Bitcoin (BTC) climbed above $28K in a brief move to log its highest level in over a month to start the week. ETF optimism, a seasonal pattern, and even Elon Musk’s tweet labeling fiat currency a “scam” have all been credited for this rise, according to experts. It is still fresh in our minds how Bitcoin (BTC) surged in October 2021, dubbed Uptober, setting off a chain reaction that later culminated in its all-time high. The question remains whether Bitcoin (BTC) and other popular cryptos, such as Dogecoin (DOGE) and Shiba Inu (SHIB), can reestablish their bullish era of two years ago
Dogecoin (DOGE) Price Analysis
DOGE, which began as a meme cryptocurrency, has shown its mettle by evolving into a market contender. With its 52-week high touching $0.156870 and a 52-week low at $0.053940, the DOGE price seems to be fluctuating within this range and is under pressure.
Its key turning points include when the price crosses the 18-40 Day Moving Average at $0.138954 and the 9-40 Day Moving Average at $0.091347.
On the optimistic front, if DOGE manages to hold above the $0.091347 mark, then a strong buying trend may be developing. A wise investor may want to consider adding Dogecoin (DOGE) in their portfolio before the price gains further momentum.
Conversely, if the coin drops below the $0.053940 threshold, it should be viewed with caution. Key events and market sentiments can play a pivotal role in its October trajectory.
On-Chain Analysis of Dogecoin (DOGE) Holders
According to IntoTheBlock data, whale holdings of Dogecoin (DOGE) make up a staggering 45.96% of the total supply. To put this into perspective, out of the total Dogecoin (DOGE) in circulation, whales have a tight grip on 62.9 billion DOGE. This huge concentration of wealth indicates that a few select entities have a considerable say in the coin’s price action and overall market direction.
Source: IntoTheBlock
A deeper dive shows that of these 62.9 billion DOGE held by whales, a substantial chunk of 31.3 billion DOGE is in the custody of institutional investors. On the other hand, retail investors, despite their vast numbers, hold 49.8 billion DOGE.
The high concentration of DOGE among whales means that any significant move by them – be it buying more or offloading their holdings – can lead to sharp price spikes or drastic drops. Meanwhile, institutional investors, with their 31.3 billion DOGE, can bring about market stability, as they usually adopt a longer-term perspective compared to retail investors. However, the latter, with their collective holding of 49.8 billion DOGE, can drive shorter-term price movements, given their more frequent trading patterns.
Shiba Inu (SHIB) Price Analysis
SHIB, dubbed as the ‘DOGE killer,’ is receiving significant attention as well. Its 52-week high stands at a respectable $0.0000160, while its 52-week low remains at $0.0000060.
SHIB notable price behaviors include its crossing the 18-40 Day Moving Average at $0.0000284 and the 9-40 Day Moving Average at $0.0000095.
In an optimistic scenario, if SHIB can break the $0.0000095 resistance, it could attract further buying interest. Therefore, potential investors may want to consider taking advantage of the current market situation and getting Shiba Inu (SHIB) tokens before price hikes occur.
On the flip side, if SHIB dips below the $0.0000060 price level, investors should tread carefully. Much like DOGE, SHIB price will be influenced by the broad market sentiments and events in October.
On-Chain Analysis of Shiba Inu (SHIB) Holders
On-chain data reveals that a staggering 623.9 trillion SHIB, which accounts for 67.08% of the circulating supply, rests in the wallets of whales. This dominance showcases that the fate of Shiba Inu, to a large extent, lies in the hands of these few entities.
Compared to the enormous wallets of whales, other investors hold a collective 136.8 trillion SHIB. This group often consists of institutional investors, crypto funds, and other high-net-worth individuals who, while influential, don’t possess the sheer size of holdings that whales do.
The vast community of individual, smaller-scale investors, or retail investors, collectively holds 221.5 trillion SHIB. This group is vital. While individual holdings might be small, their collective actions can significantly influence the market.
With 67.08% of SHIB held by whales, the price of Shiba Inu is exceptionally sensitive to their actions. If whales decide to hold or accumulate more SHIB, it can provide a strong support level for the token, potentially driving the price higher due to increased demand and reduced supply on exchanges. However, if they offload a considerable chunk of their holdings, it could lead to an oversupply in the market, potentially pushing prices down.
The 136.8 trillion SHIB held by other investors acts as a buffer. Their actions, while influential, might bring about moderate price movements. Their trading strategies, influenced by market analysis, global events, or investment timelines, can add layers of complexity to Shiba Inu’s price trajectory.
However, there has been no sign of the holding trend changing suddenly as of yet. Therefore, Shiba Inu (SHIB) price is likely to remain relatively stable for now, driven by its investors’ long-term strategies.
Source: IntoTheBlock
Final Words
October promises to be an intriguing month for both Dogecoin (DOGE) and Shiba Inu (SHIB). While the statistics and key turning points provide insights, it’s vital for investors to stay updated and make informed decisions. As the month unfolds, it remains to be seen whether these tokens will secure their place in the limelight or face setbacks. Yet, if one thing’s certain, it’s that the cryptocurrency market is never boring. So, is it time to bolster your crypto portfolio or sit back and observe? The market awaits your move!
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