Dogecoin (DOGE) and Shiba Inu (SHIB) See Single-Day Spike, Prompting Traders to Predict an Upcoming Bull Run
- Patricia ArquetteOriginal
- 2024-10-12 06:08:19503browse
With Dogecoin prices reflecting a relatively flat performance over the past week, an analyst who goes by “Kevin” on X, outlined his thoughts on the trajectory
Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) prices both reflected a relatively flat performance over the past week.
Here's what happened and what crypto traders say about it.
What Happened: An analyst who goes by “Kevin” on X outlined his thoughts on the trajectory of Dogecoin. He stated that the meme coin is still trying to establish a successful bullish retest of its macro falling wedge, following its typical bull market correction of 60%.
After Friday's price jump of 5%, Kevin further predicted that if this retest is successful, it could be the last opportunity to purchase Dogecoin at its current prices.
“Dogecoin is trying to establish a successful bullish retest of this falling wedge (typical bull market correction of 60%). If successful (and it typically does), this will be your last chance to buy Doge at these prices,” the analyst wrote.
Crypto trader Javon Marks asked the crypto community, "Are you prepared for $0.000081?" He added that Shib has broken out of a recent falling wedge pattern and a much larger (unpictured) resisting trend.
He predicts a more than 342% rally from here, as this falling wedge will only help to “spark the process.”
“Shib breaking out of this falling wedge (342% to .000081) will only help to spark the process. Past few days have been phenomenal for Shib, get ready for the last leg up,” said Marks.
Also Read: ‘Dogecoin Killer’ Shiba Inu Up 39% Over The Past 30 Days But That ‘Will Accelerate,’ Says Bullish Trader
Why It Matters: Kevin's analysis suggests that Dogecoin is currently in a critical phase of its market cycle. If his prediction holds true, this could mean a significant uptick in the value of Dogecoin.
Meanwhile, Marks' prediction reflects a highly bullish run for Shiba Inu, which has already accumulated 34% over the past month. Shibburn data shows an increase of 83.4% in its burn rate over the past 24 hours as 4.6 million SHIB coins are thrown out of the ecosystem.
IntoTheBlock data shows that Doge and Shiba's large transaction volume decreased by 23.8% and 35.5%, respectively. Daily active addresses for Dogecoin and Shiba Inu surged by 176.7% and 13.7%.
Dogecoin transactions greater than $100,000 increased from 227 to 251 in a single day, while Shiba Inu saw a marginal increase from 110 to 118. DOGE exchanges' net flows are down by 199%.
What's Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
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