Coins to keep an eye on: DOGE, SAFEMOON, and SHIBA INU

The cryptocurrency sector has been a bit chaotic recently and not in a good way. While the prices have been mostly growing for over a year now, this started to change around mid-May. As everyone is aware at this point, the prices started dropping rather quickly, led by Bitcoin, which, at one point, dropped to only a half of its all-time high.The situation seems to be changing again as of this week, with most top cryptocurrencies currently trading in the green. They are still significantly below their former levels, but, for the moment, the bearish wave seems to have subsided, and recovery has started.Of course, this means that there are plenty of opportunities for investors to buy the dip and make a profit, provided that the prices continue to rise. Since nobody can know what will happen in days to come, there is a certain amount of risk involved, which investors should definitely be aware of at any given time. There is always a risk with investing, which goes double when it comes to crypto. That is simply how things are. But, with that said, periods of recovery can be rather rewarding to those willing to take that chance, especially since a lot of experts believe that the bull run is far from over and that there is still room for even greater heights to be reached.With that in mind, we believe that there are several coins to keep an eye on, as they could continue to climb to great heights, and we have selected three that show the most promise. The coins in question are Dogecoin (DOGE), SafeMoon (SAFEMOON), and SHIBA INU (SHIB).

Dogecoin (DOGE)

First, let’s talk about DOGE — the crypto industry’s most popular coin as of 2021. DOGE is, as most people know by now, a joke cryptocurrency. Or, at least, it started as one. It was created in 2013 by Jackson Palmer, who made it inspired by a Doge meme featuring a Shiba Inu, which was popular at the time.He made it as a joke and considered it a joke for as long as he worked on it, creating it simple to lighten the mood in the crypto industry, which has been extremely serious, to the point of risking going to a much darker place. DOGE started to change that, bringing a bit of fun to the sector, and as such, it quickly started attracting attention and investors.While Palmer eventually grew tired of it and gave up, the coin somehow managed to persist and remain. Its price during the first several years of its life was minimal — only a fraction of a cent. Even during the great bull run of 2017 and early 2018, DOGE never even reached $0.02. However, this all changed in 2021 due to a number of events that included it.First things first, DOGE attracted the attention of Tesla and SpaceX CEO Elon Musk some time ago. Musk found it funny and he consistently referenced it in his tweets, occasionally causing DOGE to see small price surges. In 2021, Musk’s fascination with the coin reached its peak, and he kept referencing it constantly, shifting the attention of the industry back to it.But, DOGE’s first major surge came in February of this year, after a Reddit group known as WallStreetBets attracted massive amounts of attention to itself after a GameStop short squeeze. With the group showing that retail investors can stand up against institutions, some fans of DOGE decided to use the hype around WallStreetBets and, posing as members, shift the attention to DOGE.Suddenly, the coin’s price started skyrocketing and it hit $0.08, surpassing its former ATH by over four times. This is what caused Musk to start claiming that DOGE will go to the moon, while the rest of the coin’s community started a campaign with the goal of pumping it to $1. It did not happen as of yet, but starting in April, DOGE has skyrocketed higher than ever before, even reaching a new ATH of $0.71 earlier this month, around May 8th.Soon after this, however, the bearish wave kicked in, and it has been over two weeks since then, during which time the price kept sinking lower and lower, eventually dropping to $0.3. Over the last 24 hours, however, the bears seem to have let go, whether briefly or for a more prolonged period — still remains to be seen.For now, however, DOGE is once again on the rise, which might lead it higher up to its old ATH, or maybe even further, towards a new one. This is why it might be a good investment and definitely a coin to keep an eye on.

SafeMoon (SAFEMOON)

SafeMoon is actually a decentralized finance (DeFi) token belonging to the sector that exploded last year during the pandemic. It has three functions that take place during each of the trades that take place featuring the coin, including reflection, LP Acquisition, and Burn.While DeFi has been blowing up for over a year now, SafeMoon is actually a very young project that only launched a bit over two months ago, around March 10th, 2021. Once it emerged, it was basically completely worthless, but it quickly started catching the attention of the sector, and with that, its price started to grow.The growth started around the first days of April, which led it to its first all-time high at $0.000001571. Its real growth, however, started around April 16th, which put it on a path of a much greater price surge, which eventually led to the current ATH of $0.00001399.Upon reaching this height, the token saw a severe correction that took it down by nearly 70%, only for it to grow again in the early days of May. Starting at the price of $0.000004356, the token quickly returned to just below $0.00001. This resistance kept it below for a week, between May 7th and May 15th.Around this time, however, the token started reacting to the crypto price drop that cut Bitcoin’s price in half, forcing it to once again crash to $0.000004.Fortunately, just like with Dogecoin, the price seems to be turning around at the time of writing, and SafeMoon has started growing over the last 24 hours. While it still has ways and ways to go before it reaches the resistance at $0.00001 and returns further up to its ATH, we still believe that the coin definitely has potential.The protocol functions as a combination of RFI tokenomics and an auto-liquidity generating protocol. Furthermore, it has plans to create an exchange for NFTs (Non-Fungible Tokens), and also a charity project, crypto educational applications, and more. With the NFTs being this year’s trend and wave after wave of new users joining the industry, all of these projects will be extremely helpful if not even necessary for the development and improvement of the industry.

SHIBA INU (SHIB)

Finally, there is SHIBA INU. SHIBA INU is a token inspired by DOGE, but not one that was launched in order to promote or support Dogecoin in any way. Instead, it emerged as Dogecoin’s competitor and a self-proclaimed “Dogecoin killer.” So far, however, SHIB did not manage to turn that goal into reality, and it remains to be seen whether or not it will be able to do it ever. But, it will certainly be interesting to see it try.SHIB price started to grow around mid-April of this year. Before that, the token was pretty much worthless, just like SAFEMOON. On April 17th, however, it reached a price of $0.000002252. After a brief surge, the token price reached $0.000003987, after which it corrected to around $0.000001348, which is where it spent the rest of the month and the first week of May.As mid-May approached; however, the coin suddenly skyrocketed to a brand new price and a brand new ATH of $0.0000388, hitting this milestone on May 11th — barely days after its price surge originally started.Unfortunately for the token, this is as far as it could go at the time, as that is when the bearish wave caught up to it, forcing it to go through a large correction. It immediately sank to a support level of $0.000016, from which it briefly surged again, only to drop to this level once more. For a time, it seemed like this support might be able to hold. However, as the bearish pressure increased, the SHIB price broke the support and crashed down to $0.000008.Even now, at the time of writing, it sits only slightly above this support, which appears to be the token’s bottom for the moment. On the positive side, the token did grow by around 6% in the last 24 hours, which took it to $0.000008361, which is where it sits at the time of writing.The launch of this token is relatively understandable. With DOGE as joke crypto exploding over the last months and attracting massive amounts of attention, other Shiba Inu-inspired cryptos have emerged, as well. At this point, nobody knows whether any of them will survive against DOGE, which has Elon Musk and a massive community at its back. But, so far, SHIB seems to have the best odds, as its project is seeing significant development, and the token is about to launch its own decentralized exchange (DEX), where SHIB will be at its heart and its native token. This will, of course, grant it some new use cases and greater amounts of popularity, although it will still have quite a lot to do before it could even think of surpassing DOGE.

MJWL

For those that want to play crypto with penny stocks, there's Majic Wheels (OTCMKTS: MJWL), which we have discussed in-depth here. MJWL Daily ChartMajic Wheels executed a binding letter of intent to acquire a USD 150M revenue-producing cryptocurrency exchange and custody services platform: CGCX Ltd.Founded in 2017, Calfin Global Crypto Exchange CGCX set out to offer a highly sophisticated cryptocurrency exchange for a seamless & secure crypto trading experience. Unlike most exchanges that offer only cryptocurrency trading, CGCX caters to the larger blockchain community by providing four services under a single platform.CGCX has already established a crypto trading platform and custody solutions. In the latter, it is one of the first participants to offer insurance to some of its clients.CGCX has established three different business lines that complement the needs of the cryptocurrency market.

1. CGCX Exchange
2. Custody Services
3. Cryptocurrency Mining

David Chong, CEO and Director of Majic Wheels Corp, said:

“This is a unique assortment of value propositions that we are able to bring into the company. With the pending acquisition of CGCX, our company will bring a Digital Asset Platform that brings value from the diversified business model and security to the clients through insurance and infrastructure offering services such as Crypto Exchange, Digital Custody Services and Token Listing Platform under one-fold. CGCX has been operating successfully since 2018 and we could not be more excited with this pending merger.”

Our subscribers are in under a penny. This bull run looks to be just getting started.

BOTTOM LINE

For this disheartened by the recent crypto crash, we say don't fret. There are always opportunities in the markets and it’s our job to find winning opportunities for our subscribers. Huge gains can be made in such a short amount of time.Money goes where it can capture the fastest returns. At times, that's in the cryptosphere and other times it's in the penny stock market.There are plenty of opportunities out there and we screen hundreds of penny stocks each week looking for the best alerts for our subscribers.Remember, all it takes is one or two to become a winner and you’ve crushed the market indices for the year.As always, good luck to all (except the shorts)!

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Disclosure: Insider Financial is not an investment advisor and does not provide investment advice. Always do your own research and make your own investment decisions. This article is not a solicitation or recommendation to buy, sell, or hold securities. This article is meant for informational and educational purposes only and does not provide investment advice.Image by WorldSpectrum from Pixabay