Shiba Inu Burn Rate Surges 3,609% As Dogecoin Whales Move 5.8 Billion DOGE: What Is Going On?

Shiba Inu SHIB/USD and Dogecoin DOGE/USD are gaining momentum as Bitcoin reaches a new all-time high above $107,000.

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend
Dogecoin DOGE/USD	$0.4118	$60.6 billion	+1.9%	-5.5%
Shiba Inu SHIB/USD	$0.00002784	$16.4 billion	+0.4%	-6.5%

Trader Notes: Benzinga's technical analysis shows that SHIB's Relative Strength Index (RSI) stands at 42.85.

In a bullish trend, the 40-50 RSI range often serves as support.

The 50-day Simple Moving Average (SMA) is crossing above the 100-day and 200-day SMAs—a pattern typically indicative of building bullish momentum.

Prominent trader Cold Blooded Shiller noted that DOGE is "trading as if it's poised to get an ETF approval before Solana." Meanwhile, crypto trader Jake Wujastyk emphasized the importance of Dogecoin's volume shelf, predicting that a stronger shelf could fuel a more significant upside move.

Trader Tardigrade also pointed out bullish signs on DOGE's 3-day chart, signaling the potential start of a bull run. "DOGE is pumping soon," he stated.

#Dogecoin 200 ema is taking off on 3-day chart 🔥
This signal indicates the beginning of Bull Run 🚀$Doge is pumping soon. pic.twitter.com/GAEABDlpOm

— Trader Tardigrade (@TATrader_Alan) December 16, 2024

Statistics: Data from IntoTheBlock reveals a 32.4% drop in SHIB's large transaction volume and a 7.3% decline in daily active addresses.

Transactions exceeding $100,000 fell from 255 to 145 in a single day.

However, data from Shibariumscan indicates that daily transactions remain steady at 4.69 million, showcasing consistent network activity.

Crypto analyst Ali Martinez highlighted that 5.8 billion previously idle DOGE tokens were transferred within the past 24 hours, a sign of renewed market interest and activity.

5.8 billion idle #Dogecoin $DOGE tokens have come to life, changing hands in the past 24 hours. pic.twitter.com/4gSkVhAAcO

— Ali (@ali_charts) December 16, 2024

What’s Next: The bullish technical patterns and notable on-chain activity suggest that both Shiba Inu and Dogecoin could see continued upward momentum, especially as market interest surges alongside Bitcoin's record highs.

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• Dogecoin Drops 14%, Shiba Inu Sinks 17%: What’s Behind The Decline?

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