Why Is Dogecoin And Shiba Inu Price Up Today?

Representative meme coins are Dogecoin (DOGE) and Shiba Inu (SHIB) Significant price increases have been recorded in the past 24 hours. This upward trend is driven by several indicators that indicate a bullish outlook for their respective markets. meme coin.

Growing interest from investors in Dogecoin

Data from on-chain analytics platform Into the Block Shows new and active numbers dogecoin address They have increased over 74% and 21% respectively over the past 7 days.

IntoTheBlock reveals more on X (formerly Twitter) post It was revealed that over 28,000 new Dogecoin addresses were created on May 2nd, an increase of 102% from the monthly low recorded on April 29th.

market intelligence platform Santimento is also highlighted Dogecoin Network Growth In recent X post, points out that it has experienced the second-largest growth in the past six months (after Bitcoin). The platform revealed that the number of non-empty wallets on Dogecoin increased by 27% to 6.6 million during this period.

meanwhile, data Trading activity in Dogecoin’s derivatives market has also increased, according to data from Coinglass. Specifically, Memecoin’s open interest (OI) funding rate has once again become positive and currently stands at 0.0021%. This shows that the bulls are back and there is bullish sentiment towards Dogecoin.

More data from Coinglass show Dogecoin spot trading volume has increased over the past 24 hours. This indicates more investors are accumulating meme coins ahead of a more parabolic price spike.

This was what I expected as a Bitcoiner recently reported Dogecoin entering a major accumulation zone presents a great opportunity to buy on the bullshit.

Total crypto market cap currently at $2.3 trillion. Chart: TradingView

Shiba Inu’s on-chain indicators turn bullish

Data from IntoTheBlock is mostly Shiba Inu on-chain metrics is becoming bullish again, which explains why meme coin prices have soared recently.

One of these indicators is the massive Shiba trade, which has increased by 3.40% over the past few days.This suggests that Shiba Inu Whale I’m currently saving meme coins. These whales play an important role and can contribute to the high price of Shiba Inu.

Shiba Inu’s price also appears to be finally responding to the fundamentals that paint a bullish outlook for the meme coin.Bitcoinist recently reported Shiba Inu’s decentralized exchange (DEX) will now run on Shibarium (and Ethereum), a development that could fuel a surge in meme coin prices.

Cryptocurrency analyst Ali Martinez said from a technical analysis perspective, Shiba Inu appeared well poised for such a price rally. revealed A bull flag formed on a meme coin chart. The analyst pointed out that Shiba Inu could experience a breakout and the price could rise to $0.000072323.

At the time of writing, Dogecoin and Shiba Inu are trading at around $0.1497 and $0.00002473, up more than 12% and 7%, respectively, in the past 24 hours, according to data from CoinMarketCap.

Eye-catching images are from @YOKOKIKUCHI_KS / CATERS NEWS, charts are from TradingView

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