Dogecoin and Shiba Inu saw their prices suddenly capitulate after delivering double-digit profits to their holders over the weekend. The drop appears to be linked to the massive profits that preceded the last drop. So what price levels should investors follow for SHIB and DOGE?
SHIB and DOGE drop with whale sales
Dogecoin and Shiba Inu prices fell after hitting a local high last weekend. Dogecoin price dropped 13% overnight and Shiba Inu price reported 12% loss. However, DOGE hit its weekend local top at $0.087. Whales have accumulated Dogecoin and Shiba Inu as the two cryptocurrencies drop during July 2022 and the first week of August. Whale activity in the Shiba Inu peaked on August 15. The aforementioned peak coincided with a peak in SHIB price.
Crypto intelligence platform Santiment has released new data. Accordingly, the two meme coins have experienced major corrections after the price peaks on Sunday and Tuesday. Whales have seen ideal profit-taking moments in the two cryptocurrencies. The increase in transactions exceeding $100,000 coincided with the decline in DOGE and SHIB prices. So whales sold meme coins.
These developments fired Dogecoin and Shiba Inu
Dogecoin has launched Libdogecoin, a block-building C-library. This sparked the meme coin’s bullish rally last weekend. Libdogecoin was introduced by Michi Lumin, a core Dogecoin developer. Accordingly, the new library will allow direct integration of Dogecoin into DeFi, NFT and dApps.
Similarly, the Shiba Eternity launch acted as one of the triggers for the Shiba Inu’s price rally. Ethereum whales and the accumulation of large wallet investors were cited as another factor causing Shiba Inu and Dogecoin price spikes. However, after gaining nearly 30% last week through August 15, both assets are bleeding with double-digit drops overnight.
DOGE and SHIB may rise again
After hitting a three-month high, the Dogecoin price has been on the decline. Thus, DOGE fell as low as $0.07. Analysts at FXStreet have identified certain conditions that must be met for the Dogecoin price to move higher. Analysts evaluated Dogecoin’s downtrend line, which has been going on for more than a year. The general bearish trend continues. However, a 6-14% increase is likely if the DOGE price breaks out of the downtrend.
As we have reported as Kriptokoin.com, SHIB mostly monitors the price of Bitcoin. BTC is back to June levels after the last miner sales. The leading cryptocurrency was trading at $21,400 at the time of writing. Any rise in BTC price has the potential to ignite the SHIB price for now. However, it is possible that any possible development in the network in the future will cause an increase in the price.
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