The crypto market has been on a recovery trend in recent days. Dogecoin and Shiba Inu are among the coins that have shown the highest gains in the top 20. So, what is the reason for the rise of these two meme coins? Is it a sign of an altseason?
DOGE Attracts Attention with Whale Activity$DOGE
On-chain data shows that Dogecoin whales are looking to continue the rally that started last week. According to IntoTheBlock data, the net flow of whales has increased from -2.23 million to 20.66 million DOGE, or more than 1000%. This is considered a positive signal for the Dogecoin price and shows that whales are accumulating assets. In the last 24 hours, 43 million DOGE has been withdrawn from Dogecoin’s balance on exchanges, supporting the fact that large investors continue to accumulate their assets. According to Coingecko, the DOGE price has increased by 4.2% in the last 24 hours to $0.1134. Santiment data shows that the 30-day Market Value Realized Value (MVRV) ratio has reached a three-month peak. This allows investors to hold their assets at a profit on average and increases the dominance of buyers. This increase in MVRV suggests that SHIB may exhibit remarkable performance in the future.
Also, Shiba Inu$SHIB
The supply on exchanges has fallen to an all-time low. This indicates that the number of tokens offered for sale in the market has decreased, and selling pressure has also decreased, paving the way for price increases. This development coincides with the increase in outflows from the SHIB exchange, which suggests that investors are transferring their Shiba Inu tokens to special wallets for the long term.
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I EXPLAIN IN DETAILED.
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