Meme based coins Dogecoin (DOGE) and Shiba Inu (SHIB) has been able to dig their heels despite the mayhem currently in the crypto sector. There is growing interest in the canine based coins and the number of unique addresses accumulating DOGE and SHIB are rising.
Both the meme coins have found support from Robinhood and Coinbase Commerce. Elon Musk and his love for Dogecoin is already common knowledge and despite the lawsuit and announcement of Shibarium TestNet launch in the 3rd quarter affirms confidence in investors.
As per on chain platform Santiment active addresses of both the meme coins have been on the rise all through the month of June. A rise in active address points to a increased interest among the investors. For DOGE addresses the peak happened on June 27 with 138,680. SHIB reached its maximum on June 28, with a total of 6,759 active addresses.
Regardless of the overriding opinion about both Dogecoin and Shiba Inu , the reality is both the meme coins are exhibiting remarkable upsurge in network activities especially, DOGE (+32%) and SHIB (+35%).
The market capitalization of both DogeCoin and Shiba Inu has surged in the last 10 days and this rise I also seen in the trading volume has been seen in both tokens.
The crypto market is still in a grip of a prolonged crypto winter. Both BTC and ETH has plunged below $20K and $1K respectively and is under immense selling pressure. However, DOGE and SHIB are going strong despite the market wide sell-off. The prices are trading at $0.063 and $0.000009954, respectively.
Dogecoin (DOGE) and SHIB Anticipate Key Actions
Both Dogecoin and Shiba Inu are experiencing increased action by whales and as per latest data obtained from WhaleStats, SHIB and DOGE are among the tokens currently held by top ETH whales in the last 24 hours.
Shiba Inu prices have recovered after tanking and the canine themed token is on an upward march. Dogecoin also is down but is expected to rally. Moreover, FTX Japan has announced that it will be handling Dogecoin (DOGE) in physical transactions and perpetual transactions starting on July 5, 2022,thus becoming the only exchange in Japan to deal with Dogecoin transactions.