Shiba Inu, a popular meme cryptocurrency, has been in the news due to its recent price changes. It has become a significant player, directly competing with the famous Dogecoin. At the start of the year, SHIB was trading under $0.000010 but quickly surged by over 450%, hitting a yearly high of $0.000045 in mid-February. Despite this rise, the token is still 70.5% below its highest price ever, which was set in 2021. In recent weeks, the whale interest in SHIB price has been surging exponentially amid bearish on-chain metrics in the DOGE price. Analysts believe that DOGE investors are now switching their focus toward Shiba Inu as it flashes strong buying demand.
Whale Interest Rises For Shiba Inu
DOGE, the cryptocurrency, has experienced a drop in its active users, social media presence, and transaction volume over the last 10 days. According to data from Santiment, from May 18 to May 28, there were fewer active addresses and transactions, and less discussion about DOGE on social media platforms like X. Metrics such as active addresses and transaction volume help monitor how much people are using a cryptocurrency, while social dominance indicates how much it’s being talked about compared to other cryptocurrencies.
The decrease in these activities suggests that interest in DOGE is fading, which could lead to negative sentiment in the market for this meme coin. Additionally, data from IntoTheBlock shows a decline in whale activity for Dogecoin. The large transaction volume dropped from the peak of $3 billion to $1.4 billion, flashing a decline of over 50% in a week. This shows a drop in volatility due to low whale interest, potentially slowing down the DOGE’s upward momentum.
On the other hand, SHIB price faces a surge in whale interest. IntoTheBlock data reveals that the large transaction volume has been surging as it rose from $30 million to $214 million. This has skyrocketed the trading volume for SHIB, creating a bullish sentiment.
The marketing lead for Shiba Inu mentioned that SHIB had overtaken ADA once again. This shift indicates a significant change in the meme coin market, particularly affecting the rankings of major digital assets. It was also noted that the Shiba Inu meme coin has climbed to the 10th spot in terms of market capitalization rankings.
Shiba Inu Price Analysis
SHIB price initiated a recovery from the 20-day EMA ($0.000026) and headed toward the high of $0.0000286. However, it failed to maintain momentum. This indicates that selling pressure is slowing recovery efforts. As of writing, SHIB price trades at $0.00002836, surging over 15% in the last 24 hours.
Bears aim to consolidate their control by driving the price below the moving averages. Should this occur, the SHIB/USDT pair might drop to the breakout point, where bulls are expected to step in and purchase.
Should the price hold its current momentum and surge above Fib lines, it would form an ascending triangle pattern. This could lead to an attempt to rally towards the pattern’s target of $0.0000328.
Dogecoin Price Analysis
Dogecoin has been hovering around $0.17 recently, showing a balance of buying and selling forces. Both side traders are attempting to validate a clear trend; however, they failed to meet supply and demand. As of writing, DOGE price trades at $0.1676, surging over 2% in the last 24 hours.
The rising 20-day EMA and an RSI around midline indicate an upward trend. Should buyers keep the price over $0.17, it could clear the way for a rise above $0.175, potentially reaching $0.21.
Conversely, a drop below the moving averages would suggest sellers are capitalizing on each small increase. This could push the DOGE/USDT pair down to $0.14, where it might stabilize for a while. However, if bears dominate, we might see the price decline toward $0.12.
