Dogecoin and Shiba Inu prices enter a rally, giving their holders a profit. DOGE gave its owners a 16% gain last week. Its rival, SHIB, posted a 30% profit. On the basis of DOGE, tests are underway on IOS devices of Libdogecoin, a building blocks C-library that enables Dogecoin integration. Accordingly, Dogecoin developers are betting on the possibility of greater development with tests. For those who don’t know, Libdogecoin allows developers to integrate Dogecoin without deep knowledge of Blockchain. SHIB is on the agenda with big whale movements.
Whales are accumulating SHIB
Crypto analytics firm Santiment is tracking major purchases by whales in the Shiba Inu (SHIB). According to a new post, Santiment shared that the whales suddenly emerged from their slumber on August 14. He also pointed out that they have processed the largest number of Shiba transactions in the past four months, exceeding $100,000. The data firm attributed the recent 35% rise in SHIB to the increase in these whale movements. The Shiba Inu jumped from the August 10 low of 0.000012. On August 14, the token was up 50% when it peaked at $0.0000018. The recent rally helped push SHIB into the 12th largest digital asset slot by market cap. Thus, the dog-themed token surpassed Avalanche and Polygon.
Most SHIB holders are at a loss
Crypto intelligence firm IntoTheBlock is providing more detailed data on SHIB. The company states that 60% of SHIB holders are currently at a loss, with only 35% sitting on unrealized gains. IntoTheBlock also looked at the concentration of large Shiba Inu owners. Accordingly, investors who own at least 0.1% of the altcoin supply dominate, keeping 81% of SHIB in circulation.
Additionally, the firm says that 68% of Shiba Inu holders hold their tokens for between one and 12 months. It reveals that 28% have owned the token for more than a year. The remaining 4% of large investors have owned SHIB for a short time. SHIB’s price charts have been bullish recently. However, cryptocoin.comAs we reported, the meme coin is down over 80% from its all-time high of $0.00008616 in late October 2021.
Developments for Dogecoin and Shiba Inu
Meme coins Dogecoin and Shiba Inu delivered huge gains to their holders last week. However, a pullback emerged over the weekend. DOGE hit a high of $0.084 over the weekend and fell. After the pullback, Dogecoin price bounced back and retraced the $0.081 level. Timothy Stebbing, director of the Dogecoin Foundation, announced that developers can build applications on DOGE using the Libdogecoin project. Developed by Shafil Alam, the project will be the key to smart contract launches on the Dogecoin network.
The prospect of smart contract development at DOGE has created a bullish feeling among its owners. Also, analysts are bullish on DOGE and SHIB meme coins. Accordingly, a rally in meme coins typically heralds altcoin season. Additionally, backers have identified the market’s risk-sensitive sentiment for the two meme coins in the current cycle. Analysts have predicted a long rally for SHIB and DOGE as they offer double-digit gains to their holders. However, FXStreet analysts say that the price rally for the Shiba Inu is losing momentum. According to them, the meme coin is moving on the verge of a correction.
Where will the DOGE price go?
Dogecoin price flattened its weekend gains. Accordingly, the price remained cautious around the key $0.09 level. However, analysts at Coinjournal have identified strong bullish momentum in Dogecoin. The bullish scenario finds support with a break above the $0.09 resistance. The initial target for Dogecoin is located at $0.10. Mangyek0, a prominent crypto analyst and trader, has identified the best signal on the Dogecoin price chart. Accordingly, the meme coin is closer to a breakout as it has given DOGE holders 6.3% gains overnight.
