Dogecoin And Shiba Inu Gain Big As On-Chain Metrics Support Momentum: Here Are The Next SHIB And DOGE Price Levels
With Bitcoin (BTC) setting its sights on a retest of its all-time high (ATH) this week, the meme coin sector, led by Dogecoin (DOGE) and Shiba Inu (SHIB), has seen remarkable increases. These gains are supported by encouraging on-chain metrics indicating strong bullish momentum. Consequently, DOGE and SHIB have experienced significant gains over the past month, outperforming many of the top altcoins as the meme coin market captures investor interest.
Memecoins Take The Centre Stage In the past 24 hours, the cryptocurrency market experienced over $700 million in total position liquidations, with Bitcoin’s price climbing above the $69,000 mark, causing significant market volatility.
Notably, the spike in price resulted in equal liquidations among both buyers and sellers, pushing the BTC price to a new all-time high. Data from Coinglass indicates that Dogecoin and Shiba Inu alone accounted for over $70 million in liquidations, leading the charge in the current rally among altcoins, which have seen increases of 100%-500% on average. Furthermore, IntoTheBlock’s statistics show a three-year peak in the percentage of Dogecoin addresses in profit, now standing at 85%.