Shiba Inu and Dogecoin Find Support Amidst Stagnant Memecoin Market

The memecoin market has been sluggish, but Shiba Inu (SHIB) and Dogecoin (DOGE) are showing signs of recovery. According to on-chain data from Etherscan, SHIB's holder count has reached approximately 1.5883 million, with only a gain of fewer than 2,000 new holders over the past two weeks.

This slow growth could be due to an oversold setup, as T. Rowe Price's active crypto ETF now holds SHIB while it develops new features, including auto-burn upgrades and a Layer-3 privacy build.

In contrast, Dogecoin is finding support from a different angle, with its price climbing 8% after the Tom DeMark Sequential flashed a buy signal. This indicator previously signaled a sell in May, leading to a 31% drop from $0.113 to $0.078.

DOGE's recent price action may be influenced by the addition of Dogecoin to Mercari's app, Japan's largest online marketplace, which has around 23 million monthly users.