Dogecoin and Shiba Inu
Why Shiba Inu Coin and Dogecoin Price Are Pumping Today?
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15 hours agoon
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adminDogecoin price is at a crucial point with a potential breakout in the works. The crypto markets have been recovering steadily of late, and Dogecoin and Shiba Inu coin prices show the highest gains in the top 20, according to Coingecko. But why are these two meme coins rising? Could they be signalling the beginning of an altseason?
Reasons Why Shiba Inu and Dogecoin Prices Are Rising
Dogecoin and Shiba Inu holders are working tirelessly to change the trajectory of these coins after weeks of stagnation. Recent Dogecoin price action suggests these giants are waking up. Here are some of the reasons why:
1. 1000% Increased Dogecoin Whale Activity
Onchain data suggests that Dogecoin large holders are working on extending the price rally that began last week. IntoTheBlock data shows that large holder netflow has increased by over 1000% from -2.23 million to 20.66 million DOGE, suggesting increased activity.
This trend is bullish for Dogecoin price, implying whales are accumulating the asset.
At the same time, Dogecoin’s balance on exchanges saw an outflow of 43 million DOGE over the last 24 hours, further supporting the previous observation that large holders could be accumulating the asset.
DOGE price increased by 4.2% in the last 24 hours and is trading at $0.1134, per Coingecko.
2. Shiba Inu Profitability Is Over The Roof
Santiment data shows that the 30-day Market Value to Realized Value (MVRV) ratio broke a three-month high. When this happens, investors are, on average, holding their assets at a profit, leading to increased confidence and potentially more buying pressure.
Further, the spike in the MVRV can indicate a shift in market sentiment towards a more bullish outlook.
Additionally, the supply of Shiba Inu on exchanges dropped to an all-time low, which means that fewer tokens are available for sale, reducing selling pressure and potentially leading to price increases.
This also coincided with a spike in SHIB exchange outflows, which shows that investors are transferring their Shiba Inu coin to private wallets, potentially for long-term holding. This behaviour reflects a bullish sentiment among investors, who prefer to hold onto their assets rather than trade them.
The Shiba Inu price increased 10.3% over the last day, bringing total weekly gains to 17.6%. The asset hovered around $0.00001640 during the London trading session.
3. SHI Stablecoin Launch on Shibarium
Additionally, Shiba Inu’s marketing lead, Lucie, has shared key details about the upcoming SHI stablecoin on the Shibarium blockchain. Set to be pegged at $0.01, SHI aims to enhance stability and utility within the Shiba Inu ecosystem.
The stablecoin is currently under development, and rigorous testing is being done to ensure its security. This news has generated significant hype, especially with the approaching SHIBACON event, and has contributed to a recent surge in the Shiba Inu coin price.
Conclusion
Significant on-chain activities and market dynamics have driven the recent surges of the Dogecoin price and Shiba Inu coin price. For Dogecoin, the increased activity among large holders, with a 1000% spike in netflow, suggests that whales are accumulating the asset, contributing to its upward momentum. Similarly, Shiba Inu has seen a rise in profitability, as indicated by the 30-day MVRV ratio, coupled with a decrease in its supply on exchanges, signaling bullish sentiment and reduced selling pressure. These factors highlight the growing confidence among investors and the potential for further gains, as both meme coins continue to capture market attention.
Frequently Asked Questions (FAQs)
The prices of Dogecoin and Shiba Inu are rising due to increased whale activity, exchange outflows, and positive market sentiment. Dogecoin has seen a surge in whale transactions, while Shiba Inu’s Market Value to Realized Value (MVRV) ratio has reached a three-month high, indicating increased profitability for investors.
While the price movements in Dogecoin and Shiba Inu are significant, it’s still too early to declare the start of an altseason. However, the bullish trends in these meme coins may suggest growing confidence in the broader altcoin market.
While the current trends are bullish, the future performance of Dogecoin and Shiba Inu will depend on continued market sentiment, whale activity, and broader market conditions. Investors should monitor on-chain metrics and market trends for further insights.
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Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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