Shiba Inu (SHIB) and Dogecoin (DOGE) Leading $80 Billion Meme Coin Inflow

An impressive inflow of $80 billion, underlined by standout performances from Shiba Inu (SHIB) and Dogecoin (DOGE), has hit the cryptocurrency market. Last week alone, SHIB's trading volume soared to a staggering $31 billion, outpacing even DOGE's robust $23 billion, signaling a shift in market dynamics where the once-dominant DOGE now trails the surging popularity of its counterpart.

Shiba Inu: Underdog's Rise

The SHIB chart reflects a dramatic uptrend, with its value skyrocketing in a short span, as evidenced by the steep ascending line. This surge reflects a potent combination of investor enthusiasm and market dynamics working in favor of SHIB. Notably, the moving averages have swooped below the candlesticks, serving as a bullish indicator and suggesting strong ongoing support for price increases.

Despite a slight recent pullback, as depicted by the minor retracement in the candles, SHIB remains firmly above critical moving averages, and the trading volume, highlighted by large volume bars, underscores the significant buyer interest driving its upward momentum. This pullback could be a healthy market correction, presenting new investors with an attractive entry point before another potential upward price move.

Return of the king: Dogecoin 

DOGE's chart presents a more tempered yet optimistic narrative. With its price holding steady above the moving averages, it signals sustained investor confidence and a bullish outlook. The consolidation pattern seen recently points to a potential accumulation phase, which could precede another leg up if market sentiment continues to favor meme coins.

Related

Tue, 03/12/2024 - 09:14

Shiba Inu (SHIB) and Dogecoin (DOGE) Might Push Cardano out of Top: Here's How

Arman Shirinyan

The moving averages aligning below the price action suggest a stable upward trend, and the relatively lower volume compared to SHIB indicates that DOGE's movements are less volatile at present. While it has not matched SHIB's explosive volume, DOGE's steadier climb could appeal to investors looking for a less stormy experience.