Meme coin leaders Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) are gaining traction and could see further price increases, according to market predictions.
Shiba Inu has experienced a remarkable 640.7% increase in its burn rate, with approximately 1 million SHIB coins burned in a single transaction, as reported by Shibburn data. In the last 24 hours, the Shiba Inu ecosystem removed a total of 5.56 million SHIB coins from circulation.
Additionally, Lucie, the marketing lead for Shiba Inu, has announced the introduction of the SHI stablecoin, a pivotal development intended to enhance stability and utility within the Shibarium ecosystem. Originally launched by Ryoshi in 2021, SHI aims to serve as a stable, decentralized currency.
Meanwhile, crypto chart analyst Ali Martinez noted significant activity among Dogecoin whales, who purchased over 1.4 billion DOGE—valued at $140 million—within the past 48 hours. This surge in whale transactions has sparked speculation regarding potential upcoming developments for the meme coin.
Dogecoin has successfully surpassed the $0.111 resistance level, with approximately 62,270 addresses holding over 36 billion DOGE. Martinez stated, “If DOGE holds this level, it could confirm a bullish breakout. With no major supply walls in sight, the path to $0.150 looks clear.” Another trader predicts an explosive rally for Dogecoin, anticipating the final phase expansion for this cycle.
Market Context: Data from IntoTheBlock indicates a 38.8% decrease in Dogecoin’s large transaction volume and a 4.6% drop in daily active addresses. Specifically, transactions exceeding $100,000 fell from 299 to 223 in a single day, while exchanges netflows declined by 106.4%.
In contrast, Shiba Inu’s price rally has led to a 32.8% increase in large transaction volume and a 24.1% rise in daily active addresses. Transactions above $100,000 surged from 47 to 131 in a single day.
Furthermore, Shibariumscan data reveals a rise in daily transactions from 6,210 to 8,030 and an increase in new contracts from 21 to 37 during the same period.
Looking Ahead: The upcoming Benzinga Future of Digital Assets event on November 19 will delve into the impact of Bitcoin as an institutional asset class, potentially influencing broader market trends for both Dogecoin and Shiba Inu.
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