July 24, 2024


Dogecoin (DOGE) and Shiba Inu (SHIB), the top meme tokens, have not been spared by the sluggish crypto market momentum. Boring DOGE and SHIB price actions and a larger bearish tone have taken over the once-volatile meme coins’ price momentum. 

The DOGE and SHIB price action has made most investors contemplate their investment in meme coins. Throughout last year both dog-themed altcoins took the center stage in the crypto market, gaining high social volumes while occasionally making new short-term price highs. 

At the time of writing, the Dogecoin price is down 91.88% from its all-time high of $0.74 made in May 2021. The famed Doge-killer, Shiba Inu, is down 88.47% from its October 2021 ATH. So, when could the DOGE price and SHIB price stir a buzz amid bearish crypto market conditions?

Whales keen on DOGE price, but what’s next?

From a price perspective, the Dogecoin price was stuck between the lower $0.0575 and upper $0.0630 range and an RSI value that indicates sellers dominated the market on a one-day chart. 

A look at the Break Even Price indicator from IntoTheBlock highlighted that over 450,000 addresses that had purchased 58.81 billion DOGE would break even between $0.06 and $0.10. Thus, the $0.06 to $0.10 range will act as a major resistance barrier going forward for the Dogecoin price. 

Dogecoin Price Transaction History
Break Even Price | Source: IntoTheBlock

The number of new daily DOGE addresses is trending down, making a series of lower lows despite the notable upswing the price saw in mid-July. A larger downtrend in daily active addresses shows fewer participants are interested in DOGE. 

Dogecoin price network dynamics
Daily Active Addresses | Source: IntoTheBlock 

A short-term uptrend was that social sentiment seemed to be improving as well as social-related mentions noted an uptick. However, this doesn’t mean it is entirely bullish, it can also mean traders are getting overconfident, and usually, when that happens, the DOGE price does the opposite of the herd. 

DOGE price social trends
Source: Santiment

Notably, there has been some buying pressure from whales for Dogecoin price as they have bought 200 million DOGE, worth around $12 million. Whether whales buying Dogecoin can act in favor of the price is something only time will tell. 

Dogecoin price whales
Source: Santiment

Where Are the Shiba Inu Whales?

Shiba Inu price, pretty much like the DOGE price, is moving in a rangebound momentum. SHIB price is trading between the lower $0.000010 and higher $0.000011 levels.

For the Shiba Inu price, the Global In/Out of the Money model highlights that over 100,000 addresses hold over 452 trillion SHIB between $0.000014 and $0.000021. This supply barrier could act as a crucial resistance zone for SHIB. 

Shiba Inu price transaction history
Global In/Out of the Money | Source: IntoTheBlock

Notably, a large number of SHIB tokens have been withdrawn from exchanges. Still, it’s not enough to create a supply deficit as demand is lacking.  

Source: Santiment

In addition, the number of SHIB transactions with a value over $100,000 remain fairly low. Such market behavior is indicative of diminishing whale activity. It suggests that large crypto market players are not interested in buying SHIB at the current levels.  

If this on-chain activity persists, even if the SHIB price moves toward the $0.0000014 supply barrier, it may not have a chance of breaking through it. This massive supply wall shown by IntoTheBlock could pose a threat to the Shiba Inu price uptrend. Underwater investors would likely sell some of their holdings to break even as SHIB prices rise. 

Disclaimer: BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.


Source link