Institutions Stacking Memecoins Ahead of SHIB and DOGE Pumps

A Gemini multi-signature custody wallet created only 18 days ago has been reported to be accumulating significant amounts of popular altcoins comprised of a few meme coins. The event occurred a few hours prior when it boosted 42,000 Ethereum (ETH), which corresponds to roughly $103.8 million, 350,000 Chainlink (LINK) for $3.77 million, 200 billion Shiba Inu (SHIB) for $3.39 million, and 400 billion Pepe (PEPE) for around $3.29 million.

Such a purchase indicates a way of splitting the means on balance between trusted and high-risk assets.

Including ETH and LINK in a fund is not shocking, but including SHIB and PEPE shows a change.  SHIB stands at $0.00001686 at press time, up 1.36% over the last 24 hours. It has a market cap of $9.94 billion and boasts a daily trading volume of $271.49 million per CoinMarketCap.

– Advertisement –

During press time, Dogecoin was trading at $0.158, with a change over the last 24 hours of +7.55%. DOGE’s market cap is $23.17 billion, and its trading volume is $2.31 billion, which shows it is still relevant.

Dogecoin (DOGE) Technical Analysis

Analysing Dogecoin charts, we can see that the recent price movement has been strong, and we are currently standing at the current level of $0.16131.

We see a clear breakout from the descending channel, which portends a bullish reversal. This indicates that selling pressure may have abated and buyers are taking control.

A significant resistance zone is shaded pink around $0.175. This has been resistance in the past, and a break above it can potentially drive further upside momentum. This level will be tested as a price if it encounters selling pressure leading to a short-term pullback.

If this bullish momentum continues, DOGE could retest the $0.175 region. The breakout of this resistance would be confirmed, and it would support a continuation of an uptrend to higher levels.

Shiba Inu (SHIB) Technical Analysis

In the same way, in Shiba Inu, the price acts indicate a breakout above a descending channel, indicating a possible turning around of the recent downtrend. If the selling pressure on a breakout has ceased, this is a tedious signal to indicate that buyers may be resuming control.

Critical resistance exists shaded pink roughly around the 0.00001900 level. If SHIB’s price surpasses this level, it could bear selling pressure. A break above this resistance area could be a pointer to further bullish momentum.

If buying momentum continues, this level could be the subsequent test for SHIB as the general bullish inclination following the breakout kicks in.

A positive sentiment turn occurs once the stock breaks free of the descending channel. If SHIB continues to move in this direction, it may hit the resistance of 0.00001900, but rejection at this level might bring consolidation or retracement to the 0.00001580 support.