Dogecoin DOGE/USD and Shiba Inu SHIB/USD Are Struggling Despite Positive On-Chain Metrics and Technical Buy Signals

Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) struggled to recover despite positive on-chain metrics and technical buy signals.

Shiba Inu’s burn rate soared and Dogecoin whales were accumulating, but broader market sentiment remained largely cautious.

Trader Notes: Crypto analyst Ali Martinez noted that the TD Sequential indicator was flashing a buy signal for DOGE on the 3-day chart, suggesting an bounce was imminent.

Dogecoin Stochastic RSI also indicated that the downtrend may be ending, according to trader Tardigrade, who added that $1 was a potential target.

Stochastic RSI suggests $DOGE could stop its downtrend here and aim for the $1 mark 🔥$Doge pic.twitter.com/gkpayjUoTc

— TRADER TARFIGURMA (@TRADER_TARFIGURMA) March 15, 2024

Early Shiba Inu holders accumulated over 20% of the token’s total supply at low prices and sold at key peaks, driving sharp corrections, according to Glassnode data. The data showed how concentrated ownership amplified volatility.

Shibburn data showed 15.49 million SHIB burned in the past 24 hours, pushing the burn rate up 529.9%. A single transaction 22 hours ago removed 11.69 million SHIB from circulation.

Shibariumscan data showed Daily transactions jumped from 205,000 to 2.17 million in the past three days. Shiba Inu large transaction and daily active addresses are down 38.9% and 11.2%, respectively, in a single day.

Santiment data showed a rise in wallets holding at least 1 million DOGE, signaling increased whale accumulation.

DOGE's active addresses surged to a 4-month high, indicating growing investor interest despite recent price declines. Between March 11 to March 16, more than 150,000 active DOGE addresses per day were recorded which is highest since mid-November.

Community News: Lucie, Shiba Inu's marketing lead, responded to Elon Musk's tweet regarding SHIB being a meme coin. She urged the billionaire to acknowledge the token's evolution beyond its meme status.

Highlighting five key developments from 2021 to 2025, Lucie emphasized the Shiba Inu community's efforts in building a decentralized ecosystem.

"Elon Musk, you mentioned SHIB as a meme coin. While it started as such, the community has diligently evolved it into something more,” said Lucie.

Musk had replied to a user who pointed out that SHIB had faced difficulties in gaining traction despite strong community support and consistent efforts in burning tokens.

Shiba tokens burnt forever in the past 24h: 15,493,863 SHIB

Shiba tokens burnt overall / in total: 11,069,604,674 SHIB

Shiba (CRYPTO: SHIB) is down 0.4% at $0.0012 at press time. Dogecoin is down 0.6% at $0.062.