The most important memecoins, Dogecoin (DOGE) and Shiba Inu (SHIB), have seen significant price increases over the past 24 hours. This upward trend is due to several indicators that suggest a bullish outlook for the respective memecoins.
Dogecoin investor interest increases
Data from on-chain analytics platform IntoTheBlock shows that the number of new and active Dogecoin addresses has increased by more than 74% and 21% respectively over the past seven days.
IntoTheBlock further revealed in a post by X (ex-Twitter) that over 28,000 new Dogecoin addresses were created on May 2, a 102% increase from the previous monthly low set on April 29.
Market intelligence platform Santiment also highlighted Dogecoin’s network growth in a recent X post, noting that it had the second-largest growth over the past six months (after Bitcoin). The platform revealed that during this period, the number of Dogecoin’s non-empty wallets increased by 27% to 6.6 million.
Meanwhile, data from Coinglass shows that trading activity in the Dogecoin derivatives market has also increased. Specifically, the open interest (OI) funding rate for Meme Coin is positive again and currently stands at 0.0021%. This shows that the bulls are back and have a bullish sentiment towards Dogecoin.
Further data from Coinglass shows that Dogecoin’s spot trading volume has increased over the past 24 hours. This suggests that more investors are accumulating the meme coin ahead of its parabolic price rise.
This is to be expected as Bitcoinist recently reported that Dogecoin has entered a major accumulation zone, which provides a great opportunity to buy on the dip.
Shiba Inu’s on-chain indicators 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 surged recently.
One of these indicators is the large Shiba Inu trading volume, which has increased by 3.40% over the past few days. This shows that Shiba Inu whales are currently accumulating memecoins. These whales play a vital role and can help drive up the price of Shiba Inu.
The Shiba Inu price also seems to be finally responding to its fundamentals, which paints a bullish picture for the meme coin. Bitcoinist recently reported that the Shiba Inu decentralized exchange (DEX) will now run on Shibarium (and Ethereum), a development that could drive a leap in the meme coin’s price.
From a technical analysis perspective, the Shiba Inu also appears to be poised for these price increases, with a bull flag forming on the meme coin’s chart as cryptocurrency analyst Ali Martinez revealed that the Shiba Inu could see a breakout that could take its price to $0.000072323.
As of writing, Dogecoin and Shiba Inu are trading at around $0.1497 and $0.00002473, up more than 12% and 7% respectively over the past 24 hours, according to CoinMarketCap.
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