Dogecoin (DOGE) and Shiba Inu (SHIB), the top meme tokens, have not been spared from the sluggish crypto market momentum. Boring DOGE and SHIB price actions and a massive bearish tone have captured the price momentum of the once-volatile meme coins.
DOGE and SHIB price action has prompted most investors to consider their investments in Meme coins. During the past year both dog-themed altcoins took center stage in the crypto market, gaining high social volume, while sometimes creating new short-term price highs.
At the time of writing, Dogecoin price is down 91.88% from its all-time high of $0.74 in May 2021. The famed doge-killer, the Shiba Inu, is down 88.47% from its October 2021 ATH. So, when can DOGE price and SHIB price move amidst bearish crypto market conditions?
Whales Are Curious on DOGE’s Price, But What’s Next?
From a price perspective, Dogecoin price was trapped between a lower $0.0575 and upper $0.0630 range and an RSI price indicates that sellers were dominating the market on the one-day chart.
A look at IntoTheBlock’s break even price indicator highlights that over 450,000 addresses that have bought 58.81 billion DOGE will break even between $0.06 and $0.10. Thus, the $0.06 to $0.10 range will act as a major resistance block for Dogecoin price.
The number of new daily DOGE addresses is decreasing despite a significant price increase in mid-July, creating a series of lower lows. A large downtrend in daily active addresses indicates that fewer participants are interested in DOGE.
A short-term uptrend was that social sentiment was improving as well as an uptick in social-related mentions. However, this does not mean that it is completely bullish, it can also mean that traders are becoming overconfident, and usually, when this happens, the price of DOGE is the opposite of the herd.
Notably, there has been some buying pressure from whales for the price of Dogecoin as they have bought 200 million DOGE, which is worth around $12 million. Whether or not a whale buying Dogecoin can work in favor of the price, only time will tell.
Where are Shiba Inu Whales?
The price of the Shiba Inu, much like the DOGE price, is moving in a range bound motion. SHIB price is trading between the $0.00010 low and $0.0000011 high.
As for the Shiba Inu price, the Global In/Out of the Money model highlights that there are over 100,000 addresses ranging between $0.000014 and $0.000021 to over 452 trillion SHIB. This supply barrier could act as a critical resistance area for SHIB.
Notably, a large number of SHIB tokens have been withdrawn from exchanges. Still, the supply is not enough to create a deficit as there is a slack in demand.
Furthermore, the number of SHIB transactions worth more than $100,000 is quite small. Such market behavior is indicative of a decrease in whale activity. This shows that the major crypto market players are not interested in buying SHIB at current levels.
If this on-chain activity persists, even if SHIB price moves towards the $0.0000014 supply barrier, there might not be a chance to break it. This huge supply wall as shown by IntoTheBlock could pose a threat to the Shiba Inu price rise. Underwater investors will sell some of their holdings to break even, despite the rise in SHIB prices.
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