Dogecoin (DOGE) and Shiba Inu (SHIB) Look to Grind Back Upward Amid a Mix of Positive and Negative Factors

Crypto trader Kevin noted that Dogecoin is trading in a falling channel on the weekly chart. He sees a pending weekly golden cross coming within weeks and says "something big is coming soon."

Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) are displaying a contrasting price movement on Monday evening.

Dogecoin is looking to grind back upwards from last week’s decline as SHIB continues to trade lower after a recent rally.

Here’s a roundup of what’s happening in the respective canine coins:

Dogecoin: Crypto trader Kevin noted that Dogecoin is trading in a falling channel on the weekly chart. He sees a pending weekly golden cross coming within weeks and says “something big is coming soon.”

The trader believes Bitcoin (CRYPTO: BTC) needs to cooperate for an upcoming rally.

Another crypto trader, Cantonese Cat, tweeted that Dogecoin’s one-hour chart is likely to “start leaning bullish here.” Based on technical analysis, “wicks and with Wave Trend Oscillator turning positive.”

Shiba Inu: Etherscan data shows a movement of 137.7 billion SHIB to Binance on Aug. 11, sparking speculations on what the reason could be for such a huge movement.

Lead developer Shytoshi Kusama, in a recent tweet, reacted to the tweet of the Dogecoin wallet founder Jordan. Kusama reacted on a lighter note, with “Laughs in Shiba Eternity” on Jordan’s tweet “Gaming on Dogecoin is coming.”

Meanwhile, both Dogecoin and Shiba Inu are displaying a contrasting price movement. IntoTheBlock data shows large transaction volume dropped by 33% while daily active addresses decreased by 6.5%. Exchanges netflows plunged by 120.7%. Despite price volatility, 73% of Dogecoin holders are currently in profit.

U. Today highlighted that the last time DOGE trading volume raced past $1.5 billion, the meme coin peaked to a cycle high of $0.20. Dogecoin trading volume increased by 43% over the past 24 hours.

Shiba Inu, on the other hand, saw a surge in large transactions as the meme coin continues to trade lower after a recent rally from key support. Shibburn data shows the burn rate dropping 96% in the last 24 hours. Shibariumscan data shows a rise in daily transactions to from 1,900 to 3,490 as of Aug. 11.

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