5 Best Shiba Inu Rivals to Turn $500 Into $5,000 in 2024

The cryptocurrency market continued its recovery trend in the second half of September, driven by speculation surrounding the Fed rate cut, which has now dropped to 475-500 basis points (BPS). Amid these dynamic market shifts, the meme cryptocurrency sector presents an attractive opportunity for speculative traders. With a potential upswing, these Shiba Inu rivals could offer substantial returns, possibly turning a modest $500 investment into $5,000

Top Shiba Inu Rivals with Potential to Flip $500 to $5000

In the past seven months, the second-largest meme cryptocurrency, SHIB, showcased a notable correction from $0.0000456 to $0.000014, registering a loss of 69%. As this downtrend shows no sign of bottoming, these Shiba Inu rivals could leverage the opportunity to gain investors’ attention and drive a sustained recovery.

Dogecoin (DOGE)
Pepe coin (PEPE)
Dogwifhat (WIF)
Floki
Bonk

Dogecoin (DOGE)

DOGE, the largest meme coin by market cap, shows its prevailing downtrend stabilizing above $0.091. In the past 11 weeks, the Dogecoin price prediction projected three failed attempts to breach the aforementioned support, indicating a suitable accumulation zone for trend reversal.

Additionally, Santiment data reveals significant accumulation activity from whale wallets holding between 1 million to 10 million DOGE, with their total holdings now reaching 10.78 billion coins. This buying sphere indicates growing confidence among large holders in the future potential of Dogecoin.

Dogecoin Supply Distribution | Santimenta

Pepe Coin (PEPE)

PEPE, the frog-themed meme cryptocurrency, emerged second in our list of best Shiba Inu rivals. Amid the recent market upswing, the PEPE price surged from $0.00000585 to $0.00000806, registering a growth of 27.3%. Consecutively, the market cap surged to $3.38 Billion.

Moreover, the PEPE supply on exchange shows a downward trend since March 2024, currently at 167.67 Trillion. The declining exchange supply reduces the selling pressure on an asset and potentially drives a recovery trend.

Pepe Supply on exchanges | Santiment

Dogwifhat (WIF)

Dogwifhat, the Solana-based meme, has traded sideways between the $2 and $1.25 level for the past seven weeks. Despite the lateral movement, the largest Dogwifhat holders recently borrowed 4.5M USDC from Kamino and bought 2.55M WIF at $1.76 earlier today.

According to the data from Lookonchain, this whale currently holds 31.2M WIF worth approximately $ 57.4 million, with a total profit of more than $74.5M. By the press time, Dogwifhat trades at $1.7 and stands 4% away from the major breakout of the 6-month resistance trendline. A potential breakout could push the WIF price to $2.8, followed by an extended rally to $5.

The largest holder of $WIF borrowed 4.5M $USDC from #Kamino to buy 2.55M $WIF at $1.76 again 5 hours ago!

This whale now holds 31.2M $WIF($57.4M), with a total profit of more than $74M!

This whale spent $226K to buy 19.86M $WIF at only $0.0114 from Dec 13 to Dec 15, 2023, then… pic.twitter.com/Y5ADkkxDYr

— Lookonchain (@lookonchain) September 20, 2024

Floki (FLOKI)

Among the Shiba Inu rivals, the Floki price showed early signs of reversal with higher low formation in daily charts. The active demand pressure at $0.0001 has pushed the asset to $0.00013, while the market cap is at $1.27 Billion.

Moreover, the FLOKI supply held by top addresses surged to 75%, according to Santiment data. While the high value may raise centralization risk, it also indicates the major holders are constantly increasing their stake, projecting their confidence in the long-term potential of FLOKI.

FLOKI supply held by top addresses | Santiment

Bonk (BONK)

Unlike other Shiba Inu rivals, the BONK price has shown a sideways trend, with immediate support at $0.000015. Following a four-day rally, the BONK price increased from $0.000015 to $0.000017, representing a 13% gain.

Despite this bullish momentum, the BONK OI-Weighted Funding Rate surged to 0.0185%, indicating that buyers are still willing to pay a premium on the asset, anticipating further upward movement. This suggests a growing confidence among market participants, hinting at a continued bullish trend that could push BONK’s value beyond the $0.00002 resistance level.

BONK OI-Weighted Funding Rate | Coinglass

For a detailed analysis, checkout our top meme coins article

The post 5 Best Shiba Inu Rivals to Turn $500 Into $5,000 in 2024 appeared first on CoinGape.

Crypto Pulpit