The cryptocurrency market has had an amazing inflow of $80 billion, highlighted by notable performances from Dogecoin (DOGE) and Shiba Inu (SHIB). Even DOGE’s healthy $23 billion in trading volume was eclipsed by SHIB’s astounding $31 billion in only the last week, indicating a change in the dynamics of the market where DOGE, once in the lead, is now behind SHIB’s rapidly increasing popularity.
Shiba Inu: Underdog’s Rise
The sharply rising line on the SHIB chart indicates a sharp uptrend, with the asset’s value rising dramatically in a little period of time. This increase is the result of a powerful mix of market forces and investor fervour that favour SHIB. Interestingly, the moving averages have dropped below the candlesticks, indicating strong, continuous support for price gains and acting as a positive indication.
SHIB is still far above crucial moving averages despite a little recent decline, as seen by the candles’ brief retracement. The trading volume, which is shown by huge volume bars, highlights the strong buyer interest that is propelling the upward momentum of the stock. This decline may be a sign of a good market correction, offering new investors a tempting entry opportunity prior to a future possible price increase.
Return of the king: Dogecoin
The storyline of DOGE’s chart is more cautious but still positive. Its price remains stable above the moving averages, indicating that investors are still confident and that the outlook is favourable. The current trend of consolidation suggests an accumulating phase that may come before another step up if meme currencies continue to have market favouritism.
Moving averages aligned below the price action point to a steady rising trend, and the volume is comparatively smaller than SHIB, suggesting that DOGE’s moves are now less volatile. Despite not having the same spectacular volume as SHIB, DOGE’s more gradual rise may be appealing to investors seeking a less turbulent experience.
