Dogecoin Eyes $2 While Shiba Inu Burn Rate Surges 1,151%—Is a Rally Coming?

Dogecoin DOGE/USD and Shiba Inu SHIB/USD continue to trade sideways, but traders maintain that more upside is still to come for the underperforming meme coins.

Trader Notes: Trader Tardigrade highlighted that Dogecoin’s past rebounds followed over 50% corrections, with the latest dip at -58.25% mirroring previous breakout patterns. He still predicts Dogecoin to reach $2.

Technical analyst Kevin remains macro bullish on DOGE but warns that $0.28 must be reclaimed for further upside. Failure to do so could lead to a retest of $0.19.  

Benzinga technical analysis shows Shiba Inu’s RSI at 27.2, indicating that SHIB is oversold and potentially due for a bounce. Oversold RSI levels often signal buying opportunities at undervalued prices.

Statistics: Shibburn data confirms a 1,151.8% spike in burn rates, with 14 million SHIB destroyed in a single transaction.

Large SHIB transactions dropped by 55.2%, and daily active addresses fell 13.4%, indicating short-term caution despite the burn.

Crypto chart analyst Ali Martinez noted that whales bought 100 million DOGE in the past 24 hours, showing increasing confidence in DOGE's long-term potential.

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