Dogecoin DOGE/USD and Shiba Inu SHIB/USD continue to struggle, as a prominent crypto trader points out the short-term risks and opportunities for the meme coins.
What Happened: Dogecoin and Shiba Inu are down 14% and 18% in the last seven days amid a market-wide correction. Crypto trader Kevin remains optimistic, pointing out that Shiba Inu is retesting its macro structured support. He also noted that the three-day relative strength index is at the same level as it was at the bottom of the bear market and suggested that it would be unwise not to start a Dollar-Cost Averaging (DCA) position in Shiba Inu.
If Bitcoin BTC/USD breaks its all-time highs, SHIB will outperform it, according to the trader.
For Dogecoin, Kevin predicted that a price jump above $0.133 could present bullish momentum, adding that “until then we have to be conscious that more downside is possible.”
Also Read: Is The ‘Meme Coin Super Cycle’ Over? Trader Outlines Pros And Cons
Why It Matters: Dogecoin and Shiba Inu together account for around $28 billion out of the total $49 billion valuation of the meme coin market.
IntoTheBlock data shows a 10% increase in Dogecoin’s large transactions volume and a 28% growth in daily active addresses. Shiba Inu’s large transaction volume is up 99%.
76% of Shiba Inu holders have been holding for more than a year, as have 67% of Doge holders. Whale Alert data shows 2.2 trillion SHIB being transferred from Robinhood to an unknown wallet.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Dogecoin, Shiba Inu, Floki Are ‘Dino Coins,’ Says Trader: He Likes These 3 Other Meme Coins As ‘Blue Chips’
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
This news is republished from another source.
