Dogecoin and Shiba Inu Maintain Bullish Momentum Despite Price Consolidation, Buoyed by Broader Market Recovery and Community Enthusiasm

Trader Notes: Crypto trader Scofield highlighted a bullish chart pattern, saying everything is going as planned: $DOGE UpdateGoing exactly as planned

Dogecoin (DOGE) and Shiba Inu (SHIB) continue to rally despite the broader crypto market showing signs of slowing down.

DOGE/USD rose by 6.6% over the past 24 hours, reaching $0.14. SHIB/USD also surged, gaining 8.5% and trading at $0.000043.

CryptoSlate trader Scofield highlighted a bullish chart pattern for DOGE, suggesting that the token is moving "exactly as planned."

Chain analysis platform Santiment reported a "massive" increase in large transactions for Dogecoin, indicating the movement of 100,000 to 1 million DOGE tokens.

According to IntoTheBlock data, the large transaction volume for DOGE increased by 41.1%, while SHIB saw a 52% drop in large transaction volume.

DOGE daily active addresses also grew by 34.9%, while SHIB saw a 17.8% drop. SHIB transactions greater than $100,000 are down from 892 to 685 in a single day.

Currently, 69% of SHIB holders are making a profit. In the month of November, 3.16 billion SHIB coins have been burned through 167 transactions.

Dogecoin and Shiba Inu Rally Continues

Both Dogecoin and Shiba Inu have seen strong rallies in 2023, with DOGE surging by over 200% year-to-date and SHIB rising by over 100%.

The rallies are driven by a combination of factors, including retail enthusiasm, technical patterns, and institutional interest.

However, traders are being cautious about predicting exact timelines for future gains, given the volatility of the crypto market.