Shiba Inu Eyes 200-Day SMA as DOGE Whales Boost Holdings to Four-Year High
Shiba Inu (SHIB) is attempting to secure a position above its 200-day simple moving average (SMA), a key long-term indicator, as trading activity intensifies.
Over the past 24 hours, SHIB rose from $0.00001287 to $0.00001312, approaching the 200-day SMA at $0.00001300. Previous attempts to break this level had failed, but the latest surge in volume suggests a potential bullish shift.
CoinDesk’s market insights AI model reports that 943.1 billion SHIB tokens traded as the price neared the SMA, indicating strong institutional participation.
Key Technical Highlights:
- Price advanced 2% in 24 hours.
- Support established around $0.00001270.
- Resistance at $0.00001300 tested on higher volume.
- Session peak hit $0.00001316 with robust trading activity.
- Token burn rate surged 1,682%, removing 1.3 million SHIB from circulation.
- Shibarium network activity rebounded with over 1.2 million daily transactions.
- Institutional engagement is rising, with SHIB open interest up 4% amid expectations of U.S. interest rate cuts.
Dogecoin Whales Accumulate to Multi-Year High
Dogecoin (DOGE) extended its weekly gains, up over 10%, supported by anticipation of the U.S. spot DOGE ETF launch.
Whales holding 1 million to 10 million DOGE increased their total holdings to 10.91 billion DOGE, marking a four-year high and representing 7.23% of circulating supply, according to Santiment.
The combined activity in SHIB and DOGE underscores growing institutional and retail interest in meme tokens, setting the stage for further upside as key technical and market catalysts unfold.
