Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) are trending downwards as market participants closely monitor whale activity, burn rates and technical signals for the next big move.

Trader Notes: Crypto analyst Ali Martinez remains optimistic about Dogecoin’s potential for further upside.

TraderSZ, however, stated that he has paused scaling into DOGE long positions, waiting for a “proper reclaim of mid-range” before re-entering.

Despite this cautious stance, he remains bullish overall.

Meanwhile, trader StrongHedge observed growing alignment in the market with meme coins and beta assets gaining traction.

He noted that Shiba Inu and Floki are forming bullish divergences on higher timeframes, while Dogecoin continues to demonstrate strength.

StrongHedge predicts a broader rally as the market stabilizes.

Statistics: Shibburn data shows a 612.8% surge in the past 24 hours, with 3.2 million SHIB removed from circulation.

Daily transactions on Shibarium remain robust, exceeding 4.7 million since December 2024.

IntoTheBlock data shows Shiba Inu whale transactions and daily active addresses decreased 48.4% and 3.1%, respectively, in a single day.

Martinez cited Santiment data to show whales purchased another 590 million DOGE in the last 24 hours.

On the other hand, Coinglass data highlights a 5.8% increase in DOGE open interest ($4.9 billion) and a 23.8% jump in derivative trading volume.

Short and long liquidations are at their lowest since December 2024.

Despite competition from new entrants like TRUMP and MELANIA, Dogecoin retains its dominance among meme coins, ranking second in 24-hour trading volume ($8.36 billion), trailing only TRUMP ($15.6 billion).

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