Dogecoin and Shiba Inu Post Identical Performance in January
In January, both Dogecoin (DOGE) and Shiba Inu (SHIB) experienced a 17% decline in value. This drop was driven by bearish conditions in the broader crypto market. Despite positive speculations about the proposed XPayments platform, both memecoins were unable to resist the downward pressure.
Market Capitalization of DOGE and SHIB
Dogecoin and Shiba Inu are the two largest memecoins, with market capitalizations of $11.4 billion and $5.3 billion respectively. Since their inception, the fortunes of these ecosystems have been closely intertwined.
DOGE and SHIB Price Performance
Both DOGE and SHIB exhibited similar price performances in January, with a 17% decrease in value as of January 26. This can be seen in the chart above.
DOGE Miners Offload $22 Million Worth of Coins
Data from IntoTheBlock shows that Dogecoin miners have sold off 290 million DOGE, equivalent to approximately $22.6 million, in the last three months. This selling trend can negatively impact the price of DOGE by increasing downward pressure due to an increase in market supply.
Impact on DOGE Price Forecast
The selling trend by Dogecoin miners could potentially lead to larger losses for DOGE in the coming weeks. If the price breaks below the $0.07 support level, it may trigger margin call triggers and open the doors for a retest at $0.06.
Key Levels for DOGE Price
To regain momentum, DOGE needs to move above the $0.10 area. However, the 786,930 addresses that acquired 14.1 billion DOGE at an average price of $0.095 could pose a major resistance in the short-term.
Hot Take: Will SHIB Overtake DOGE?
With Dogecoin miners offloading coins and downward pressure on DOGE price, there is a possibility that Shiba Inu (SHIB) may overtake Dogecoin as the leading memecoin in the future.
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