Claim BonusDogecoin (DOGE), Shiba Inu (SHIB) Show Strength, Here’s Why
Dogecoin (DOGE) and Shiba Inu (SHIB) prices are showing strength despite the recent market-wide correction. On-chain analysis suggests a growing interest in coins as the number of unique addresses accumulating DOGE and SHIB are rising.
Dogecoin and Shiba Inu Gather Interest from Crypto Community
Dogecoin (DOGE) and Shiba Inu (SHIB) prices have gained after support from Robinhood and Coinbase Commerce. Moreover, Elon Musk’s backing of Dogecoin despite the lawsuit and announcement of Shibarium TestNet launch in the 3rd quarter affirms confidence in investors.
According to the on-chain platform Santiment, the number of DOGE and SHIB active addresses have been rising throughout June. The rise in active addresses indicates an increase in interest among investors. The number of active DOGE addresses reached a maximum on June 27 with 138,680. SHIB reached its maximum on June 28, with a total of 6,759 active addresses.
“Whatever your opinion may be on Dogecoin and Shiba Inu, it appears as though they are each showing notable increases in network activity. Over the past 10 days especially, DOGE (+32%) and SHIB (+35%) have seen many returning network interactions.”
The historical data shows that the market cap of Dogecoin and Shiba Inu have jumped immensely in the last 10 days. Moreover, a rise in trading volume has been seen in both tokens.
The crypto market has again dived significantly due to the contagion effect. The Bitcoin and Ethereum have again plunged below $20k and 1k levels amid pressure. However, DOGE and SHIB are showing strength, restricting the market wide sell-off. The prices are trading at $0.063 and $0.000009954, respectively.
DOGE and SHIB Awaits Major Movements
Dogecoin and Shiba Inu are witnessing whale accumulation at dips. According to WhaleStats, SHIB and DOGE are among the tokens currently held by top ETH whales in the last 24 hours.
Shiba Inu prices have already recovered from the bottom, the token is now trading upwards. Dogecoin is currently down 3%, but a rally will come from the bottom. Moreover, FTX Japan has announced handling Dogecoin (DOGE) in physical transactions and perpetual transactions starting on July 5, 2022, becoming the only exchange in Japan to handle Dogecoin perpetual transactions.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Will Bitcoin Crash Again as ‘Trump Insider’ Whale Dumps 6,599 BTC
- XRP News: Ripple’s RLUSD Gets Boost as CFTC Expands Approved Tokenized Collateral
- Crypto Markets Brace as Another Partial U.S. Government Shutdown Looms Next Week
- $40B Bitcoin Airdrop Error: Bithumb to Reimburse Customer Losses After BTC Crash To $55k
- ETH Price Fears Major Crash As Trend Research Deposits $1.8B Ethereum to Binance
- Cardano Price Prediction as Midnight Token Soars 15%
- Bitcoin and XRP Price Outlook Ahead of Crypto Market Bill Nearing Key Phase on Feb 10th
- Bitcoin Price Prediction as Funding Rate Tumbles Ahead of $2.1B Options Expiry
- Ethereum Price Outlook as Vitalik Buterin Sells $14 Million Worth of ETH: What’s Next for Ether?
- Solana Price at Risk of Crashing Below $50 as Crypto Fear and Greed Index Plunges to 5
- Pi Network Price Prediction Ahead of PI KYC Validator Reward System Launch
