Dogecoin Spikes 6%, Shiba Inu Up 7%: What Is Going On?

Meme coin veterans Dogecoin DOGE/USD and Shiba Inu SHIB/USD are gaining momentum on Thursday, fueled by Bitcoin BTC/USD surging above the $96,000 level.

Cryptocurrency	Price	24-Hour Performance
Dogecoin DOGE/USD	$0.3362	+5.9%
Shiba Inu SHIB/USD	$0.0000226	+7.2%

Trader Notes: Crypto trader BitGuru highlighted Shiba Inu's bullish momentum after breaking through resistance at $0.00002238, signaling a clear upward trend.

He noted that the recent pullback near $0.00002266 appears temporary, as buyers continue to dominate.

The trader forecasts a surge toward $0.00002280 or higher, with the setup aligning for a sustained breakout.

$SHIB is building strong bullish momentum after breaking resistance at $0.00002238, signaling a clear upward trend. The pullback near $0.00002266 looks temporary, as buyers maintain control.

I'm expecting another surge with the price aiming for $0.00002280 or higher. This setup… pic.twitter.com/9oJ4YCbkyZ
— BitGuru 🔶 (@bitgu_ru) January 2, 2025

Trader Tardigrade highlighted Dogecoin breaking from a descending triangle, which could prompt an explosive surge.

Also Read: Mark Cuban Criticizes Meme Coins as a ‘Hustle’ and Money Gamble: ‘Like a Game of Musical Chairs With Money’

Notable Statistics: According to Shibburn data, Shiba Inu’s burn rate increased by 105.3%, with a notable transaction burning 1 million coins about 21 hours ago.

Despite the gains, market dynamics reflect mixed signals.

IntoTheBlock data shows a decrease of 23.8% in Shiba Inu's large transaction volume.

Transactions greater than $100,000 are down from 126 to 105 in a single day.

Around 43% SHIB holders are currently underwater, while 53% are in profit.

Shibariumscan data shows daily transactions increasing from 4.77 million to 4.78 million in a single day.

Coinglass data shows Dogecoin's open interest climbing by 11.3% to $2.2 billion, while derivatives data volume is up 47.2% to $4.4 billion.

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