Dogecoin, Shiba Inu could extend gains as selling pressure declines, investors accumulate DOGE and SHIB

• 
  Dogecoin,
  and
  Shiba
  Inu
  retail
  investors
  accumulate
  the
  meme
  tokens
  while
  whales
  distribute
  their
  holdings. 
• 
  Less
  than
  50%
  of
  the
  wallets
  holding
  DOGE
  and
  SHIB
  are
  currently
  profitable,
  selling
  pressure
  on
  meme
  coins
  could
  reduce. 
• 
  DOGE,
  and
  SHIB
  extend
  gains
  by
  nearly
  2%
  on
  Wednesday. 

Dogecoin
(DOGE),
and
Shiba
Inu
(SHIB)
extend
their
gains
on
Wednesday
as
the
selling
pressure
on
the
meme
coins
reduced.
Data
from
the
on-chain
intelligence
tracker
IntoTheBlock
shows
that
less
than
50%
of
wallet
addresses
holding
these
meme
coins
are
currently
profitable. 

This
metric
indicates
that
the
selling
pressure
on
DOGE
and
SHIB
has
reduced.
The
meme
coin
category
has
noted
a
surge
in
market
capitalization
as
the
market
recovers
from
the
recent
correction. 

Meme
coins
added
4.5%
to
their
market
cap
in
the
last
24
hours,
reaching
$45.83
billion. 

Dogecoin,
Shiba
Inu
on-chain
metrics
support
gains

Dog-themed
meme
coins

Dogecoin
and
Shiba
Inu
extend
their
gains
on
Wednesday,
recovering
from
the
broad
crypto
market
correction.
Data
from
crypto
intelligence
tracker
IntoTheBlock
shows
that
49.70%
of
wallet
addresses
holding
DOGE
are
profitable
at
$0.1093,
and
32.26%
of
investors
with
SHIB
in
their
wallets
are
profitable
at
$0.000017. 

The
percentage
of
investors
profitable
at
the
current
price
levels
is
under
50%,
so
the
percentage
of
traders
underwater
(sitting
on
unrealized
losses)
is
higher,
signaling
selling
pressure
on
the
meme
coins
will
be
relatively
low
as
traders
sitting
on
unrealized
losses
are
typically
less
likely
to
sell
their
asset
holdings
to
reach
the
breakeven
price. 

DOGE
profitable/
underwater
wallets
percentage

SHIB
profitable/
underwater
wallets
percentage

Santiment
data
shows
that

Dogecoin
and
Shiba
Inu
whales
have
distributed
their
holdings,
while
DOGE/
SHIB
investors
and
retail
traders
accumulated
the
assets
through
the
“dip”
between
July
1
and
10. 

While
whales
shedding
their
asset
holdings
may
be
considered
bearish,
accumulation
by
small
wallet
investors
has
aided
against
a
mass
sell-off
in
the
two
meme
coins. 

Dogecoin
supply
distribution 

Shiba
Inu
supply
distribution 

IntoTheBlock
data
shows
that
sentiment
among
Dogecoin
and
Shiba
Inu
traders
is
neutral
on
Wednesday.
DOGE
and
SHIB’s

correlation
with
Bitcoin
is
0.94
and
0.88,
respectively.
As

Bitcoin
sustains
above
key
support
at
$57,000
and
extends
its
rally,
the
meme
coins
will
likely
follow
suit. 

On
Wednesday,
Dogecoin
extends
gains
by
2.12%
and
Shiba
Inu
rallies
2.08%
on
Binance.
At
the
time
of
writing,
DOGE
trades
at
$0.1098
and
SHIB
at
$0.000016.