Dogecoin (DOGE) and Shiba Inu (SHIB), the two leading meme cryptocurrencies, have faced significant market pressures with Dogecoin seeing a 14% decline and Shiba Inu dropping by 18% over the past week. This downward trend occurs amid a broader market correction that has impacted various digital assets.
Despite the fall in prices, the crypto community is closely monitoring the movements of these popular coins. Crypto trader Kevin has provided some insights, particularly on Shiba Inu, suggesting that the token is retesting its macro structured support. Kevin recommends initiating a Dollar-Cost Averaging (DCA) position in Shiba Inu, indicating a potential opportunity for investors.
Kevin also made bold predictions regarding the meme coin’s future prospects in relation to Bitcoin. If Bitcoin breaks its all-time highs, he believes that Shiba Inu is poised to outperform the leading cryptocurrency. Such a scenario could bode well for investors who are currently holding or considering entering the market for Shiba Inus.
For Dogecoin, the sentiment also carries a shimmer of optimism. According to Kevin, Dogecoin could see bullish momentum if its price can surge past the $0.133 mark. This potential increase could signal a recovery and possibly an uptrend for the coin favored by figures like Elon Musk.
Combined, Dogecoin and Shiba Inu hold a substantial share of the meme coin sector, with their market valuations totaling around $28 billion out of the entire $49 billion meme coin market cap. This dominance highlights their significant role and impact within the larger cryptocurrency ecosystem.
Market data from IntoTheBlock echoes this sentiment, showing a 10% rise in Dogecoin’s large transactions volume along with a 28% increase in daily active addresses. In a more striking development, Shiba Inu’s large transaction volume has surged by an astounding 99%.
The long-term confidence in these coins is underscored by holder statistics. A significant 76% of Shiba Inu holders and 67% of Dogecoin investors have maintained their positions for more than a year, demonstrating a strong belief in the future of these digital currencies.
In another intriguing move, Whale Alert reported a massive transfer of 2.2 trillion SHIB being moved from Robinhood to an unknown wallet. Such large-scale transfers often attract attention as they could signify major upcoming transactions or strategic positioning by key players in the market.
Lastly, the impending Future of Digital Assets event on Nov. 19 is set to examine the evolving influence of meme coins and Bitcoin’s role as an institutional asset class. This conference may offer additional insights and forecasts for Dogecoin, Shiba Inu, and the broader crypto market.
In these uncertain times, with the cryptocurrency market exhibiting volatility and undergoing corrections, both Dogecoin and Shiba Inu continue to be significant players, holding the potential for notable movements in the near future. Their collective market behavior and the anticipation of upcoming events make them ones to watch closely in the dynamic world of digital assets.
