Following SpaceX CEO Elon Musk's recent announcement about the Starship launch, Dogecoin (DOGE) experienced a decline, yet on-chain metrics suggest that its bullish sentiment remains robust, according to data from IntoTheBlock's Global In/Out of the Money index. While DOGE faces a temporary setback, Big Eyes Coin (BIG), a new meme-inspired cryptocurrency, is attracting investors' attention due to its unique features and promising returns.
There is growing speculation about whether BIG could replicate the success of Shiba Inu (SHIB), a popular meme coin that has gained a significant following in the crypto market. With BIG's momentum gaining, it will be interesting to see how it performs in the coming days.
This piece will examine the current market trends of both Dogecoin and Big Eyes Coin to assess the potential opportunities and obstacles that these meme coins may present.
Dogecoin Experiences A Drop To $0.084 Post-Starship Launch
The price of Dogecoin has been experiencing an upward trend, with its current value standing at $0.0942, an increase from its low point of $0.0491 recorded in June 2022. Despite this positive trend, the recent announcement of SpaceX CEO Elon Musk's Starship launch caused a decline in Dogecoin's price, which pulled back to $0.08401 from its high of $0.09297.
However, analysts believe that this dip is temporary and that the falling wedge chart pattern indicates a possible further upside shortly. As trading sessions opened on April 20, 2023, Dogecoin's price experienced a slight decline from its previous high, raising concerns among investors about the future of the meme-inspired cryptocurrency.
A Positive Outlook For The Price Of Dogecoin
As per the data from IntoTheBlock, Dogecoin's Global In/Out of the Money index indicates a firm support level within the $0.05 and $0.07 range, with 44.73 billion DOGE bought by about 519,530 addresses at an average price of $0.06. Additionally, the network growth of Dogecoin has been growing, which may lead to a surge in its price in the future. Although there could be selling pressure if Dogecoin loses its $0.08 support level, the optimistic outlook for the cryptocurrency persists.
Big Eyes Coin Hopes To Emulate The Success Of Shiba Inu
Big Eyes Coin, a community-driven cryptocurrency project, is gaining popularity for its unique features and potential returns. Besides, the project offers an investment option for minting, collecting, and trading unique NFTs on the OpenSea marketplace. Investors can also benefit from discounted eco-friendly products and experiences. The presale for Big Eyes Coin is scheduled to end on June 3rd, and investors can use the presale bonus code END300 to receive a discount on their purchase.
BIG's popularity is evident, with over $34 million raised so far, reminiscent of the success story of Shiba Inu, which gained traction through its meme-inspired branding and marketing strategies. The similarities between BIG and Shiba Inu have made investors optimistic that the two coins will have more in common than popularity.
However, Big Eyes Coin stands out from other meme coins with its focus on eco-friendly initiatives and charitable causes. Listing on Binance could help the project achieve its ambitions and objectives.
On the other hand, despite the recent pullback in Dogecoin's price, on-chain metrics suggest a strong bullish sentiment for the meme-inspired cryptocurrency. While investors are optimistic about Big Eyes Coin's potential, Dogecoin remains an exciting option for investors seeking long-term gains.
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