecoin (APE) tokens available on exchange platforms has increased significantly, suggesting that holders are preparing to sell and potentially increasing selling pressure, leading to a decline in pricing.
The upcoming ApeCoin (APE) token unlock event on November 17 could be important. With 15.6 million APCoins (APE) worth $22.93 million entering circulation, this could lead to a significant correction as the market absorbs the influx of new tokens. Although there may be a temporary spike in the price of ApeCoin (APE) ahead of the unlock event, there is a possibility of a correction once more than 15 million tokens arrive on crypto exchanges.
Shiba Inu (SHIB): Gaining momentum with high-profile endorsements
The recent fascination around the Shiba Inu (SHIB) can be attributed to its association with acclaimed Filipino boxing champion Manny Pacquiao. The Manny Pacquiao Foundation is using the Shiba Inu (SHIB) network, Shibarium, for fundraising activities.
Currently, the price of Shiba Inu (SHIB) fluctuates between $0.00000688 and $0.00000845. The 10-day moving average is at $0.00000857, and the 100-day moving average is at $0.00000786. Support levels are at $0.00000442 and $0.00000599, resistance levels are at $0.00000913 and $0.00001070 indicating a possible upside move.
The involvement of a high-profile individual like Manny Pacquiao and the use of Shibarium for charitable purposes could have a positive impact on Shiba Inu (SHIB) market sentiment. This, combined with current price trends, suggests the potential for Shiba Inu (SHIB) to test its resistance levels in the near future. However, like all cryptocurrencies, market volatility and external factors can affect its trajectory.
conclusion
A diverse range of cryptocurrencies, including meme coins like Dogecoin (DOGE), Samoyedcoin (SAMO), Apecoin (APE) and Shiba Inu (SHIB) – as well as the emerging token Skepsmania; are potentially poised to benefit from the current crypto market’s renewed optimism: an unprecedented net capital inflow in 17 months. Each digital asset – uniquely characterized and supported by its own community – faces both opportunities and challenges amid this evolving landscape. The market is focused on the impact of stablecoins and the rise of Bitcoin: a shift that not only enriches established meme coins but also creates fertile ground for innovative newcomers, exemplified by Scapsmania.
Disclaimer: This is a sponsored article and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment or financial advice.
Source: cryptodaily.co.uk
