Dogecoin Eyes $2 While Shiba Inu Burn Rate Surges 1,151%—Is a Rally Coming?
Dogecoin DOGE/USD and Shiba Inu SHIB/USD continue to trade sideways, but traders maintain that more upside is still to come for the underperforming meme coins. CryptocurrencyPrice Market Cap24-Hour Trend7-Day TrendDogecoin DOGE/USD $0.2538$37.6 billion+2.9% -22.2% Shiba Inu SHIB/USD $0.0000154$9.07 billion+2.6% -18% Pepe PEPE/USD $0.059434$3.9 billion+1.2% -31.8% Trader Notes: Trader Tardigrade highlighted that Dogecoin’s past rebounds followed over 50% corrections, with the latest dip at -58.25% mirroring previous breakout patterns. He still predicts Dogecoin to reach $2. #Dogecoin: The down percentages in the final pullbacks are very close 🔥Before each strong rebound, $DOGE tends to pull back more than 50%.The first pullback noted a -59.76% decline, while the second revealed -56.2%.The current (third) pullback recorded -58.25%, qualifying it… pic.twitter.com/abOyjsdLxQ— Trader Tardigrade (@TATrader_Alan) February 7, 2025 Technical analyst Kevin remains macro bullish on DOGE but warns that $0.28 must be reclaimed for further upside. Failure to do so could lead to a retest of $0.19. Benzinga technical analysis shows Shiba Inu’s RSI at 27.2, indicating that SHIB is oversold and potentially due for a bounce. Oversold RSI levels often signal buying opportunities at undervalued prices. Statistics: Shibburn data confirms a 1,151.8% spike in burn rates, with 14 million SHIB destroyed in a single transaction. Large SHIB transactions dropped by 55.2%, and daily active addresses fell 13.4%, indicating short-term caution despite the burn. Crypto chart analyst Ali Martinez noted that whales bought 100 million DOGE in the past 24 hours, showing increasing confidence in DOGE's long-term potential. Read Next: Dogecoin, Shiba Inu, Popcat Have Corrected Multiple Times And Bounced Back, D.O.G.E Set To Do The Same, Trader Argues Image: Shutterstock This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.Market News and Data brought to you by Benzinga APIs© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.