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?

Table of Contents

Bitcoinist

Outros artigos publicados em 4 de mai. de 2024

Shiba Inu Prediction: Is SHIB Rebound Just a Dead Cat Bounce

AI Investors are Betting on Nuclear Power and Uranium Related Stocks

WIF, DOGE, PEPE, FLOKI, BONK, SHIB: Comparative Price Analysis

Transform $100 into $10,000: The Ultimate Crypto Investment Strategy

Prime Minister Anwar Ibrahim to Start First AI Faculty in Malaysia

Shiba Inu Maintains Uptrend in Volatile Market

Join our free newsletter for daily crypto updates!