Crypto veteran Peter Brant has become optimistic Dogecoin (DOGE). At the same time, Shiba Inu (SHIB)the outlook for the second largest meme coin is also bullish. However, on-chain analytics platform Santiment suggested that investors may have to wait a while before witnessing new highs.
Crypto veteran turns bullish on Dogecoin
Crypto veteran Peter Brandt has turned bullish on Dogecoin. In a recent X post, he suggested that the top meme coin could benefit from one massive rally fast enough. Brandt highlighted a channel breakout on the DOGE chart, which he shared. Based on the chart, Dogecoin could rise to its current all-time high (ATH) of $0.7 if it breaks above that channel.
The trader also noted that the longer term could be constructive. He emphasized a historical inverse head and shoulders pattern which had previously formed on DOGE’s map before it broke out. Dogecoin seems to have completed this pattern again and is ready for a breakout to the upside. Based on its accompanying chart, the trader’s long-term price target for the meme coin is $2.5.
This presents a more bullish outlook for Dogecoin, considering most crypto analysts such as Crypto Kaleo have predicted that the meme coin would reach at least $1 in this bull run. Kaleo recently reaffirmed his prediction, stating that DOGE to $1 is not a “meme.”
Crypto analyst Master Kenobi stated that Dogecoin’s rise to $1 could mirror Bitcoin’s 2017 rally from $10,000 to $20,000 in just under two weeks. However, he is convinced that DOGE’s rally from $0.10 to $1 could be even faster. Master Kenobi also believes that the meme coin could still rise to $2 or higher, just as Brandt predicts. He stated that Dogecoin’s rally from $1 to $2 could happen “in one day, or at most two.”
Shiba Inu also receives attention
Shiba Inus The outlook is also bullish. The meme coin has risen more than 47% in the past seven days and is back above $0.00002. On-chain analytics platform Santiment revealed that SHIB’s discussion rate has increased significantly. These discussions include the recent 33,000% increase in Shiba Inu burn rates, contribute to the price increase.
Meanwhile, Santiment also revealed in a previous X post that Shiba Inu’s on-chain activity is soaring compared to other altcoins and meme coins. Statistics such as volume, circulation and social dominance show a spike. Whale transactions also recently rose to a 10-week high.
Santiment warned that this indicates that FOMO towards Shiba Inu is currently high. So there is a good chance that a local summit is nearby. The platform added that these bullish statistics should perhaps calm down a bit before SHIB surpasses its yearly high of $0.000043 previously noted in February.
Featured image created with Dall.E, chart from Tradingview.com