Are Dogecoin And Shiba Inu Primed For The Next Leg Up? By Benzinga

Benzinga – By Khyathi Dalal, Benzinga Staff Writer.

dogecoin (Crypto:Doge) and Shiba Inu (CRYPTO: SHIB)’s monthly performance has been mixed, but analysts remain optimistic about these tokens based on fundamental developments going forward.

what happened: Shiba Inu has announced innovative upgrades to Shibarium, scheduled to be released on May 2nd, aimed at improving the user experience and unlocking the next level of functionality within the network. By improving the predictability of block processing times and transaction fees, Shiba Inu aims to make the platform more accessible and affordable for users.

Some community members have suggested that this upgrade include an auto-write feature to further increase the utility and appeal of the token.

Some community members, like Shib trader Lola, have suggested that this upgrade include an auto-write feature to further increase the utility and appeal of the token.

Meanwhile, Dogecoin’s big whale movement has caught the attention of observers, with two large transactions amounting to over 228 million DOGE each, totaling over $68.7 million, moved from unknown wallets to Coinbase. These wallet addresses have not seen any significant movement since Coinbase’s initial listing of Dogecoin in June 2021, indicating new activity, U.Today reported.

Such a move could come ahead of potential developments such as Coinbase listing of DOGE futures.

Also read: Trader who turned $15,000 into $5 million predicts these 4 meme coins will emulate the success of DOGE, SHIB and FLOKI

Why it’s important: Symbolic Capital Partners has Shiba Inu in its portfolio, accounting for 2% ($1.7 million) of the firm’s total assets of $86 million, according to data from Arkham Intelligence. , institutional adoption of meme coins is increasing. This suggests growing institutional interest in meme coins, which could increase its market valuation over time.

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cryptocurrency trader kevin Analyzing Dogecoin’s historical performance, he highlighted potential price targets of 0.95 and 1.35 for the current bull cycle, while noting that the current 1.618 Fibonacci extension may be difficult to achieve at $3.80.

With Shiba Inu’s revolutionary upgrade on the horizon and a major whale move indicating Dogecoin’s development potential, investors and traders remain optimistic about the future prospects of these meme coin leaders.

price action:At the time of writing, DOGE is trading at $0.1489, down 21.4% in the past 30 days. SHIB is trading at $0.00002523, down 18.4% over the past 30 days.

what’s next: The impact of memecoins and Bitcoin as an institutional asset class is a topic expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on November 19th.

Read next: Trader predicts ‘at least 3 meme coins with market cap over $100 billion’: Here are the coins Benzinga followers liked the most

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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