{"id":11063,"date":"2024-05-04T19:16:23","date_gmt":"2024-05-04T19:16:23","guid":{"rendered":"https:\/\/www.bitrabo.com\/discover\/why-is-dogecoin-and-shiba-inu-price-up-today\/"},"modified":"2024-05-04T19:16:23","modified_gmt":"2024-05-04T19:16:23","slug":"why-is-dogecoin-and-shiba-inu-price-up-today","status":"publish","type":"post","link":"https:\/\/www.bitrabo.com\/discover\/why-is-dogecoin-and-shiba-inu-price-up-today\/","title":{"rendered":"Why Is Dogecoin And Shiba Inu Price Up Today?"},"content":{"rendered":"

The foremost meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB) have recorded significant price gains in the last 24 hours. This upward trend is due to several metrics that signal a bullish outlook for the respective meme coins.\u00a0<\/p>\n

<\/span>Dogecoin Sees Increased Interest From Investors<\/b><\/span><\/h2>\n

Data from the on-chain analytics platform IntoTheBlock shows that the number of new and active Dogecoin addresses has increased by over 74% and 21% in the last seven days, respectively. <\/p>\n

IntoTheBlock further revealed in an X (formerly Twitter) post that over 28,000 new Dogecoin addresses were created on May 2, a 102% increase from its monthly low, set on April 29.\u00a0<\/p>\n

Market intelligence platform Santiment also highlighted Dogecoin\u2019s network growth in a recent X post, noting that it has seen the second-largest growth in the last six months (only behind Bitcoin). The platform revealed that Dogecoin has seen its number of non-empty wallets increase by 27% to 6.6 million during this period.\u00a0<\/p>\n

Meanwhile, data from Coinglass shows that trading activity in Dogecoin\u2019s derivatives market has also increased. Specifically, the meme coin\u2019s open interest (OI) funding rate is positive again, currently at 0.0021%. This indicates that the bulls are back and that there is a bullish sentiment towards Dogecoin.\u00a0<\/p>\n

<\/p>\n

Further data from Coinglass shows that Dogecoin’s spot trading volume has increased in the last 24 hours. This indicates more investors are accumulating the meme coin ahead of a more parabolic price surge. <\/p>\n

This was to be expected as Bitrabo recently reported that Dogecoin had entered a major accumulation zone, which presented an excellent opportunity to buy the dip.<\/p>\n

<\/p>\n

<\/span>Shiba Inu\u2019s On-chain Metrics Turn Bullish<\/b><\/span><\/h2>\n

Data from IntoTheBlock shows that most of Shiba Inu\u2019s on-chain metrics are bullish again which explains why the meme coin\u2019s price has recently surged. <\/p>\n

One of these metrics is large Shiba transactions, which have increased by 3.40% these past few days. This suggests that Shiba Inu whales are currently accumulating the meme coin. These whales play a crucial role and can help drive Shiba Inu\u2019s price higher.\u00a0<\/p>\n

Shiba Inu\u2019s price also looks to be finally reacting to its fundamentals, which paint a bullish outlook for the meme coin. Bitrabo recently reported that Shiba Inu\u2019s decentralized exchange (DEX) would now operate on Shibarium (and Ethereum), a development that could fuel leaps in the meme coin\u2019s price.\u00a0<\/p>\n

From a technical analysis perspective, Shiba Inu also looked well primed for these price gains as crypto analyst Ali Martinez revealed a bull flag that had formed on the meme coin\u2019s chart. The analyst noted that Shiba Inu could experience a breakout, sending its price to $0.000072323.<\/p>\n

At the time 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.\u00a0<\/p>\n

Featured image from \u00a0@YOKOKIKUCHI_KS \/ CATERS NEWS, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The foremost meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB) have recorded significant price gains in the last 24 hours. This upward trend is due to several metrics that signal a bullish outlook for the respective meme coins.\u00a0 Dogecoin Sees Increased Interest From Investors Data from the on-chain analytics platform IntoTheBlock shows that the number […]<\/p>\n","protected":false},"author":1,"featured_media":11064,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Why Is Dogecoin And Shiba Inu Price Up Today? - Bitrabo","description":"The foremost meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB) have recorded significant price gains in the last 24 hours. This upward trend is due to several me"},"footnotes":""},"categories":[316],"tags":[461,585,467,584,2546],"class_list":["post-11063","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-dogecoin","tag-inu","tag-price","tag-shiba","tag-today"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/11063","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=11063"}],"version-history":[{"count":0,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/11063\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/11064"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=11063"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=11063"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=11063"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}