Shiba Inu, Dogecoin & Ripple – European Wrap 11 August

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Shiba Inu, one of the largest meme coins in the crypto ecosystem, garnered higher interest this week as traders shift their focus from large market capitalization assets like Bitcoin to altcoins, specifically meme coins, which appear to have potential for double-digit gains. 

While mid and small market capitalization altcoins are still struggling to gain traction, Shiba Inu price has rallied, yielding more than 15% gains since Monday. Shiba Inu’s three key on-chain metrics– the volume of daily active addresses, social dominance and social volume – suggest further upward momentum for SHIB price, according to data from crypto intelligence tracker Sentiment.

Dogecoin price continues to trade below a declining trendline that serves as resistance for more than nine months. As DOGE slithers close to this hurdle and knocks on it, it is a clear sign of an attempted breakout. But lack of liquidity, buying pressure or bearish market conditions have prevented the dog-themed cryptocurrency from rising higher. A closer look under the hood reveals a shifting sentiment and investor attitude toward Dogecoin that might be foreshadowing an explosive rally. 

Dogecoin holders can be split into three categories – holders, cruisers and traders. The first category contains addresses holding DOGE for more than a year, while the second cohort’s holding period ranges from a month to a year. The last category of DOGE holders is uncertain investors that hold their tokens for less than a month. 

XRP witnessed a massive price rally and hit $50 on Gemini exchange platform. The relisting announcement by Gemini was received with enthusiasm in the crypto community. The XRP holder community continues to speculate the outcome of the US Securities and Exchange Commission’s (SEC) interlocutory appeal against Judge Torres’ ruling in the lawsuit.

Experts and crypto analysts in the Twitter community noted a major spike in XRP price within hours of relisting. XRP price climbed to the $50 level. Gemini exchange relisted the XRP token on August 10. Once trading for the altcoin opened, XRP price climbed to the $50 level. Pseudonymous crypto analyst JackTheRippler, behind the Twitter handle @RippleXrpie, identified a sudden increase in XRP price.