Like a dog with two tails. Dogecoin and Shiba Inu has put on some impressive rallies this morning.
As the cryptocurrency market recovers strongly from last week’s selloff, meme coins Shiba Inu (SHIB) and Dogecoin (DOGE) have posted significant gains over the past 24 hours.
DOGE, the biggest and perhaps most famous meme coin, rose almost 10% in the last 24 hours. The dog crypt is currently trading at a new monthly high of $0.065, according to data from Coingecko.
DOGE, the tenth largest cryptocurrency with a market capitalization of just under $9 billion, is now well ahead Polka dotits (DOT) market cap of $7.5 billion.
Dogecoin trading volume across different exchanges is also positive. The cryptocurrency’s trading volume exceeded $682 million in the last 24 hours, up 178% from the previous trading day.
Today’s heroics have helped DOGE reverse its weekly and monthly losses. On a monthly note, DOGE has gained almost 7.6%, Coingecko suggests.
Despite today’s double-digit rally, DOGE is still down 91% from its all-time high of $0.7315 recorded in May 2021.
DOGE futures positions worth $2.22 million have been liquidated in the last 24 hours, according to data from Coinglass. Most (78.96%) of the liquidations came from blown short positions.
Red bars represent blown out short positions. Source: Coinglass
Besides the broader market’s bullish momentum, declining mining reserves and ever-increasing long-term ownership have also attributed to DOGE’s bullish price action.
Total miner reserves are at 4.39 billion DOGE, down nearly 65% over the past 12 months to levels last December 2013, according to data from IntoTheBlock.
Miner reserve indicates the total number of DOGE coins held in miner-linked wallets that have not been sold. A drop in the metric’s value means that most miners have already cashed in their earnings.
DOGE miner reserve over time. Source: IntoTheBlock.
Nearly 2.81 million addresses have held Dogecoin for more than a year, which has doubled so far this year, according to data from IntoTheBlock.
SHIB tails Dogecoin gains
The second largest meme coin by market capitalization, Shiba Inu (SHIB), is also up 4.4% in the last 24 hours, per data from Coingecko.
SHIB showed a 141.73% increase in daily trading volume over the same period, and at the time of writing is trading at $0.00001046. With a market cap of $6.152 billion, SHIB is the 14th largest cryptocurrency.
Unlike DOGE, SHIB’s 24-hour gains are insufficient to bridge its monthly losses. SHIB is down 5.1% in the last 30 days.
Despite today’s modest rally, SHIB is still down 87.9% from its high of $0.00008616, recorded in October 2021.
According to data from Shiba Burn Tracker, almost 634,397 SHIB tokens have been burned in the last 24 hours. SHIB burns are directly correlated with the activity of the community in the Shiba Inu ecosystem.
Unlike other conventional tokens, where each transaction burns a portion of its value, SHIB burns happen in several possible ways, as described by Shib Burn Tracker.
For example, you can listen to Flave Beats’ music on Spotify and 50% of the revenue of the artist will be used to buy and burn SHIB.
Shiba Inu is on fire for the last 30 days. Source: Shib Burn Tracker.
On September 30, 270.413 million SHIB were burned. Since then, SHIB combustion has remained on a downward trend.
The reduced burn rates indicate a reduction in community interest, leading to modest gains in a raging bull market.
Besides Dogecoin and SHIB, Bitcoin and Ethereum has also staged an impressive recovery.
The leading cryptocurrency has risen 5.2% in the last 24 hours, with Ethereum jumps a whopping 12%.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.
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