What will happen to Dogecoin, Shiba Inu and BONK in 2024?

The crypto market, which is known for its volatility, is a perfect example in the recent past with the fluctuations of popular meme coins like Dogecoin (DOGE), Shiba Inu (SHIB) and emerging BONK. These digital currencies reflect broad market sentiments and investor behavior, reflecting the current state of the cryptocurrency industry and provide a glimpse into its unpredictable nature.

Despite recent declines in their market values, partly due to fluctuating market dynamics and investor reactions, analysts are identifying conditions that point to a promising revival for DOGE, SHIB and BONK in 2024.

Guide to meme coin, Dogecoin, struggles

Dogecoin, a leader in the meme coin category, is facing its own challenges. The price has fallen more than 16 percent in the past three weeks, failing to break above $0.11.

Amid the market decline, DOGE has been struggling to keep its value above the $0.087 support level.

Despite the selling pressure, MemCoin has the potential to return to the $0.15 to $0.20 range. According to technical analyst Big Chonis, Dogecoin is forming a bullish flag, which could lead to a “rather quick” move to higher highs.

Meanwhile, Bitcoin analyst Jackis highlighted that although each Dogecoin cycle is different, it is “the same”. When Elon Musk X (ex-Twitter) announced that he would launch a payment service in 2024, he pointed out that the speculation surrounding DOGE increased significantly.

Jakis believes that such growth could send Dogecoin to $1.

Shiba Inu Whales activity and community efforts

Shiba Inu, another major player in the meme coin market, has seen a lot of activity from investors and the public. On-chain data from Whale Alert shows a whopping 4.25 trillion tokens have moved between wallets, indicating investor interest.

Additionally, the Shiba Inu community has actively participated in token burning, with the recent burn rate increasing by 17.6%. Despite these efforts, SHIB's price has fallen more than 12 percent over the past two weeks, after a 27.5 percent gain over the past 30 days.

Regardless of recent price fluctuations, technical analyst Kaleo advises “don't sleep” on Shiba Inu. If Ethereum's recent price break is above $2,300, the analyst expects SHIB to follow suit.

“[I] We wouldn't be surprised to see another god candle similar to October 21st. [Shiba Inu] It's finally out of this base range,” Kaleo said.

BONK has had a bumpy ride.

BONK, a meme coin that has gained instant popularity on the Solana network, has experienced a high price. Its value has dropped 41% over the past two weeks, with a 20.8% drop in the past week alone.

Despite reaching an all-time high (ATH) of $0.00003416 per token on December 15, 2023, BONK's price is down 57% from its peak. It is currently trading at around $0.00001446, down 4.4% in the last 24 hours.

With a market cap of $887 million, BONK remains the third largest mame coin behind DOGE and SHIB.

After such a significant decline, a technical analyst nicknamed Cold Blood Shiller said that BONK is bound for growth. Still, he remains cautious given the number of people waiting to recover.

“The daily demand zone, the last consolidation zone before an upside breakout, and some of the sentiment on Twitter after losing UPNL could be a good combination for relief,” Shiller asserted.

The future of meme coins

The future direction of these meme coins is definitely shrouded in uncertainty. BONK's recent decline highlights the volatile nature of meme cryptocurrencies, which are heavily influenced by market sentiment and investor behavior. Dogecoin's support levels and Shiba Inu's community-based initiatives highlight the unpredictable dynamics of these digital currencies.

Read more: 7 must-have cryptocurrencies for your portfolio before the next bull run

As these meme coins move through the market turmoil, they continue to attract attention from both casual investors and crypto enthusiasts. The combination of social media influence, community engagement and market forces makes the meme coin sector an exciting aspect of the broader cryptocurrency market.