Report

Dogecoin Price dips after Starship Launch; Big Eyes Coin aims to replicate Shiba Inu’s Success

By Guest Writer • Published: 25 Apr 2023 • 10:30

Dogecoin (DOGE), the meme-inspired cryptocurrency, saw a correction after the recent Starship launch announcement by SpaceX CEO Elon Musk. However, on-chain metrics such as the Global In/Out of the Money index from IntoTheBlock indicate that Dogecoin’s bullish sentiment is still strong.

Meanwhile, a new meme coin, Big Eyes Coin (BIG), is gaining traction with its unique features and promising returns, attracting investors’ attention. Could BIG see success similar to Shiba Inu (SHIB)?

In this article, we will analyse the recent market trends of Dogecoin and Big Eyes Coin to understand the potential opportunities and challenges of these meme coins.

Dogecoin takes a pullback to $0.084 after Starship Launch

Dogecoin’s price trend has been on the rise since its low of $0.0491 in June 2022, with its current price at $0.0942 as of April 20, 2023, during the opening of the trading session.

However, the recent Starship launch announcement by Elon Musk led to a correction, with the price pulling back to $0.08401 from its high of $0.09297. Analysts suggest that the falling wedge chart pattern could indicate a temporary pullback with potential for further upside shortly.

A bullish thesis for Dogecoin Price

The Global In/Out of the Money index from IntoTheBlock shows that Dogecoin’s support level is robust between the $0.05 and $0.07 range, with around 519,530 addresses buying 44.73 billion DOGE at an average price of $0.06. Furthermore, the network growth of Dogecoin has been increasing, indicating a rising price for the project over time. Although a $0.08 support level loss could cause selling pressure, the bullish sentiment for Dogecoin remains strong.

Big Eyes Coin aims to replicate Shiba Inu’s Success

Big Eyes Coin, a new community-driven project, is gaining attention with its unique features and promising returns. Additionally, users can mint, collect, and trade unique NFTs via the OpenSea marketplace, providing a long-term investment option.

Investors in Big Eyes Coin have the opportunity to receive several benefits, including discounted eco-friendly products and experiences. The presale for Big Eyes Coin will conclude on June 3rd, and investors can take advantage of the presale bonus code END300 to receive a discount on their purchase.

With over 34 million raised already, BIG is a fan’s favourite not unlike Shiba Inu was. The latter gained popularity due to its meme-inspired branding and marketing strategy, which is similar to BIG’s present reality. The similarities make investors hopeful that the meme coins will share more than popularity between them.

However, the project’s focus on charitable causes and eco-friendly efforts makes it distinct from other meme coins. Being listed on Binance could greatly enhance Big Eyes Coin’s ambitions and objectives.

Dogecoin’s recent pullback may be temporary, with bullish sentiment still present according to on-chain metrics. Meanwhile, as Big Eyes Coin approaches the end of its presale, investors are optimistic that the coin will be another Shiba Inu. A sentiment shared by many.