Prices of Shiba Inu (SHIB) and an altcoin show strength despite the recent market-wide correction. On-chain analysis reveals that the number of unique addresses accumulating DOGE and SHIB is increasing. Additionally, the analysis shows that as a result of this increase, interest in cryptocurrencies has also increased.
SHIB and DOGE are garnering attention from the cryptocurrency community
Prices soared after Robinhood and Coinbase backed the two leading memecoins. Accordingly, Dogecoin (DOGE) and Shiba Inu (SHIB) prices are gaining in value. Additionally, Elon Musk continues to support DOGE despite the Dogecoin lawsuit against him. Tesla CEO’s I love Dogecoin post came after Shiba Inu’s testnet launch and litigation. This stance of Musk confirms the trust in investors, despite the negativities experienced.
According to the on-chain platform Santiment, the number of active addresses on DOGE and SHIB continued to increase throughout June. The increase in active addresses indicates increased interest among investors. The number of active DOGE addresses peaked at 138,680 on June 27. SHIB hit its highest level on June 28 with a total of 6,759 active addresses. Santiment explains:
“You have the freedom to think whatever you want about Dogecoin and Shiba Inu. However, each seems to show notable increases in network activity. Especially in the last 10 days, DOGE (32%) and SHIB (35%) have seen a lot of returning network interactions.”
Shiba Inu and Dogecoin prices rise
Historical data shows that the market cap of Dogecoin and Shiba Inu has risen immensely over the past 10 days. In addition, an increase in trading volume appeared in both altcoins. The crypto market continues to decline due to macro reasons such as the global rise in inflation and the Russia-Ukraine war. As we have reported as Kriptokoin.com, the market has experienced a new decline recently. With the selling pressure, Bitcoin and Ethereum fell below the $20,000 and $1,000 levels, respectively. However, DOGE and SHIB are showing strength by restraining market-wide sales. Prices are trading at $0.063 and $0.000009954, respectively.
DOGE and SHIB expect big moves
Dogecoin and Shiba Inu witness whale accumulation on the bottoms. According to WhaleStats, SHIB and DOGE are currently among the most held tokens by the largest ETH whales. Shiba Inu prices have already rebounded from the bottom. Accordingly, SHIB is currently trading on the upside. Dogecoin is currently down 3%. But a rally will come from below. Additionally, FTX Japan announced that it will accept Dogecoin (DOGE) for physical transactions and perpetual transactions from July 5, 2022. Thus, it became the only exchange in Japan to conduct continuous Dogecoin transactions.
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