As a researcher with a background in blockchain technology and meme coin analytics, I’ve been closely monitoring the recent price movements of Dogecoin (DOGE) and Shiba Inu (SHIB). Based on the available data from reputable sources such as IntoTheBlock, Santiment, Coinglass, and my own technical analysis, I believe that both meme coins are currently in a bullish phase.
As an analyst, I’ve noticed some noteworthy price surges in the last 24 hours for two popular meme coins: Dogecoin (DOGE) and Shiba Inu (SHIB). The reasons behind this bullish trend are rooted in several key metrics.
Dogecoin Sees Increased Interest From Investors
According to data from the on-chain analysis tool IntoTheBlock, there has been a significant uptick in the number of new and active Dogecoin wallets during the past week. Specifically, there has been a surge of over 74% more new addresses and approximately 21% more active ones compared to the previous week.
On May 2, there was a significant surge in the creation of new Dogecoin wallets, with over 28,000 new addresses added to the network. This represented a remarkable 102% rise compared to the monthly low, which had been recorded on April 29.
As an analyst, I’d interpret Santiment’s recent findings on Dogecoin’s market intelligence as follows: In the past six months, Dogecoin has experienced impressive network growth, which ranks second only to Bitcoin. This is evident from the 27% increase in the number of non-empty wallets, now totaling approximately 6.6 million.
As a researcher delving into the latest cryptocurrency market trends, I’ve come across some intriguing data from Coinglass regarding Dogecoin. The derivatives market for this meme coin has seen heightened trading activity recently. More specifically, Dogecoin’s open interest (OI) funding rate has turned positive again, currently sitting at 0.0021%. This is a strong sign that the bullish sentiment towards Dogecoin has returned as traders are once again betting on its price increase.
According to recent data from Coinglass, there has been a notable rise in Dogecoin’s trading volume in the past 24 hours. This trend suggests that an increasing number of investors are buying up the meme coin in anticipation of a potentially steep price hike.
It was no surprise given the report by Bitcoinist that Dogecoin had reached a significant buying point, offering a prime chance to acquire it at a lower price.
Shiba Inu’s On-chain Metrics Turn Bullish
According to IntoTheBlock’s data analysis, Shiba Inu’s on-chain indicators have turned positive once more, likely contributing to the recent increase in the meme coin’s value.
One metric among them is the significant surge in large Shiba transactions, amounting to a 3.40% increase over the past few days. This indicator implies that prominent Shiba Inu investors, often referred to as “whales,” are actively accumulating the meme coin at present. These influential players hold substantial power and can significantly contribute to boosting Shiba Inu’s price.
As a researcher studying the cryptocurrency market, I’ve noticed an intriguing shift in Shiba Inu’s price behavior. It seems that the coin is starting to align with its underlying fundamentals, which present a promising bullish case for this meme coin. Recently, Bitcoinist announced some noteworthy developments regarding Shiba Inu’s decentralized exchange (DEX). This exchange will now function on both Shibarium and Ethereum. Such an advancement could potentially ignite significant price growth for Shiba Inu.
As a researcher studying cryptocurrencies from a technical analysis perspective, I’ve noticed some promising signs for Shiba Inu. Crypto analyst Ali Martinez brought my attention to a bull flag formation on the meme coin’s chart. This technical pattern suggests that Shiba Inu could be preparing for a breakout and potential price increase, potentially reaching $0.000072323.
Currently, the value of Dogecoin is approximately $0.1497, and Shiba Inu is around $0.00002473 as I pen this down. There has been a notable increase in their prices – Dogecoin by over 12% and Shiba Inu by more than 7% – within the last 24 hours, based on data obtained from CoinMarketCap.
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2024-05-04 22:12