Dogecoin (DOGE) and Shiba Inu (SHIB) Experience Notable Price Surge: Unveiling the Reasons

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The leading meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), have experienced significant price increases in the past 24 hours due to several bullish indicators.
On-chain analytics platform IntoTheBlock reports a surge in new and active Dogecoin addresses, while Shiba Inu’s on-chain metrics also turn bullish.
Both meme coins are seeing increased interest from investors, with trading activity in Dogecoin’s derivatives market and large Shiba transactions on the rise.

Explore the recent bullish trends of leading meme coins Dogecoin and Shiba Inu, as they record significant price gains due to increased investor interest and positive on-chain metrics.

Dogecoin Attracts More Investors

According to data from IntoTheBlock, the number of new and active Dogecoin addresses has surged by over 74% and 21% in the past week. The platform revealed that over 28,000 new Dogecoin addresses were created on May 2, marking a 102% increase from its monthly low on April 29. Market intelligence platform Santiment also highlighted Dogecoin’s network growth, noting a 27% increase in non-empty wallets to 6.6 million in the last six months. Coinglass data shows that trading activity in Dogecoin’s derivatives market has also risen, indicating a bullish sentiment towards Dogecoin.