Crypto Market Review, July 22

The lack of inflow in the cryptocurrency market and general fear among investors did not prevent meme currencies like Shiba Inu and Dogecoin from gaining around 40%-50% in their value in a matter of days. Such a strong gain is not linked to any fundamental changes in the future of the project or events that will attract investors to these coins.

Dogecoin’s network activity pushes memecoin up

U.Today has previously covered a massive increase in the activity of the Dogecoin network, followed by the strong price development of the largest memecoin on the market. The rising price and network activity were most likely the consequences of the revitalization of the Dogecoin whales.

Since the market has not seen increased selling pressure, the increasing activity of large whale addresses was related to the increasing buying activity rather than the desire to sell their holdings.

On July 20, Dogecoin saw a massive increase in selling pressure as the coin’s price fell massively from its local high, resulting in an 8% loss from the day’s high price point.

Fortunately, the meme currency hasn’t lost its value after Tesla’s $900 million Bitcoin sale. Considering Musk’s support for Dogecoin, some users became concerned that the entrepreneur was changing his mind about the most famous meme currency.

Shiba Inu shows its intermediate potential

After the fall from ATH, the portrait of an average Shiba Inu investor has changed drastically from a short-term trader willing to make a quick and big profit from an extremely volatile trade to a medium-term investor betting on the further adoption of the cryptocurrency.

The huge amount of retail Shiba Inu investors was the main reason behind every fall of the dog-themed coin, considering that the majority of SHIB holders got it around the all-time high of $0.000088.

As time went on, SHIB was adopted by a number of businesses and services that were more than ready to accept the meme currency as payment despite its volatile nature.

Over the last month, Shiba Inu proved that it still has some potential for recovery as the memetoken increased over 50% in its value even without the support of institutional investors or big whales who used to actively buy an insane amount of tokens back in March and April 2022.

It is not yet clear whether both Dogecoin and Shiba Inu have enough growth potential for a reversal, but the cryptocurrency market is holding up successfully under pressure, with most altcoins showing no signs of decline, meaning that both meme currencies still have a chance to show us better performance on the market.