Tokens fashioned after the Shiba Inu dog breed may see imminent selling ahead after days of outperforming the broader market, crypto traders have warned. By shauryamalwa.
Tokens fashioned after the Shiba Inu dog breed may see imminent selling ahead after days of outperforming the broader crypto market.
Memecoins on newer blockchains had their moment as well. Some dog-themed tokens, such as zkDoge and zkShib on the zkSync blockchain, which went live in March, registered gains of as much as 100%. "We do not believe that it is indicative of a long-term bull run. Quite the opposite,” said Guilhem Chaumont, CEO of crypto trading firm Flowdesk, in a Telegram message. “There is a regular pattern of crypto market uptrends with first, bitcoin going through a bull run, then major altcoins pumping, and finally, tokens with small market caps.
It is a sentiment shared by Bonnie Cheung, head of strategy at crypto developer Sending Labs. “The sentiment for memecoins is not a new one and this means there is a high potential that the growth will fade off as usual in a few days,” Cheung said.
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