Dogecoin, Shiba Inu Wins 'Good for Every Legitimate Meme Project,' Says Analyst: 'Ecosystem Has a Better Chance of Winning'

Cryptocurrency commentator David Gokhshtein said on Tuesday that strong performance from Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) would boost the broader memecoin ecosystem.

DOGE, SHIB To Have Ripple Effect On Memecoins?

In an X post, Gokhshtein said that wins in the two blue-chip memecoins would help “legitimate” projects gain traction.

The analyst admitted that a section of people want DOGE and SHIB to “fail,” not realizing the spillover effects they might create.

Earlier this week, Gokhshtein said that investors are growing weary of chasing newly launched meme coins that crater after debut and that capital could rotate back toward projects with established communities.

Price performance painted a mixed picture. While SHIB has regained momentum, DOGE has given back most the gains it made over the past week.

The overall memecoin market capitalization has declined 3.09% over the week to $23.41 billion.

Calm Before Big DOGE Move?

Leading cryptocurrency analyst Ali Martinez identified $0.081 as the "first major resistance" for DOGE, noting that a breakout above it could open the door to a 150% rally.

The Commodity Channel Index, which measures the difference between the current price and the historical average price of an asset, signaled “Buy” for DOGE, according to TradingView. The Bull Bear Power indicator, which measures the strength of buyers and sellers, was "Neutral," and so was the Relative Strength Index.

SHIB Fires Up

Shiba Inu token burns have exploded 1028% in a week, with a one-year high of 1.27 billion SHIB incinerated on Monday, according to Shibburn.

Coin burning involves purposely sending a cryptocurrency to an unusable wallet address to remove it from circulation. This is done to generate scarcity and gradually boost the market value of the token in the long term.

Price Action: At the time of writing, DOGE was exchanging hands at $0.07016, up 0.11% over the last 24 hours, according to data from Benzinga Pro. SHIB traded down 1.77% at $0.000054574 at last check.

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