• Dogecoin rallied over the weekend as risk-on sentiment develops

• Libdogecoin project expected to allow building new DOGE apps

• DOGE is cooling down after the latest gains.

Meme tokens are late comers in the latest crypto recoveries. Despite remaining subdued by the $0.7 resistance since June, Dogecoin DOGE/USD has now broken out. The cryptocurrency now trades at $0.076 after touching a high of $0.084 over the weekend. DOGE has been a beneficiary of a meme-inspired rally. 

Meme tokens are mostly driven by hype and risk-on sentiment in the market. That could explain the recent rally in Dogecoin. However, Dogecoin Foundation Director Timothy Stebbing announced on August 14 the ability to build DOGE apps. He said that developer Shafil Alam’s project on Libdogecoin will create a possibility for new DOGE apps.

It is hard to tell whether Dogecoin was boosted by the slight news. Nonetheless, it remains clear that meme coins were surging over the weekend. Dogecoin’s sister meme token Shiba Inu was also a top gainer. That underline’s market’s risk-on sentiment for the two meme tokens.

Dogecoin retreats after the weekend rally

Source – TradingView

Technically, DOGE is flattening the gains of the weekend. That raises caution around the resistance-turned-support at $0.07.

Two possible scenarios are likely for DOGE in the coming days. In the bull case scenario, the token will hold the $0.07 support in place. The MACD indicator already shows a developing strong bullish momentum. The bull scenario is supported by the breakout above the resistance, now support. If the level holds, DOGE to $0.1 will become a possibility. The token could face resistance at $0.09.

In the bear scenario, DOGE will slide below $0.07. We deem this scenario less likely after the breakout. A failure of a break below makes a consolidation at the support more probable.

Summary

Dogecoin remains bullish despite relinquishing the weekend gains. The breakout could see the token to the next resistance at $0.1. The meme token could be resisted at $0.09.

Shiba Inu is a meme-inspired cryptocurrency. It was created as an Ethereum token, and the Shiba Inu meme is what inspired its creation. 

The basic idea behind this cryptocurrency is that it’s supposed to be a fun way for people to get involved in crypto and learn about blockchain technology. The Shiba Inu meme has been very popular on Reddit for years now, so it makes sense that someone would want to create a cryptocurrency based on it.

What is Shiba Inu?

Shiba Inu is a meme-inspired cryptocurrency that is based on Dogecoin. This means that it’s a decentralized digital currency that can get used for peer-to-peer transactions and payment of goods and services. It also uses proof-of-work consensus to secure its network.

Dogecoin was created in December 2013 by Billy Markus and Jackson Palmer as a joke based on an internet meme of a Shiba Inu dog with comic sans text bubbles over its head. The name was chosen because “doge” is an internal term used to describe what people are saying when they make such comments as “wow” or “sad face.”

The ‘Shibes’

The term “Shibe” is used to refer to a Shiba Inu dog owner or someone who owns or has owned a Shiba Inu at some point in their lives. The term originated on Reddit and later spread to other social media platforms like Discord, Twitter, and Telegram.

The Shibes have their community on Reddit, where they post memes, share stories about Shibas, talk about their dogs and ask questions about their health. They also have a community on Discord where they chat with each other through voice chat over the internet.

Advantages of Shiba Inu

Shiba Inus are a meme-inspired cryptocurrency. The SHIB token, named after the Shiba Inu, is a newer form of cryptocurrency that has become popular in recent years. As with many other cryptos in the cryptocurrency market, you can use them to make purchases online or even convert them into other currencies.

What makes the SHIB token unique? The Shiba Inu meme! This fun, cute dog is often used as an internet joke because of its facial expressions and demeanor. The Dogecoin was also based on this meme; however, it uses “Doge” instead of “Shiba.”

Why Was Shiba Inu Created as an Ethereum Token?

Shiba Inu is a cryptocurrency. The Shiba Inu token is an ERC20 token that runs on the Ethereum blockchain.

To understand why you need to understand what makes Ethereum so special in the first place. 

Ethereum is a decentralized platform that executes smart contracts, which are apps that function precisely as planned with no downtime, fraud, censorship, or third-party interference. These apps operate on a custom-built blockchain, an immensely powerful shared global system that can transfer value and reflect property ownership. 

This allows developers to establish markets, hold registries of obligations or promises, move funds based on instructions provided long ago (like a will or a futures contract), and do a variety of other things that have yet to be devised, all without the need for an intermediary or counterparty risk.

Shib Is a Meme Coin Inspired by the Dogecoin

SHIB is a meme coin inspired by the DogeCoin. The Shibas are a dog breed known for their distinctive look and friendly demeanor. A Shiba Inu meme has been floating around social media since 2013, which was when it was first posted on Reddit by an unknown user who went by the name of “dogear”.

As for SHIB, it is a cryptocurrency that was developed to be used as a medium of exchange in digital wallets or exchanges like Coinbase or Binance. It aims at providing users with an alternative way to buy products from merchants who accept crypto payments.

Is Dogecoin Safe

Dogecoin is a peer-to-peer, decentralized digital currency that enables you to send money online easily.

It is very easy to mine Dogecoin. You can dig for Dogecoins using your computer or smartphone. You don’t need to buy expensive hardware or contracts from third parties to get the coins because the process can be done by anyone with a computer and internet access.

DOGE has its blockchain technology, which means that it cannot be copied or destroyed like other cryptocurrencies (Bitcoin), but they get stored on a central server where they belong only to you!

What’s the Future of Dogecoin?

While the future of DogeCoin is unclear, there are some reasons to believe that it could be a viable currency in the not-too-distant future. For starters, Shiba Inus are pretty cute and popular, so their fan base is likely to continue growing for the foreseeable future. 

They also have a huge following on Reddit (the largest cryptocurrency community), which means that DogeCoin has access to millions of potential investors.

These things may give DogeCoin an advantage over other cryptocurrencies in terms of popularity and marketing opportunities. They don’t necessarily make their value any better or worse than any other cryptocurrency. 

The most important thing you should know about DogeCoin is that it does not get backed by anything tangible. No gold reserves or silver mines are backing up this digital currency. So its price will always be determined by supply and demand alone.

You should also remember that while some people use cryptocurrencies like Bitcoin as an investment vehicle, many others just want something easy and convenient for buying goods online; if you fall into this category, then maybe stick with PayPal instead!

Conclusion

The Shiba Inu crypto was created as an Ethereum token. It is a meme coin inspired by the DogeCoin, and it is used to tip people on Reddit and Twitter. The good news is that you can use this cryptocurrency to tip anyone who makes content that you like or find funny, which is why some people call Shiba Inu “the world’s first meme currency.

If you want to learn more about what SHIB is, head over to their website at shibcoin.io. They have a lot of great resources there!