What is the latest situation for #DOGE and #SHIB , which have attracted attention with their short-term increases?
The crypto market has recently recovered and according to Coingecko, Dogecoin and Shiba Inu coin prices show the highest gains in the top 20. So why are these two coins rising? Are they heralding the beginning of an altseason?
$DOGE surprised with whale activity Onchain data shows that Dogecoin whales have continued to rise since last week. IntoTheBlock data shows that the net distribution in whales has increased by more than 1000 percent from -2.23 million to 20.66 million DOGE, indicating increasing activity.
This price indicates a Dogecoin price increase and shows that the whales' assets are accumulating. At the same time, 43 million DOGE outflow was seen from Dogecoin's balance on exchanges in the last 24 hours, further supporting the previous observation that the assets of large capital in this situation could accumulate. According to Coingecko, the DOGE price has increased by 4.2 percent in the last 24 hours and is trading at $0.1134.
SHIB is facing a supply shock Santiment data shows that its 30-day Market Value Realized Value (MVRV) has broken a three-month peak. Meanwhile, they continue to hold their assets at a profit on average and the buyer dominance is increasing. The upward momentum in MVRV shows $SHIB ’s ability to shine in the upcoming bull run.
In addition, Shiba Inu’s supply on exchanges has fallen to all-time lows, meaning that the released token is being released, re-establishing selling pressure and leading to a price increase.
This development is also interrupted by the increase in SHIB exchange exits, which indicates that investors are transferring their Shiba Inus to special budgets for long-term holding.
