Shiba Inu and Dogecoin Display Strength, and Here's Why
Shiba Inu and Dogecoin Display Strength, and Here's Why
Despite the current market-wide slump, prices for Shiba Inu (SHIB) and Dogecoin (DOGE) are rising. According to on-chain data, coin interest is expanding as more and more distinct addresses start to accumulate DOGE and SHIB.
Shiba Inus and Dogecoin Attract Interest from the Crypto Community
Shiba Inu (SHIB) and Dogecoin (DOGE) values have increased as a result of support from Coinbase Commerce and Robinhood. Elon Musk's support of Dogecoin despite the legal action and his announcement of the launch of the Shibarium TestNet in the third quarter also boost investor confidence.
Santiment, an on-chain platform, reports an increase in DOGE and SHIB active addresses over the month of June. An increase in active addresses suggests that investors are becoming more interested. On June 27, there were 138,680 active DOGE addresses, which was a record high. On June 28, SHIB attained its maximum number of 6,759 active addresses.
According to historical data, Dogecoin and Shiba Inu's market capitalizations have greatly increased over the last 10 days. Additionally, both tokens' trading volumes have increased.
The contagion effect has caused the cryptocurrency market to plunge sharply once more. Under pressure, Bitcoin and Ethereum once more fell below $20k and $1000 levels. The market-wide sell-off is being restrained, though, by the strength of DOGE and SHIB. The current exchange rates are $0.063 and $0.000009954.
DOGE and SHIB Await Significant Motions
Whale buildup is being seen by Dogecoin and Shiba Inus during drops. SHIB and DOGE are two of the tokens that the top ETH whales have recently held, according to WhaleStats.
Shiba Inu prices have already risen from the low point; the token is currently moving higher. Although Dogecoin is now down 3%, a rally will start from the bottom. Additionally, FTX Japan has declared that it would begin processing Dogecoin (DOGE) eternal transactions and physical transactions on July 5, 2022, making it the sole exchange in Japan to do so.
