- The top dog coin duo SHIB & DOGE picked up on the Bitcoin ETF rally.
- Shiba Inu & Dogecoin see sustainable growth with $2B added to the market cap.
- Despite several bullish on-chain signals, two main factors point to recline.
While green dominates the top alternative crypto markets this week, memecoins Shiba Inu (SHIB) and Dogecoin (DOGE) stand out with double-digit gains after a long price consolidation phase.
Shiba Inu saw an 8.98% upsurge to reach $0.00000809 on Thursday but got rejected at the confluent resistance barrier and now trades at $0.00000787, according to independent cryptocurrency price aggregator CoinGecko.
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To jump past the $0.000008 resistance again, SHIB needs to hold above the previous resistance at $0.0000072, even though two key on-chain factors, Chaikin Money Flow (CMF) and Relative Strength Index (RSI), are gradually descending since the highest point.
The leading Proof of Work blockchain Dogecoin (DOGE) also joined Bitcoinโs ETF-infused rally, fetching double-digit gains. DOGE inked 13.24% to change hands at $0.074775 at the pinnacle point of the day, later facing market correction to trade at $0.070972.
SHIB & DOGE Whales on the Move Again?
Naturally, the surge past 7 cents for Dogecoin added a whopping $1.5 billion to the original memecoinโs global market cap in just seven days, while Shiba Inu enjoyed a $0.6 billion inflow during the same time. In contrast to Shiba Inu whales, large DOGE holders refrained from making too many large transactions during the BTC-infused bull run.
This happened as both canine coins significantly upped their correlation with Bitcoin. SHIB and DOGE hold a 0.68 and 0.80 positive correlation with the leading digital asset, according to the blockchain analytics enterprise IntoTheBlock.
Delving deeper into the real-time on-chain metrics, Shiba Inuโs large transactions have increased by 1.69% in the last 24 hours while concentration remains neutral. Usually, this technical setup hints at a favorable entry point for new whales, putting Shiba Inu once again on the pedestal at WhaleTracker as the top-held cryptocurrency among the largest Ethereum whales.
On the Flipside
- The most recent SHIB and DOGE bull runs are overshadowed by smaller-cap memecoin performance.
- Rival Viking canine coin FLOKI soared by 118% during the same time frame, while $PEPE inked 93.3%.
Why This Matters
Shiba Inu and Dogecoin are considered the largest market-cap memecoins, which often shine in the limelight of crypto-related social media.
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