Dogecoin price is showing signs of price revival; Shiba Inu now shows more stable performance
Shiba Inu has recently been riding a roller coaster, dodging a deadly cross formation and recovering from its local low. SHIB has increased over the past two days, and many traders expect this is a sign that things will improve. The return of USDC to a $1 peg may have played a role in Shiba Inu’s recent rebound.
What is a death cross formation, and why is it so crucial for animals like Shiba Inus? An asset may be in a downtrend when a short-term moving average crosses below a long-term moving average, known as a death cross pattern. This may indicate that sellers are beginning to gain control of the asset and that it is losing momentum.
A confirmed death cross formation for Shiba Inu would have been a huge warning sign for both traders and investors. It might have foreshadowed a protracted downward trend for the cryptocurrency, significantly reducing its worth. At the time of writing, SHIB is changing hands at $0.00001111.
SHIB/USD 4-hour chart | Source: TradingView
Yet, Shiba Inu has been able to allay some of the greatest fears of its investors by avoiding the confirmation of the death cross formation and recovering from its local low. Several traders now believe that the cryptocurrency will be able to reclaim some of its lost value in the upcoming weeks and months thanks to its recent comeback.
Robinhood keeps holding nearly 25% of circulating DOGE for its clients
Data from @DogeWhaleAlert shows that the well-known trading app Robinhood still has a staggering 33,562,118,379 Dogecoins. The value of these meme tokens, which are highly favored by the cryptocurrency community, is $2,206,373,662. This is a little less than what the business held a week ago.
The current total combined amount of #Dogecoin held by @RobinhoodApp 🪶 on behalf of its investors is:
24.23% of the circulating supplyhttps://t.co/iWz81VqfEE
— Ðogecoin Whale Alert (@DogeWhaleAlert) March 12, 2023
According to the tweet, this accounts for 24.23% of the DOGE supply that is now in use. However, the DOGE transaction tracker revealed that a top 20 wallet helped send astounding sums of this joke coin to Binance.
A total of 31,499,993 Dogecoin were transferred between two anonymous wallets. The value of that DOGE portion was $2,197,660. Through numerous unidentified wallets, more than 15.5 million Dogecoins were moved to the Binance exchange.
Ultimately, a top 20 wallet transferred 14,999,980 DOGE worth just under $1 million to an anonymous address. The total value of these meme coins is about $4.3 million.
In the interim, Dogecoin’s price appears to be recovering. It has increased more than 6% over the past 24 hours and 1.72% over the last hour. The price of the original meme coin is currently $0.07051.
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