The most important coins, Dogecoin (DOGE) And Shiba Inu (SHIB) have recorded significant price increases over the past 24 hours. This upward trend is driven by several metrics that signal a bullish outlook for the relevant sector. coins.
Dogecoin sees increased interest from investors
On-Chain Analytics Platform Data In the block shows that the number of new and active Dogecoin Addresses has increased by over 74% and 21% respectively over the past seven days.
IntoTheBlock further revealed in an X (formerly Twitter) job that over 28,000 new Dogecoin addresses were created on May 2, an increase of 102% from its monthly low set on April 29.
Market Intelligence Platform Feeling also pointed out Growth of the Dogecoin network in a recent job, noting that it has seen the second largest growth over the past six months (only behind Bitcoin). The platform revealed that Dogecoin saw its number of non-empty wallets increase by 27% to 6.6 million during this period.
In the meantime, data from Coinglass shows that trading activity in the Dogecoin derivatives market has also increased. Specifically, the meme coin’s open interest (OI) funding rate is positive again, currently at 0.0021%. This indicates that the bulls are back and there is bullish sentiment towards Dogecoin.
Other data from Coinglass watch that Dogecoin spot trading volume has increased over the past 24 hours. This indicates that more investors are accumulating coins even before a more parabolic price rise.
This is to be expected as a Bitcoinist recently reported that Dogecoin had entered a major accumulation zone, which presented a great opportunity to buy the dip.
Total crypto market cap currently at $2.3 trillion. Chart: TradingView
Shiba Inu On-Chain Metrics Turn Bullish
Data from IntoTheBlock shows that most Shiba Inu On-Chain Metrics are bullish again, which explains why the price of the meme coin has increased recently.
One such indicator is large Shiba transactions, which have increased by 3.40% in recent days. This suggests that Shiba Inu Whales are currently accumulating the same coin. These whales play a crucial role and can help drive up the price of the Shiba Inu.
Shiba Inu price also appears to be finally reacting to its fundamentals, which provide a bullish outlook for the meme coin. Bitcoinist recently reported that Shiba Inu’s decentralized exchange (DEX) would now operate on Shibarium (and Ethereum), a development that could fuel a rise in the price of the meme coin.
From a technical analysis perspective, Shiba Inu also seemed well prepared for these price gains as crypto analyst Ali Martinez. revealed a bull flag that had formed on the meme coin’s chart. The analyst noted that Shiba Inu could experience a breakout, sending its price to $0.000072323.
At the time of writing, Dogecoin and Shiba Inu are trading around $0.1497 and $0.00002473, up over 12% and 7% respectively in the last 24 hours, according to data from CoinMarketCap .
Featured image by @YOKOKIKUCHI_KS / CATERS NEWS, chart by TradingView
