Two top cryptocurrencies that could make a V-shaped recovery
The cryptocurrency market seems to have found the bottom and is on a rebound. The total cryptocurrency market has jumped by 4% to $964 billion in under 24 hours.
If the current momentum continues, the market could push through the trillion-dollar mark before the end of June. Most altcoins are already making double-digit gains signaling a potential price rally in the short to medium term.
Under these conditions, two low-cost cryptocurrencies look poised for a V-shaped recovery and could potentially be rewarding to investors. The two are ApeCoin (APE) and Shiba Inu (SHIB).
ApeCoin has dropped considerably since making an all-time high of $26.3 back in April to trade at $4.6. However, buyers seem to be aggressively taking APE up. In just 7-days, ApeCoin has rallied by 38%, and buying volumes are rising.
If the market continues with the current recovery, ApeCoin has what it takes to outperform the market by a considerable margin. It is a new cryptocurrency, but its adoption is growing. Recently, news emerged that Saltwater Brewery was considering accepting ApeCoin for payments. At the same time, the use case for ApeCoin in the Metaverse is growing. For instance, a game called Benji Bananas now accepts ApeCoin for transactions within the game.
With the Otherside Metaverse launch, the odds are that ApeCoin could gain even more use cases going into the future. The Metaverse, coupled with Ape NFT merchandise sales, could see ApeCoin emerge as one of the best cryptocurrencies to buy in 2022. One that could be among the first to retest all-time highs once the bear market is over.
The Shiba Inu hype of 2021 may be gone, but this doesn’t mean that SHIB’s potential as an investment is gone. While Shiba Inu has been bearish since late 2021, SHIB has shown to be responsive to a potential bullish reversal in the broader market. When writing this article, Shiba Inu was up 10% and had recorded gains of 47% in a week.
One of the critical factors likely to sustain Shiba Inu’s upside is the growing number of products coming up within the Shiba Inu ecosystem. For instance, Shiba Inu has recently launched a DEX.
At the same time, the Shiba Inu now has a Metaverse, which could open a whole load of use cases for the SHIB token. Shiba Inu also has deflationary tokenomics, and close to 50% of the total supply is already gone.
Based on all these factors, if upside momentum goes up across the market, SHIB could emerge as one of the big winners.
Buyers are back in the market, and there is a strong possibility of a V-shaped recovery in the market. If it happens, ApeCoin and Shiba Inu show signs of a potential rally that could beat most major cryptos in gains. The two also have the fundamentals to sustain a rally in the short to medium term.