Investors are withdrawing large amounts of Dogecoin (DOGE) from Robinhood following a legal notice from the SEC.
Dogecoin's price is currently inside a descending triangle, with a potential support level of $0.1424 and an incoming breakout
Shiba Inu's Shibarium, is experiencing growth in transaction fees and active users, and could be poised for further growth.
Despite a bearish trend, Shiba Inu is holding above the $0.0002238 zone and holds a lot of promise for a breakout.
The crypto market may be in the middle of an ongoing decline, but market sentiment between Dogecoin and Shiba Inu, two of the largest memecoins by market cap remains as strong as ever.
Let’s go over massive shifts in the memecoin market, particularly with these two, and figure out what’s been up.
In great news for Dogecoin (but not so good for Robinhood), the popular trading platform has just seen a massive amount of Dogecoin leave its coffers, right after a recent Wells Notice from the U.S. Securities and Exchange Commission (SEC).
To add a little context, Wells Notices serve to inform their recipients that the agency is planning to bring enforcement actions against them.
Because of this Wells Notice served to Robinhood, investors have been observed withdrawing massive amounts of Dogecoin into external wallets.
18 million worth of Dogecoin from RObinhood
One of the most notable of these transactions was one that saw around 120 million DOGE tokens, worth around $18.1 million transferred to an unknown wallet address labelled “DDuXG.”
To add further intrigue, this address holds around 1.92 billion DOGE, which translates to a staggering $292.4 million worth of Dogecoin.
Moreover, Bitcoinsensus also reported another massive 164 million DOGE, worth about $25 million withdrawn from the same platform, indicating that investors are considering self-custody of their Dogecoin tokens, as well as an unwillingness to sell.
Dogecoin’s support at $0.1424
According to the charts, the cryptocurrency is currently trading within a descending triangle formation and is struggling with a possible break below the minor $0.1424 support.
If we see this support level broken, Dogecoin is set to travel further downwards and hit the base of the triangle around $0.124.
If not, Dogecoin might be getting its first real chance at breaking above this descending triangle and hitting $0.2 or even higher.
The Shiba Inu ecosystem has been in the spotlight a lot lately, especially with its Layer 2 scaling solution, Shibarium.
According to data from Shibariumscan, the Layer 2 network has seen explosive growth in terms of transaction fees and active user accounts, both of which indicate a healthy user/developer ecosystem.
Shibarium stats
All of this is nothing compared to how Shibarium’s transaction fees have stayed steady throughout May, after spiking by 500% on 30 April from 12 BONE to around 61 BONE per transaction.
Combined with the relatively high number of active accounts on Shibarium throughout the last week, we can see that the Shibarium ecosystem is not only surviving but is also thriving.
Shiba Inu's price performance
According to the charts, Shiba Inu seems to be doing a pretty strong job at staying above the $0.0002238 zone, despite pressure from the descending trendline shown above.
As shown, the bulls seem to be doing well at holding the fort around $0.0002238, which is expected to put pressure on the bears and force the breakout that leads SHIB to $).0004567 or even higher.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.