The leading meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), have experienced significant price increases in the past 24 hours due to several bullish indicators.
On-chain analytics platform IntoTheBlock reports a surge in new and active Dogecoin addresses, while Shiba Inu’s on-chain metrics also turn bullish.
Both meme coins are seeing increased interest from investors, with trading activity in Dogecoin’s derivatives market and large Shiba transactions on the rise.
Explore the recent bullish trends of leading meme coins Dogecoin and Shiba Inu, as they record significant price gains due to increased investor interest and positive on-chain metrics.
Dogecoin Attracts More Investors
According to data from IntoTheBlock, the number of new and active Dogecoin addresses has surged by over 74% and 21% in the past week. The platform revealed that over 28,000 new Dogecoin addresses were created on May 2, marking a 102% increase from its monthly low on April 29. Market intelligence platform Santiment also highlighted Dogecoin’s network growth, noting a 27% increase in non-empty wallets to 6.6 million in the last six months. Coinglass data shows that trading activity in Dogecoin’s derivatives market has also risen, indicating a bullish sentiment towards Dogecoin.
Shiba Inu’s On-chain Metrics Turn Bullish
IntoTheBlock data shows that most of Shiba Inu’s on-chain metrics are bullish, explaining the recent surge in the meme coin’s price. Large Shiba transactions have increased by 3.40% in the past few days, suggesting that Shiba Inu whales are accumulating the meme coin. Shiba Inu’s price also appears to be reacting to its bullish fundamentals, with CoinOtag reporting that Shiba Inu’s decentralized exchange (DEX) will now operate on Shibarium (and Ethereum), a development that could fuel leaps in the meme coin’s price. Crypto analyst Ali Martinez also noted a bull flag on Shiba Inu’s chart, indicating a potential breakout.
Conclusion
Overall, the leading meme coins Dogecoin and Shiba Inu are experiencing significant price gains due to a combination of increased investor interest and positive on-chain metrics. As 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.