Shiba

Dogecoin

Shiba Inu

The foremost meme coins, <a href="https://bitcoinist.com/dogecoin-open-interest-66-5/" target="_blank" rel="noopener ">Dogecoin (DOGE)</a> and <a href="https://bitcoinist.com/shiba-inu-shibaswap-expansion/" target="_blank" rel="noopener ">Shiba Inu (SHIB)</a> have recorded significant price gains in the last 24 hours. This upward trend is due to several metrics that signal a bullish outlook for the respective <a href="https://bitcoinist.com/shiba-inu-shibaswap-expansion/" target="_blank" rel="noopener ">meme coins</a>.&nbsp; 
<h2 id="b-dogecoin-sees-increased-interest-from-investors-b">Dogecoin Sees Increased Interest From Investors</h2> 
Data from the on-chain analytics platform <a href="https://bitcoinist.com/shiba-inu-shibaswap-expansion/" target="_blank" rel="noopener ">IntoTheBlock</a> shows that the number of new and active <a href="https://bitcoinist.com/shiba-inu-shibaswap-expansion/" target="_blank" rel="noopener ">Dogecoin addresses</a> has increased by over 74% and 21% in the last seven days, respectively. 
IntoTheBlock further revealed in an X (formerly Twitter) <a href="https://bitcoinist.com/shiba-inu-shibaswap-expansion/" target="_blank" rel="noopener ">post</a> that over 28,000 new Dogecoin addresses were created on May 2, a 102% increase from its monthly low, set on April 29.&nbsp; 
Market intelligence platform <a href="https://bitcoinist.com/shiba-inu-shibaswap-expansion/" target="_blank" rel="noopener ">Santiment</a> also highlighted <a href="https://bitcoinist.com/shiba-inu-shibaswap-expansion/" target="_blank" rel="noopener ">Dogecoin’s network growth</a> in a recent X <a href="https://bitcoinist.com/shiba-inu-shibaswap-expansion/" target="_blank" rel="noopener ">post</a>, noting that it has seen the second-largest growth in the last six months (only behind Bitcoin). The platform revealed that Dogecoin has seen its number of non-empty wallets increase by 27% to 6.6 million during this period.&nbsp; 
Meanwhile, <a href="https://bitcoinist.com/shiba-inu-shibaswap-expansion/" target="_blank" rel="noopener ">data</a> from Coinglass shows that trading activity in Dogecoin’s derivatives market has also increased. Specifically, the meme coin’s open interest (OI) funding rate is positive again, currently at 0.0021%. This indicates that the bulls are back and that there is a bullish sentiment towards Dogecoin.&nbsp; 
<img loading="lazy" decoding="async" class="aligncenter size-full wp-image-298252" src="https://bitcoinist.com/wp-content/uploads/2024/05/a_fd954f.png?resize=577%2C176" alt="" width="577" height="176" data-recalc-dims="1"> 
Further data from Coinglass <a href="https://bitcoinist.com/shiba-inu-shibaswap-expansion/" target="_blank" rel="noopener ">shows</a> that Dogecoin’s spot trading volume has increased in the last 24 hours. This indicates more investors are accumulating the meme coin ahead of a more parabolic price surge. 
This was to be expected as Bitcoinist <a href="https://bitcoinist.com/shiba-inu-shibaswap-expansion/" target="_blank" rel="noopener ">recently reported</a> that Dogecoin had entered a major accumulation zone, which presented an excellent opportunity to buy the dip. 
<img loading="lazy" decoding="async" class="aligncenter size-full" src="https://www.tradingview.com/x/tAGF2iS4/" width="1835" height="883"> 
<h2 id="b-shiba-inu-s-on-chain-metrics-turn-bullish-b">Shiba Inu’s On-chain Metrics Turn Bullish</h2> 
Data from IntoTheBlock shows that most of <a href="https://bitcoinist.com/shiba-inu-shibaswap-expansion/" target="_blank" rel="noopener ">Shiba Inu’s on-chain metrics</a> are bullish again which explains why the meme coin’s price has recently surged. 
One of these metrics is large Shiba transactions, which have increased by 3.40% these past few days. This suggests that <a href="https://bitcoinist.com/shiba-inu-shibaswap-expansion/" target="_blank" rel="noopener ">Shiba Inu whales</a> are currently accumulating the meme coin. These whales play a crucial role and can help drive Shiba Inu’s price higher.&nbsp; 
Shiba Inu’s price also looks to be finally reacting to its fundamentals, which paint a bullish outlook for the meme coin. Bitcoinist <a href="https://bitcoinist.com/shiba-inu-shibaswap-expansion/" target="_blank" rel="noopener ">recently reported</a> that Shiba Inu’s decentralized exchange (DEX) would now operate on Shibarium (and Ethereum), a development that could fuel leaps in the meme coin’s price.&nbsp; 
From a technical analysis perspective, Shiba Inu also looked well primed for these price gains as crypto analyst Ali Martinez <a href="https://bitcoinist.com/shiba-inu-shibaswap-expansion/" target="_blank" rel="noopener ">revealed</a> a bull flag that had formed on the meme coin’s chart. The analyst noted that Shiba Inu could experience a breakout, sending its price to $0.000072323. 
At the time of writing, Dogecoin and Shiba Inu are trading around $0.1497 and $0.00002473, up over 12% and 7%, respectively, in the last 24 hours, according to data from CoinMarketCap.&nbsp; 
Featured image from &nbsp;@YOKOKIKUCHI_KS / CATERS NEWS, chart from TradingView

Why Is Dogecoin And Shiba Inu Price Up Today?

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