Dogecoin dips while Shiba Inu holds steady: What’s next for these meme coins?

Dogecoin took a 5% hit this week, dropping to $0. 1039 and testing a key support level at $0. 1037. This level has been a battleground for weeks, acting as a pivot point between buyers and sellers. Earlier, DOGE had briefly touched $0. 1173 before facing strong selling pressure, and now it’s sliding back toward the middle of its recent trading range. Meanwhile, Shiba Inu showed more resilience, staying flat despite a failed breakout attempt above $0. 00000646. Its upward trendline from March has now been broken, and the coin is retesting a support zone between $0. 00000563 and $0. 00000588. A closer look at Dogecoin reveals mixed signals. The coin’s price is caught between two moving averages—the 20 EMA at $0. 1081 and the 50 EMA at $0. 1038—both acting as dynamic support. Traders are watching closely to see if DOGE can hold these levels or break lower. Prediction markets like Polymarket suggest a bearish outlook, giving a 66% chance that DOGE closes below $0. 10 by June 1. The odds for a rebound to $0. 15 or $0. 20 are slim, leaving investors cautious.Shiba Inu, on the other hand, has a different story. Its recent surge in burn activity—where tokens are permanently removed from circulation—could be a sign of growing interest in scarcity. In just 24 hours, over 500, 000 SHIB were burned, a massive jump compared to usual activity. While this doesn’t drastically reduce SHIB’s enormous supply, it shows a shift in community behavior. The burn rate peaked around May 15, with nearly 28 million tokens removed in a week, nearly tripling the usual pace. What does this mean for the two coins? DOGE’s sharp decline contrasts with SHIB’s steadier performance, despite the latter’s broken trendline. The difference in burn activity adds an interesting layer to SHIB’s story, suggesting that some investors are betting on long-term value through reduced supply. But with both coins facing resistance, the next moves could hinge on whether these support levels hold—or if sellers take over.