The foremost meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB) have recorded significant price gains in the last 24 hours. This upward trend is due to several metrics that signal a bullish outlook for the respective meme coins.
Dogecoin Sees Increased Interest From Investors
Data from the on-chain analytics platform IntoTheBlock shows that the number of new and active Dogecoin addresses has increased by over 74% and 21% in the last seven days, respectively.
IntoTheBlock further revealed in an X (formerly Twitter) post that over 28,000 new Dogecoin addresses were created on May 2, a 102% increase from its monthly low, set on April 29.
Market intelligence platform Santiment also highlighted Dogecoin’s network growth in a recent X post, noting that it has seen the second-largest growth in the last six months (only behind Bitcoin). The platform revealed that Dogecoin has seen its number of non-empty wallets increase by 27% to 6.6 million during this period.
Meanwhile, data from Coinglass shows that trading activity in Dogecoin’s derivatives market has also increased. Specifically, the meme coin’s open interest (OI) funding rate is positive again, currently at 0.0021%. This indicates that the bulls are back and that there is a bullish sentiment towards Dogecoin.
Further data from Coinglass shows that Dogecoin’s spot trading volume has increased in the last 24 hours. This indicates more investors are accumulating the meme coin ahead of a more parabolic price surge.
This was to be expected as Bitcoinist recently reported that Dogecoin had entered a major accumulation zone, which presented an excellent opportunity to buy the dip.
Total crypto market cap currently at $2.3 trillion. Chart: TradingView
Shiba Inu’s On-chain Metrics Turn Bullish
Data from IntoTheBlock shows that most of Shiba Inu’s on-chain metrics are bullish again which explains why the meme coin’s price has recently surged.
One of these metrics is large Shiba transactions, which have increased by 3.40% these past few days. This suggests that Shiba Inu whales are currently accumulating the meme coin. These whales play a crucial role and can help drive Shiba Inu’s price higher.
Shiba Inu’s price also looks to be finally reacting to its fundamentals, which paint a bullish outlook for the meme coin. Bitcoinist recently reported that Shiba Inu’s decentralized exchange (DEX) would now operate on Shibarium (and Ethereum), a development that could fuel leaps in the meme coin’s price.
From a technical analysis perspective, Shiba Inu also looked well primed for these price gains as crypto analyst Ali Martinez revealed a bull flag that had formed on the meme coin’s chart. The analyst noted that Shiba Inu could experience a breakout, sending its price to $0.000072323.
At the time of writing, Dogecoin and Shiba Inu are trading around $0.1497 and $0.00002473, up over 12% and 7%, respectively, in the last 24 hours, according to data from CoinMarketCap.
Featured image from @YOKOKIKUCHI_KS / CATERS NEWS, chart from TradingView
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Author: Scott Matherson
