Dogecoin (DOGE) and Shiba Inu (SHIB) are having a rough December, each down roughly 16% over the past month as broader crypto market volatility continues. But here's the interesting part: on-chain indicators and technical analysis suggest investor confidence hasn't actually crumbled. In fact, some metrics point to the opposite.
Let's start with where things stand right now. Dogecoin is trading around $0.1236 with a market cap of $20.8 billion, down 5% over the past week. Shiba Inu sits at approximately $0.00007157 with a $4.2 billion market cap, essentially flat with a 0.2% weekly gain. For context, Pepe (PEPE) is up 4.1% over seven days at $0.00004119, commanding a $1.7 billion market cap.
Trader Outlook: Big Upside Targets Remain
Crypto trader Javon Marks maintains that Dogecoin's primary breakout target sits at $0.6533, which would represent about a 401% surge from current prices. That's more than a fivefold gain if it plays out. Marks points out that DOGE has respected a broader uptrend structure dating back to early 2022, suggesting the foundation for another impulsive rally could still be intact. If the token pushes decisively above $0.6533, the next major level in sight would be $1.2511.
On-Chain Activity Tells a Different Story
While prices have softened, the underlying data paints a more nuanced picture. Shiba Inu's burn rate absolutely exploded over the past 24 hours, surging 2,566.4% according to data from Shibburn. That removed roughly 3.4 million tokens from circulation, which theoretically reduces supply and could support prices over time.
Meanwhile, Bitinfocharts data shows growth in Dogecoin addresses holding between 0–0.1 DOGE and 0.1–1 DOGE over the past month. Translation: smaller holders have been steadily accumulating despite the price weakness. That's usually a sign that retail investors still see value here, even if the headlines look grim.
Shiba Inu Launches Blockchain-Based Restitution Program
On the community front, Shiba Inu recently unveiled a formal on-chain restitution initiative called "Shib Owes You" (SOU). The program aims to compensate users who were affected by a security exploit earlier this year. Instead of informal recovery efforts, the team is rolling out a structured, blockchain-based system where losses get tokenized as dynamic NFTs on Ethereum. These NFTs represent immutable and transferable claims on repayment, which is a creative approach to handling restitution in a decentralized ecosystem.
Overall, the initiative represents a shift toward transparent, enforceable on-chain debt management. The program will be supported by tighter cost controls and centralized revenue allocation, which should help ensure the restitution fund remains viable over time.