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Important Dogecoin (DOGE) and Shiba Inu (SHIB) Metrics Explode by Double Digits Amid Market Correction

Dimitar Dzhondzhorov 2024.04.02 21:14

TL;DR

  • The cryptocurrency market, including leading coins and meme tokens like Dogecoin and Shiba Inu, has seen a significant downturn, with notable liquidations and price drops.
  • Bullish predictions for Dogecoin and Shiba Inu remain, fueled by increased trading volumes and advancements in network developments like Shibarium.

The cryptocurrency sector has declined significantly in the past several hours, with its market capitalization dropping below $2.6 billion (per CoinGecko’s data).

Bitcoin (BTC), Ethereum (ETH), and many other leading digital assets are deep in the red. As CryptoPotato reported, the negative trend resulted in more than $500 million in liquidations, with the majority being long positions.

The situation in the meme coin niche is no different. Dogecoin (DOGE) has nosedived by 12% on a 24-hour scale, whereas Shiba Inu (SHIB) has retraced by 9%.

Nonetheless, some metrics related to the largest meme coins by market cap have headed north lately. According to IntoTheBlock, DOGE aggregated daily volume (where each transaction is greater than $100K) nears the $5 billion mark (a 90% increase compared to the figure observed on April 1). Daily active addresses have witnessed a resurgence, too, soaring by almost 40%.

Shiba Inu’s figures are even more impressive, with SHIB aggregated daily volume exploding by over 300%.

Both assets were recently predicted to enter a bull run in the near future. The popular crypto analyst Rekt Capital forecasted that DOGE could rally toward $0.30 due to the beginning of a new “macro trend.”

The expert also suggested that SHIB may shoot to a new ATH if surpassing the major resistance level of $0.000033285.

The X user Captain Faibik outlined a bullish prediction, too, claiming the self-proclaimed Dogecoin-killer is on the verge of a 2x price increase.

The successful execution of the burning program might help Shiba Inu return to green territory. As CryptoPotato reported, the team behind the meme coin burned over 15.5 billion tokens last month (a 2,300% surge compared to the data in February).

Another factor is the advancement of Shibarium. Total transactions on the layer-2 scaling solution exceeded 400 million last month, while wallet addresses reached almost 1.4 million. Those curious to learn the network’s purposes and specifics, feel free to watch our dedicated video below:

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