Dogecoin (DOGE) and Shiba Inu (SHIB) prices lack strength for further momentum.

Dogecoin (DOGE) and Shiba Inu (SHIB), the top meme cryptocurrencies , have not been spared the slow momentum of the crypto market . DOGE and SHIB 's dull price actions and a larger bearish tone have taken over the price momentum of both once-volatile altcoins .

The price action of DOGE and SHIB has caused most investors to review their investment in meme cryptocurrencies. Throughout the past year, both dog-themed altcoins have taken center stage in the crypto market, gaining high social volumes and occasionally hitting new short-term price highs.

At the time of writing, the Dogecoin price is down 91.88% from its all-time high of $0.74 reached in May 2021 . The famous “Dogecoin killer” , Shiba Inu, has plunged 88.47% since his October 2021 ATH. So, when could the DOGE price and SHIB price generate a stir amid bearish crypto market conditions?

Whales are interested in the DOGE price, but what next?

From a price perspective, Dogecoin price remained between $0.0575 low and $0.0630 high range and an RSI value indicating that sellers dominated the market on a one-day chart.

A look at IntoTheBlock's breakeven price indicator highlighted that more than 450,000 addresses that had purchased 58.81 billion DOGE would break even between $0.06 and $0.10. Therefore, this price range will act as a major resistance barrier going forward for Dogecoin price.

The number of new daily DOGE addresses is trending down, generating a series of lower lows despite the notable rise in price in mid-July.

A further downward trend in daily active addresses shows that fewer participants are interested in DOGE.

A short-term uptrend was that social sentiment seemed to be improving and mentions related to social media saw an uptick.

However, this does not mean that it is completely bullish, it can also mean that traders are getting overconfident and usually when that happens, the DOGE price does the opposite of the herd.

In particular, there is some buying pressure from the whales because of the price of Dogecoin, as they have bought 200 million DOGE, worth about $12 million . Whether the whales that buy Dogecoin can act in favor of the price is something that only time will tell.

Where are the Shiba Inu whales?

The Shiba Inu price, more or less like the DOGE price, is moving in a range-bound momentum. SHIB price is trading between the low of $0.000010 and the high of $0.000011.

For the price of Shiba Inu, the Global In/Out of the Money model highlights that more than 100,000 addresses have more than 452 billion SHIB between $0.000014 and $0.000021. This supply barrier could act as a crucial resistance zone for SHIB.

In particular, a large number of SHIB tokens have been withdrawn from exchanges . Still, it is not enough to create a supply deficit as demand is lacking.

Also, the number of SHIB transactions worth more than $100,000 is still quite low. Such market behavior is indicative of declining whale activity.

It suggests that the big players in the crypto market are not interested in buying SHIB at current levels.

If this on-chain activity persists, even if SHIB price moves towards the $0.0000014 supply barrier, it may not have a chance of breaking it.

This massive supply wall that IntoTheBlock shows could pose a threat to the Shiba Inu price uptrend.

“Underwater” investors would likely sell some of their holdings to break even as SHIB prices rise.