Dogecoin and Shiba Inu Trend Down as Whales Monitor Market for Next Move

Dogecoin DOGE/USD and Shiba Inu SHIB/USD are trending downwards as market participants closely monitor whale activity, burn rates and technical signals

Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) price trends were largely influenced by whale activity, burn rates and technical signals on Monday. Here's a roundup of what crypto traders had to say about the meme coins.

Crypto analyst Ali Martinez remained optimistic about Dogecoin’s potential for further upside.

“$DOGE is still holding above the breakout zone, showing resilience and potential for further upside!” Martinez tweeted.

TraderSZ stated that he paused scaling into DOGE long positions, waiting for a “proper reclaim of mid-range” before re-entering. Despite this cautious approach, he remained bullish overall.

Trader StrongHedge observed growing alignment in the market with meme coins and beta assets gaining traction.

“Shiba Inu and Floki are forming bullish divergences on higher timeframes, SHIB showing strength here,” StrongHedge noted, adding that Dogecoin also showed strength and that a broader rally may be on the horizon as the market stabilizes.

Shiba Inu Burn, Whale Activity, Technical Signals Impacting Price Trends

Shibburn data showed a 612.8% surge in the past 24 hours, with 3.2 million SHIB burned and removed from circulation.

Meanwhile, daily transactions on Shibarium crossed 4.7 million since December 2024.

IntoTheBlock data showed Shiba Inu whale transactions and daily active addresses decreased by 48.4% and 3.1%, respectively, in a single day.

Crypto trader and analyst Fibb indicated that SHIB faced resistance at $0.000013 and support at $0.000011.

“Shiba Inu may be preparing for a breakout from this consolidation,” Fibb said.

According to Santiment data cited by Martinez, whales purchased another 590 million DOGE in the last 24 hours.

Coinglass data highlighted a 5.8% increase in DOGE open interest ($4.9 billion) and a 23.8% jump in derivative trading volume.

Short and long liquidations were at their lowest since December 2024.

Dogecoin Dominates Meme Coin Rankings

Despite competition from new entrants like TRUMP and MELANIA, Dogecoin maintained its dominance among meme coins.

The meme coin ranked second in 24-hour trading volume ($8.36 billion) on Monday, trailing only TRUMP ($15.6 billion).

DOGE also remained a top gainer in the past 24 hours and seven days, with gains of 11.3% and 53.2%, respectively.

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