Dogecoin and Shiba Inu have fluctuated recently, but fundamental developments may indicate future upward trends
The past few days have seen mixed performances for Dogecoin (DOGE) and Shiba Inu (SHIB). While Bitcoin price continues to face bearish pressure around the $64,000 mark, analysts are optimistic about the future trends of the two memecoins based on fundamental developments.
Fundamental factors could boost SHIB and DOGE
Recently, a series of large transactions have occurred in the Dogecoin market, attracting widespread attention. Two large transactions of more than 228 million DOGE each, totaling $68.7 million, were transferred from unidentified wallets to the Coinbase platform. These transactions may indicate upcoming new movements, such as the new listing of DOGE futures on Coinbase.
At the same time, Shiba Inu also announced that it will be making a major upgrade to Shibarium, which is scheduled to be officially launched on May 2. This upgrade aims to bring users a better and more cost-effective experience by optimizing block processing time and improving the predictability of transaction fees.
In terms of investment, institutional investors are increasingly interested in memecoins. Symbolic Capital Partners has included Shiba Inu in its portfolio, showing institutional recognition of this type of asset allocation. According to Arkham Intelligence data, Shiba Inu currently accounts for 2% of its total assets, worth $1.7 million. This trend indicates that the market valuation of memecoins may continue to rise over time.
Dogecoin (DOGE) Price Analysis
The price of Dogecoin is currently consolidating around the $0.15 mark after encountering bearish pressure as it attempts to break out of the immediate resistance channel. However, buying power continues to support the market, showing strong rebound potential. As of this writing, the DOGE price remains at $0.15, down more than 1.1% in the past 24 hours.
Currently, buyers are actively looking to break through the resistance area formed by the 200-day moving average and the downtrend line. If the price continues to decline, sellers may further suppress the DOGE/USDT pair to the $0.13 level. However, if this resistance area is successfully broken, it may mark the end of the correction phase and is expected to push the price further up to $0.21. At that time, sellers may establish a strong defense at this price.
Shiba Inu (SHIB) Price Analysis
Shiba Inu price has tried to break through the downward resistance line several times recently, but has been stubbornly resisted by sellers. The market may usher in a retest of the weekly low to confirm the clarity of the trend. Currently, SHIB price is trading at $0.000025, down more than 1% in the past 24 hours.
If the trend line is broken, it may mean the end of the correction phase and is expected to push the SHIB/USDT pair up to $0.000033. Subsequently, the market may try to reach the strong resistance level of $0.000039. However, if the price falls sharply and falls below $0.000024, it may mean that buyers are gradually leaving the market, and the currency pair may further fall to $0.000020.
Overall, despite the recent fluctuations in the performance of Dogecoin and Shiba Inu markets, the development of fundamental factors has brought optimistic expectations for their future trends. Investors should pay close attention to the changes in these fundamental factors in order to seize potential investment opportunities.
