Dogecoin (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.