The cryptocurrency market appears to have bottomed out and is rebounding. The entire cryptocurrency market rose 4% in 24 hours to $964 billion.
If the current momentum continues, the market could break the trillion-dollar mark by the end of June. Most altcoins have posted double-digit gains, indicating a possible price rally in the short to medium term.
In this case, the two low-cost cryptocurrencies look poised for a V-shaped recovery and could potentially pay off for investors. The two are Ape Coin (APE) and Shiba Inu (SHIB).
ApeCoin has fallen sharply since hitting an all-time high of $26.3 to $4.6 in April. However, buyers appear to be actively embracing APE. In just 7 days, ApeCoin has risen by 38%, and the purchase volume has continued to climb.
If the market continues its current recovery, ApeCoin has the ability to outperform the market by a considerable margin. It’s a new cryptocurrency, but its adoption is growing. Recently, news broke that Saltwater Brewery is considering accepting payments in ApeCoin. At the same time, the use cases of Apecoin in Metaverse are also growing. For example, a game called Benji Bananas now accepts ApeCoin for in-game transactions.
With the launch of the Otherside Metaverse, it is very likely that ApeCoin will gain more use cases in the future. The Metaverse combined with Ape NFT merchandise sales could see ApeCoin emerge as one of the best cryptocurrencies to buy in 2022. Once the bear market is over, it could be the first currency to retest its all-time highs.
The Shiba Inu hype may be gone in 2021, but that doesn’t mean the potential of SHIB as an investment is gone. While Shiba Inu has been bearish since late 2021, SHIB has shown to react to a potential bullish reversal in the broader market. At the time of writing, the Shiba Inu is up 10% and is up 47% in a week.
One of the key factors likely to sustain Shiba Inu’s rise is the increasing number of products appearing in the Shiba Inu ecosystem. For example, Shiba Inu recently launched a DEX.
At the same time, Shiba Inu now has a Metaverse that can open up numerous use cases for the SHIB token. Shiba Inu also has deflationary token economics, where nearly 50% of the total supply has disappeared.
Based on all these factors, SHIB could be one of the big winners if the market-wide upside momentum picks up.
Buyers are back in the market, and the market is likely to see a V-shaped recovery. If that happens, ApeCoin and Shiba Inu are showing signs of a potential rally that could outpace the gains of most major cryptocurrencies. Both also have the fundamentals to maintain a short- to medium-term rebound.