Dogecoin DOGE/USD and Shiba Inu SHIB/USD have seen mixed monthly performance, but analysts remain optimistic about these tokens based on upcoming fundamental developments.
What Happened: Shiba Inu announced its transformative upgrade for Shibarium, set to launch on May 2, aiming to enhance user experience and unlock next-level capabilities within the network. By improving block processing times and transaction fee predictability, Shiba Inu seeks to make its platform more accessible and affordable for users.
Some community members have suggested including auto-burn features in this upgrade to further enhance the token’s utility and attractiveness.
Some community members, like Shib trader Lola, have suggested including auto-burn features in this upgrade to further enhance the token’s utility and attractiveness.
Meanwhile, significant whale movements in Dogecoin have caught the attention of observers, with two large transactions involving over 228 million DOGE each, totaling $68.7 million, moved from an unknown wallet to Coinbase. These wallet addresses have not made major moves since Coinbase’s initial listing of Dogecoin in June 2021, indicating renewed activity, U.Today reported.
Such movements may precede potential developments, such as a Coinbase listing for DOGE futures.
Why It Matters: Institutional adoption of meme coins is on the rise, as evidenced by Shiba Inu’s inclusion in the portfolio of Symbolic Capital Partners, representing 2% ($1.7 million) of their total holdings of $86 million, per Arkham Intelligence data. This suggests a growing interest among institutional investors in meme coins, potentially driving market valuation higher over time.
Cryptocurrency trader Kevin analyzed Dogecoin's historical performance and highlighted potential price targets of 0.95 and 1.35 for the current bull cycle, while noting that achieving the current 1.618 Fibonacci extension at $3.80 may be challenging.
With transformative upgrades on the horizon for Shiba Inu and significant whale movements indicating potential developments for Dogecoin, investors and traders remain optimistic about the future prospects of these meme coin leaders.
Price Action: At the time of writing, DOGE was trading at $0.1489, down 21.4% over the past 30 days. SHIB was trading at $0.00002523, down 18.4% over the past 30 days.
What's Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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