Why Dogecoin and Shiba Inu Prices Pump Signals Meme Coins Are Back - Time to Buy?

Dogecoin and Shiba Inu prices have been on a rollercoaster ride lately, with prices skyrocketing in a matter of days. This is an indication that meme coins are back in the limelight and investors are taking notice. The recent pump in Dogecoin and Shiba Inu prices signals that meme coins are gaining traction once again.

These coins offer investors the chance to capitalize on their favorite memes and trends, providing an alternative to traditional investments. With more people becoming familiar with cryptocurrencies, meme coins have become increasingly popular as they offer a way to make money while having fun at the same time.

The recent surge in Dogecoin and Shiba Inu prices shows that investors are excited about these new opportunities, indicating that meme coins may be here to stay for the long haul.
DOGE Is Back! The Best-Purchased Cryptocurrency Of 2021 Returns With A Bang

According to WhaleStats, the leading wallet tracker for cryptocurrencies, significant whales have started investing in Dogecoin on Binance Smart Chain once again. Dogecoin is the largest meme coin by market capitalization and the original.

The aforementioned portal recently tweeted that Dogecoin has been among the top 10 tokens sought after by BSC whales over the past 24 hours.

In the past few days, DOGE has experienced a significant surge in its price, rising from $0.08022 to $0.09160. This 14.20% growth, however, was almost completely reversed due to recent events. Nevertheless, the original meme-based cryptocurrency has still managed to increase in value by 22% within the past six days.

The price of DOGE, just like other altcoins, has seen an increase due to the surge in prices of Bitcoin over the past few days. It was able to almost reach $22,000 which is a remarkable feat for any cryptocurrency.

As of now, the top 100 investors on BSC possess a collective amount of DOGE that is far lesser than 1% in comparison to their total portfolio. To be precise, it amounts to $7,349,835 which is the equivalent value of the meme currency.

Dogecoin Price

Dogecoin's current price is $0.0850, with a 24-hour trading volume of $842 million. In the last 24 hours, Dogecoin has dropped 2%, but has gained nearly 20% in the last seven days. CoinMarketCap now ranks #9, with a live market cap of $11 billion.

Dogecoin Price Chart - Source: Tradingview

DOGE is likely to encounter immediate resistance at $0.090, and a bullish crossover above this level could expose Doge to levels as high as $0.1050. On the downside, the DOGE coin's immediate support is at $0.075; a bearish breakout of this level could expose DOGE to the $0.065 level.

Watch The Whale Move: What Happened When SHIB Unveiled To Metaverse?

An unprecedented number of SHIB tokens have been moved by a crypto whale just before the launch of the Shiba Inu-related metaverse. This has caused quite a stir in the crypto space and is likely to have a major impact on its launch.

Whale Alert, a platform for tracking whales, revealed that an enormous number of SHIB tokens (3.32 billion) were transferred from one unidentified wallet to another, amounting to a worth of nearly $30.48 million.

The addresses used in the transactions don't relate to any cryptocurrency exchanges, so it is highly unlikely that this move has anything to do with purchasing or offloading the hyped-up meme coin.

Recently, Shiba Inu announced a major SHIB token transfer. This was in addition to their aim of introducing a new metaverse, at the upcoming South by Southwest (SXSW) festival in 2023 at Austin, Texas.

For the upcoming exhibition, WAGMI Temple, one of the 11 locations in Shiba Inu's metaverse, will be showcased through a virtual reality (VR) tour. This platform is showcasing Dogecoin (DOGE) competitions.
Shiba Inu Price

The current Shiba Inu price is $0.000010, and the 24-hour trading volume is $492 million. Shiba Inu has decreased by nearly 3% in the previous 24 hours after surging over 20% in the last seven days. CoinMarketCap now ranks #16 with a live market cap of $5 billion.

SHIBA INU Price Chart - Source: Tradingview

SHIBA is currently facing an immediate resistance level of $0.000010, and a bullish breakout of this level could expose SHIBA to the next resistance level of $0.000011.

SHIB's immediate support is at $0.000010, and a bearish break of this level could expose SHIB's price to the $0.000009 level. The 50-day moving average indicates a bullish trend above the $0.000009 level, so look for buying opportunities today.

On the plus side, a breakout of the $0.0000107 level will provide an additional buying opportunity.