Dogecoin DOGE/USD and Shiba Inu SHIB/USD Show Signs of a Potential Price Rally

Both Dogecoin (DOGE/USD) and Shiba Inu (SHIB/USD) are showing signs of a potential price rally, fueled by strong technical setups and aggressive token burns.

How High Can Dogecoin Soar?

Crypto chart analyst Ali Martinez noted that DOGE's 12-hour chart is seeing a narrowing Bollinger Bands, a classic setup for a major move.

Trader Javon Marks highlighted that Dogecoin is entering its third major bull cycle, predicting a potential surge of 1,160%, which could send DOGE past $2.28—a more than 12x increase.

Dogecoin price is entering its 3rd major bull cycle. Expect 1,160% gains from here to send #Dogecoin past $2.28. ⅓ of the way to $9 by 2024.

Shiba Inu: Token Burns and Layer-2 Activity

Shibburn data reveals that 1.03 billion SHIB was burned in the last 24 hours, causing a surge in the burn rate by 8,276.5%. A single transaction saw the removal of 1 billion SHIB about 20 hours ago, while another transaction saw 23 million coins burned around two hours ago.

Shibariumscan data shows a massive increase in daily transactions, jumping from 784,000 to 1.99 million in just one day, highlighting heightened activity on Shiba Inu's Layer-2 network.

IntoTheBlock data indicates a short-term slowdown, with Shiba Inu large transaction volume and daily active addresses decreasing by 23.3% and 3.6% respectively in a single day. Transactions greater than $100,000 also saw a decline, decreasing from 29 to 23.

Shiba Inu: ETF Hopes and Community Involvement

In a X post on Sunday, Shiba Inu marketing lead Lucie sparked discussions by advocating for a SHIB ETF. She highlighted SHIB's presence on 110+ exchanges with 212 trading pairs and its decentralized and community-driven nature beyond being a meme coin.

"I'd love for there to be a SHIB ETF. It's available on 110+ exchanges with 212 trading pairs, completely decentralized and community-driven. It's not a meme coin; it's the token that's changing the game and innovating for Web3."

With DOGE showing technical strength and SHIB aggressively reducing supply, the meme coin sector could be gearing up for a major move. As the crypto market continues to recover, the meme coin sector will be closely watched by traders and investors.