Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) have both fallen roughly 13% over the past week, but on-chain activity and technical signals suggest volatility may be building beneath the surface.
Shiba Inu Burn Rate Spikes
According to Shibburn data, Shiba Inu’s burn rate surged 2,097.7% in a single day, with approximately 2.63 million SHIB permanently removed from circulation across multiple transactions.
Meanwhile, Shiba Inu marketing lead Lucie issued a warning about a coordinated address-poisoning campaign targeting Safe Wallet users.
Attackers reportedly created thousands of lookalike wallet addresses designed to trick users into sending funds to the wrong destination, raising fresh security concerns within the community.
From a technical standpoint, trader Jonathan Carter noted in a Feb. 6 post on X that SHIB is testing falling-wedge support on the 2-day chart.
Early reversal signals suggest a potential bounce, with upside targets ranging from $0.0000068 to $0.0000320 if price recovers from this zone in the coming weeks.
‘Doge Below $0.1 Is A Gift’
On the Dogecoin side, Whale Alert flagged a large transfer of 203.6 million DOGE, worth roughly $20 million, from an unknown wallet to Robinhood on Feb. 8.
A second transaction shortly after saw 277.7 million DOGE, valued at about $29 million, moved to the same destination.
Such large transfers during periods of elevated volatility often attract trader attention, as they can precede sharp price moves or increased selling pressure if demand fails to absorb supply.
Crypto chart analyst Ali Martinez identified $0.074 as the most important support level for Dogecoin, warning that holding this zone is critical for maintaining its broader structure.
Meanwhile, CryptoInsightUK noted that DOGE is sitting at a major inflection point—the bottom of a 5-year bull pennant—with the 3-day RSI now oversold for the first time since the 2022 lows.
Historically, similar conditions have marked attractive accumulation zones for longer-term bulls.
Echoing that sentiment, GalaxyBTC argued that Dogecoin below $0.10 is “a gift,” noting that the meme coin has historically delivered its strongest moves when market attention is at its lowest.
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