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

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 announced Shibarium’s innovative upgrades, released on May 2, are aimed at improving the user experience and unlocking the next level of functionality within your 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.

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Some community members was suggested This upgrade includes auto-write functionality, further enhancing the utility and appeal of the token.

Some community members, like Shib trader Lola, was suggested This upgrade includes auto-write functionality, further enhancing the utility and appeal of the token.

Meanwhile, Dogecoin’s big whale moves have caught the attention of observers, with two large transactions totaling over $68.7 million, each worth over 228 million DOGE. moved From unknown wallet 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.

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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: According to Arkham Intelligence, Symbolic Capital Partners has Shiba Inu in its portfolio and accounts for 2% ($1.7 million) of its total holdings of $86 million. Adoption by institutions is increasing. data. This suggests growing institutional interest in meme coins, which could increase its market valuation over time.

cryptocurrency trader kevin analyzed While highlighting Dogecoin’s historical performance and potential price targets of 0.95 and 1.35 in the current bull cycle, he noted 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

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