The memecoin market has been wading through bearish mud since the last crypto winter ended.
However, this general memecoin bearishness is mostly due to the sluggishness of Dogecoin and Shiba Inu since the market downturn began in 2022.
However, according to recent indicators, both of these cryptocurrencies may not be at each others' throats, struggling to make a comeback before the other.
Dogecoin or Shiba Inu? Which of the meme giants will be the first to stage a comeback?
Shiba Inu, according to Coingecko, has only gone up by a meagre 4% over the last month.
The bearishness of this memecoin is even more visible when we see that it has declined by nearly 30% over the last year.
However, a lot seems to be going on under the hood with Shiba Inu.
For instance, the amount of SHIB tokens transacted has surged by more than 140% in the last day, from 1.02 trillion to 2.48 trillion, according to data from IntoTheBlock.
As a result, the value of SHIB tokens has increased significantly from $9.97 million to $24.25 million, indicating that large market participants are becoming more interested in the token.
Moreover, according to the snapshot above, over the last week, Shiba Inu's large transaction volumes have soared from around 513.97 billion SHIB to 4.57 trillion SHIB, marking a staggering 789.16% increase.
This indicates that a lot is going on with SHIB under the hood, and we might be seeing better price prospects on the memecoin very soon.
It also happens that this bullish interest doesn't end with Shiba Inu.
According to a recent tweet posted by IntoTheBlock, institutional interest in DOGE has been going on for far longer.
In the tweet, IntoTheBlock says that February has been a very bullish month for Dogecoin, in terms of on-chain metrics and investor interest.
In particular, IntoTheBlock says that every day since 30 January, the Dogecoin network has processed more than $1 million in transactions.
If this isn't a massive indicator of investor interest in DOGE, then not much else is.
The answer to this question is yes.
Shiba Inu is set to break above a strong resistance, and it is only a matter of time before the bulls successfully push the bears out of the way.
The chart above shows Shiba Inu's daily price action.
We can see above, that the cryptocurrency is attempting to break above the $0.00000979 – $0.00001 resistance, which is one of the strongest psychological barriers on the Shiba Inu chart.
Shiba Inu has tried to break above this price level several times in the past but has emerged unsuccessful whenever the bears show up around $0.000012.
If we see a break above $0.00001, SHIB will most likely attempt to cross the $0.000012 barrier again.
And if we indeed see a breakout, investors can set their sights on the $0.000016 zone from February 2023.
Dogecoin has remained stuck under the $0.1 zone since breaking below on 9, May 2023.
The cryptocurrency has been attempting a break above ever since, with the bears pushing it further down to $0.0489 on every rejection.
This time around, the bulls appear to have found support around $0.07 and have staged a comeback from here.
All roads lead to a possible retest of the $0.1 zone from here once again, and if we indeed see this break, Dogecoin might be poised to rally straight up by 60% to $0.16 or even higher.
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