Shiba Inu, a cryptocurrency that has gained popularity as a meme coin, has been making headlines lately due to its fluctuating price. It has emerged as a strong contender, directly competing with the famous Dogecoin. At the beginning of this year, SHIB was trading at less than $0.000010, but it quickly surged by more than 450%, reaching a yearly high of $0.000045 in mid-February. Despite this significant increase, the token is still 70.5% below its highest price ever, which was reached in 2021. In recent weeks, there has been a surge in whale interest in SHIB’s price, while on-chain metrics for DOGE have been bearish. Analysts believe that investors who were previously focused on DOGE are now shifting their attention to Shiba Inu due to its strong buying demand.
The interest in DOGE, the cryptocurrency, has been declining in terms of active users, social media presence, and transaction volume over the past 10 days. Data from Santiment shows that from May 18 to May 28, there has been a decrease in active addresses, transactions, and discussions about DOGE on social media platforms like X. Metrics such as active addresses and transaction volume are indicators of how much a cryptocurrency is being used, while social dominance shows how much it is being talked about compared to other cryptocurrencies.
This decline in activity suggests that interest in DOGE is fading, which could lead to negative sentiment in the market for this meme coin. Additionally, data from IntoTheBlock indicates a decrease in whale activity for Dogecoin. The volume of large transactions has dropped from a peak of $3 billion to $1.4 billion, signaling a decline of over 50% in just one week. This drop in volatility due to low whale interest could potentially slow down the upward momentum of DOGE.
On the other hand, there has been a surge in whale interest for SHIB. Data from IntoTheBlock shows that the volume of large transactions has been increasing, rising from $30 million to $214 million. This has resulted in a significant increase in trading volume for SHIB, creating a bullish sentiment.
The marketing lead for Shiba Inu has mentioned that SHIB has once again surpassed ADA. This shift indicates a major change in the meme coin market, specifically impacting the rankings of major digital assets. It has also been noted that the Shiba Inu meme coin has climbed to the 10th position in terms of market capitalization rankings.
When analyzing the price of SHIB, it can be observed that it has started to recover from the 20-day EMA ($0.000026) and has moved towards the high of $0.0000286. However, it has failed to maintain momentum, indicating that selling pressure is hindering the recovery efforts. As of now, SHIB is trading at $0.00002836, showing a surge of over 15% in the last 24 hours.
Bears are aiming to consolidate their control by pushing the price below the moving averages. If this happens, the SHIB/USDT pair might drop to the breakout point, where bulls are expected to step in and make purchases.
If the price continues to maintain its current momentum and surpasses the Fibonacci lines, it could form an ascending triangle pattern. This could potentially lead to an attempt to rally towards the pattern’s target of $0.0000328.
Turning to Dogecoin, it has been hovering around $0.17 recently, indicating a balance between buying and selling forces. Both buyers and sellers are trying to establish a clear trend; however, they have been unable to meet the demands of supply and demand. Currently, DOGE is trading at $0.1676, showing a surge of over 2% in the last 24 hours.
The rising 20-day EMA and an RSI around the midline suggest an upward trend for DOGE. If buyers can keep the price above $0.17, it could pave the way for a rise above $0.175, potentially reaching $0.21.
On the other hand, if the price drops below the moving averages, it would indicate that sellers are taking advantage of 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 the market, we might see the price decline towards $0.12.
Tags: DOGE, SHIB
