Cryptocurrencies Shiba Inu (CRYPTO: SHIB) and Dogecoin (CRYPTO: DOGE) have seen significant fluctuations over the past month. Despite these market swings, there remains a sense of optimism among traders.
Chart analyst Ali Martinez has identified a potential bullish trend forming for Shiba Inu. According to Martinez’s analysis, Shiba Inu could be gearing up for a notable price surge, with a target value of $0.000072323. This indication of a bullish breakout suggests that investors might see Shiba Inu reclaim its momentum in the market.
On the other hand, Dogecoin has seen a tumultuous period, with prices plunging by 40% after hitting a high of $0.228. However, even with this decline, Dogecoin is holding its ground above the crucial support levels of $0.112 to $0.123. This stability at key support levels may point to underlying strength in the DOGE market despite recent sell-offs.
The on-chain data for Dogecoin echoes a positive sentiment. IntoTheBlock reports a 36.2% uptick in Dogecoin’s large transaction volume, taking the figure to a whopping $1.32 billion. Daily active addresses for Dogecoin have also risen by 8.9%, now standing at 54,630. These statistics indicate a growing interest and participation in the Dogecoin network, which could translate into increased demand for the “meme” coin.
Further data highlights that Dogecoin transactions valued above $100,000 have increased from 407 to 490, and total exchange inflows have jumped from $21.9 million to $30.5 million. This surge in large transaction volumes and exchange inflows may signal accumulating behavior from substantial investors.
Shiba Inu’s network activity is also showing promising signs. Shibariumscan data reveals a doubling in active accounts, climbing from 1,724 to 3,650. Moreover, transaction fees have seen a significant surge from 12.07 BONE to 61.47 BONE, possibly indicating increased network utilization and value transfer on the platform.
At the moment, Dogecoin is trading at $0.1274, with a slight decrease of 0.9% over the last day. Shiba Inu’s current trading price stands at $0.000022, after a 3.9% decline. While both cryptos are experiencing downturns, the broader market analysis and network data suggest potential for recovery.
The upcoming Future of Digital Assets event, scheduled for November 19 by Benzinga, will delve deeper into the roles of meme coins and Bitcoin’s evolution as an institutional asset class. This event could provide further insights into the factors influencing these markets and what lies ahead for digital assets such as Dogecoin and Shiba Inu.
In conclusion, while market volatility continues to affect prices, analysis and network activity for Shiba Inu and Dogecoin point to a possibly bullish future. As the market anticipates further developments and institutional interest, traders and investors alike are keeping a watchful eye on these tokens for signs of a bounce back.
