Shiba Inu, a well-known meme cryptocurrency, has been making headlines recently due to its fluctuating prices. It has risen to prominence, directly competing with the famous Dogecoin. Starting the year at less than $0.000010, SHIB quickly soared by over 450%, reaching a peak of $0.000045 in mid-February. Despite this increase, the token still remains 70.5% below its all-time high set in 2021. In the past few weeks, interest from whales in SHIB prices has been skyrocketing, while on-chain metrics for DOGE prices have been bearish. Analysts suggest that investors in DOGE are now turning their attention to Shiba Inu due to its strong buying demand.
Whale Interest Surges for Shiba Inu
DOGE, the cryptocurrency, has seen a decline in active users, social media presence, and transaction volume over the past 10 days. Data from Santiment shows fewer active addresses, transactions, and social media discussions about DOGE from May 18 to May 28. Metrics like active addresses and transaction volume are key indicators of cryptocurrency usage, while social dominance reflects how much attention it is receiving compared to other cryptocurrencies.
The decrease in these activities indicates a waning interest in DOGE, potentially leading to negative market sentiment for this meme coin. Furthermore, data from IntoTheBlock reveals a decrease in whale activity for Dogecoin, with a significant drop in large transaction volumes from $3 billion to $1.4 billion, signaling a decrease of over 50% in a week. This decline in whale interest suggests reduced volatility, which could slow down DOGE’s upward momentum.
On the flip side, SHIB prices are experiencing a surge in whale interest. IntoTheBlock data shows a sharp increase in large transaction volumes, rising from $30 million to $214 million. This surge in trading volume for SHIB has created a bullish sentiment in the market.
The marketing lead for Shiba Inu noted that SHIB had once again surpassed ADA, signaling a notable shift in the meme coin market and impacting the rankings of major digital assets. Additionally, the Shiba Inu meme coin has climbed to the 10th spot in market capitalization rankings.
Shiba Inu Price Analysis
After bouncing back from the 20-day EMA ($0.000026) and reaching a high of $0.0000286, SHIB prices have faced resistance. This suggests that selling pressure is hindering recovery efforts. Currently, SHIB prices are trading at $0.00002836, marking a 15% surge in the last 24 hours.
Bears are looking to strengthen their control by pushing prices below the moving averages. If successful, the SHIB/USDT pair could drop to the breakout point, where bulls are expected to step in and buy.
If prices maintain their momentum and break above Fib lines, an ascending triangle pattern could form, potentially leading to a rally towards the pattern’s target of $0.0000328.
Dogecoin Price Analysis
Dogecoin has been hovering around $0.17, indicating a balance between buyers and sellers. Traders on both sides are trying to establish a clear trend but have yet to find a definitive direction. Currently, DOGE prices are trading at $0.1676, showing a 2% increase in the last 24 hours.
With the 20-day EMA on the rise and an RSI around the midline, an upward trend is indicated. If buyers can keep prices above $0.17, it could pave the way for a rise above $0.175, potentially reaching $0.21.
However, a drop below the moving averages would signal that sellers are taking advantage of any small gains, potentially pushing the DOGE/USDT pair down to $0.14, where it may stabilize. If bears dominate, prices could decline towards $0.12.
Tags: DOGE, SHIB