Shiba Inu, a cryptocurrency that gained popularity as a meme coin, has been making headlines lately due to its fluctuating price. It has emerged as a strong competitor to the well-known Dogecoin. At the beginning of the year, SHIB was trading below $0.000010, but it quickly surged by over 450%, reaching a peak 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, there has been a significant increase in whale interest in SHIB price, while on-chain metrics for DOGE price have been bearish. Analysts believe that investors who previously focused on DOGE are now turning their attention to Shiba Inu, which is showing strong buying demand.
The rise in whale interest for Shiba Inu coincides with a decline in active users, social media presence, and transaction volume for Dogecoin over the past 10 days. Data from Santiment shows a decrease in active addresses, transactions, and discussions about DOGE on social media platforms. These metrics are important for monitoring the usage and popularity of a cryptocurrency. The decrease in these activities suggests a diminishing interest in DOGE, which could have a negative impact on the market sentiment for this meme coin. Furthermore, data from IntoTheBlock indicates a decline in whale activity for Dogecoin, with a significant drop in large transactions from $3 billion to $1.4 billion in just a week. This decrease in volatility due to low whale interest could slow down DOGE’s upward momentum.
On the other hand, Shiba Inu has experienced a surge in whale interest. IntoTheBlock data shows a significant increase in large transaction volume for SHIB, rising from $30 million to $214 million. This surge in trading volume has created a bullish sentiment for Shiba Inu.
The marketing lead for Shiba Inu highlighted that SHIB has once again surpassed ADA, indicating a major shift in the meme coin market and impacting the rankings of major digital assets. It was also noted that Shiba Inu has climbed to the 10th spot in terms of market capitalization rankings.
In terms of price analysis, SHIB has shown a recovery from the 20-day EMA ($0.000026) and reached a high of $0.0000286. However, it has struggled to maintain momentum, indicating selling pressure that is slowing down the recovery efforts. Currently, SHIB is trading at $0.00002836, with 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 maintains its current momentum and surpasses the Fib lines, it could form an ascending triangle pattern and potentially rally towards the pattern’s target of $0.0000328.
As for Dogecoin, it has been hovering around $0.17 recently, indicating a balance between buying and selling forces. Traders on both sides are trying to establish a clear trend, but they have been unable to meet supply and demand. Currently, DOGE is trading at $0.1676, with 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. If buyers can keep the price 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 indicate that sellers are taking advantage of every small increase, which could push the DOGE/USDT pair down to $0.14, where it might stabilize for a while. If bears dominate, we could see the price decline towards $0.12.
