- Dogecoin scores $10 million in 1% market depth, twice as low as Solana.
- Institutional crypto prime brokers spot a steady increase in trading volume.
- Both coins see a slim market correction amid the Middle East crisis.
Shiba Inu (SHIB) and Dogecoin (DOGE) are battling it out in both Spot and Derivatives crypto markets. SHIB and DOGE witnessed a 30% increase in daily trading volumes on Spot markets, with SHIB encompassing $1,354,483,733 and DOGE $5,360,840,156.
Both top dog memecoins succumbed to a phased market correction, with SHIB decreasing by 22.2% and DOGE by 24% over the past seven days. However, the crypto market depth in these conditions can assist in understanding if Shiba Inuโs and Dogecoinโs recent bull rallies are a passing trend.
SHIB & DOGE Showcase Liquidity
According to crypto prime brokerage FalconX, the cryptocurrencies saw an average daily trading volume of $3 billion in April.
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This serves as a longevity statement for both canine companions, even though neither DOGE nor SHIB managed to record new all-time heights during the Spring rally. Smaller counterparts like Dogwifhat (WIF) and Bonk (BONK) have claimed new peaks.
Meanwhile, crypto analysts assess Dogecoinโs chances of completing a Golden Cross. This happens when the short-term moving average (50-day) surpasses the long-term moving average (200-day), indicating a bullish pattern.
For the Golden Cross to hold, crypto trader OG Yomi insists that Dogecoinโs breakout by the end of the week is needed: โ2 red weeks in a row have caused us to deviate slightly also. Need green soon to get back on track!โ
This aligns with FalconXโs report that Dogecoinโs market depth peaked at the yearly pinnacle of $10 million. This indicator specifies how easy it is to put large orders on the market. Currently, Dogecoin is exchanging hands at $0.1535, according to independent price aggregator CoinGecko.
On the Flipside
- While the trading volume on Spot markets has risen around 30%, Derivatives markets observed rapid drops of over 45% on both Shiba Inu & Dogecoin.
- According to on-chain data by CoinGlass, out of $10.87M in liquidated Dogecoin (DOGE) positions over the past 24 hours, $6.56M were long positions.
Why This Matters
Both dog-themed cryptocurrencies are TOP 10 contenders due to their mass appeal, vibrant communities and potential as long-term holdings.
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