- 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 Inu’s and Dogecoin’s 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 Dogecoin’s 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 Dogecoin’s breakout by the end of the week is needed: “2 red weeks in a row have caused us to deviate slightly also. Need green soon to get back on track!”
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This aligns with FalconX’s report that Dogecoin’s 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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