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Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) are looking to grind back upwards amid a mix of positive and negative factors.
What Happened: Crypto trader Kevin noted that Dogecoin is trading in a falling channel on the weekly chart. He sees a pending weekly golden cross coming within weeks and says "something big is coming soon."
The trader believes Bitcoin needs to cooperate for an upcoming rally.
Another crypto trader, Cantonese Cat, tweeted that Dogecoin's one-hour chart is likely to "start leaning bullish here." Based on technical analysis, "wicks and with Wave Trend Oscillator turning positive."
Etherscan data shows a movement of 137.7 billion SHIB to Binance on Aug. 11, sparking speculations on what the reason could be for such a huge movement.
Lead developer Shytoshi Kusama, in a recent tweet, reacted to the tweet of the Dogecoin wallet founder Jordan. Kusama reacted on a lighter note, with "Laughs in Shiba Eternity" on Jordan's tweet "Gaming on Dogecoin is coming."
Also Read: Dogecoin’s Whale Transactions Surge But Does It Really Have ’10x Potential’?
Why It Matters: IntoTheBlock data shows large transaction volume dropped by 33% while daily active addresses decreased by 6.5%. Exchanges netflows plunged by 120.7%. Despite price volatility, 73% of Dogecoin holders are currently in profit.
U. Today highlighted that the last time DOGE trading volume raced past $1.5 billion, the meme coin peaked to a cycle high of $0.20. Dogecoin trading volume increased by 43% over the past 24 hours.
Meanwhile, Shiba Inu’s large transaction volume surged by 127.2% and transactions greater than $100,000 more than doubled to 45 as of Aug. 11. Shibburn data shows the burn rate dropping 96% in the last 24 hours. Shibariumscan data shows a rise in daily transactions to from 1,900 to 3,490 as of Aug. 11.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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