Dogecoin (DOGE) and Shiba Inu (SHIB) Have Posted Strong Gains Over the Past Week, Rallying More Than 25%

Dogecoin DOGE/USD and Shiba Inu SHIB/USD have posted strong gains over the past week, rallying more than 25% as Bitcoin hovers near all-time highs

Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) prices have surged over the past week, with both coins rallying more than 25%.

What Happened: Both Shiba Inu and Dogecoin have been among the best-performing cryptocurrencies in recent times, especially as Bitcoin (CRYPTO: BTC) trades close to all-time highs, fueling a broader crypto market rally.

The meme coin sector has seen a strong move, and Trader Tardigrade notes that Dogecoin is entering the final stage of its Cycle 3, which is typically the most explosive phase, and momentum is building rapidly.

Capital highlighted that DOGE is currently retesting a key pre-halving resistance zone as new support. If this level holds, the next upside target is $0.27.

CryptoGuru observed that Shiba Inu has cleanly broken out of a descending channel with a 68% move from the bottom to the breakout point, and as long as the current pullback holds above this level, the bullish setup remains intact.

He added that we should watch for volume and support confirmation for potential continuation.

Shibburn data reveals that 14.6 million SHIB tokens were burned in the past 24 hours, a testament to the ongoing efforts to reduce Shiba Inu’s circulating supply.

Shibariumscan reports a substantial increase in daily transactions, with figures rising from 4.16 million to 4.21 million within a single day, highlighting a surge in on-chain activity.

According to IntoTheBlock, Shiba Inu also experienced a significant 214.3% surge in large transaction volume.

Daily active addresses showed an increment of 13.8%, highlighting a broader participation in the Shiba Inu network.

Statistics: Dogecoin futures saw a 63.9% rise in open interest over the past week, escalating from $989 million to $1.62 billion, even as price momentum shows signs of slowing down, according to Glassnode.

This signals a strong speculative interest in Dogecoin futures contracts, indicating traders are placing significant bets on future price movements.

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As one of the most widely discussed topics in the crypto sphere, traders are engaging in heated discussions about the future trajectory of Dogecoin and Shiba Inu. Will these meme coins continue their rally to new highs, or will they face upcoming resistance and potential corrections? Share your valuable insights with the community.