- SHIB, DOGE restored key support levels upon Bitcoin’s $44,200 run.
- Dogecoin concludes market correction after hitting a new yearly high.
- Key on-chain data unfolds one major driving force for SHIB and DOGE.
The two top dog coins, Dogecoin (DOGE) and Shiba Inu (SHIB), have traded similarly throughout the month. While SHIB whipped up 23% gains amid rapidly growing Shibarium Layer-2 activity, DOGE aimed for the moon with 18.9% gains in the last 30 days as SpaceX prepares to blast off the DOGE-1 X-Band rocket.
Picking up on social hype due to these events, Shiba Inu and Dogecoin have defeated the crypto bears for now, as the canine coins found sustainable support after a market correction. For instance, crypto analyst Crypto Daily Trade Signals indicated the key support zone for Dogecoin to dwell from approximately eight cents to $0.0911, represented in the analyst’s provided graphic with a red dotted line.
The blue descending line here could serve as a critical moment for DOGE’s price, as it represents the resistance barrier covered down to $0.0762. If Dogecoin consolidates below this zone and the horizontal and descending blue lines collide, Crypto Daily Trade Signals forecasts the return of the bears. In that case, DOGE might end up at the $0.075 price range before any meaningful breakout.
Mutual Catalyst Keeps SHIB DOGE Eyes on the Prize
Meanwhile, Shiba Inu reached its half-year peak of $0.00001165 last Sunday, December 17. Claiming a victory over the confluent resistance at $0.00000950, SHIB still slid down below $0.00001 shortly on Monday, December 18, but recouped following Bitcoin’s rally to $44,200 .
At press time, SHIB is changing hands at $0.00001035, according to CoinGecko. Like Bitcoin (BTC), SHIB gained 2% in the last seven days, displaying a very high correlation with the leading digital asset. Currently, this on-chain metric stands at 0.87, measured by SHIB vs. BTC price movement in the last 30 days.
On The Flipside
- Another key driving force for Shiba Inu’s price is the SHIB burning process, with a current daily count of 5,316,694 SHIB burned in the last 24 hours.
- SHIB and DOGE operate on a completely different consensus mechanism, as Shiba Inu is a Layer-2 public blockchain, while DOGE is a Proof of Work (PoW) chain.
Why This Matters
The two largest market capitalization memecoins heavily contribute towards mass adoption of blockchain technology and are long-term contenders of the TOP 20 by crypto global market cap.
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