Dogecoin and Shiba Inu are preparing for further losses despite the recent protocol update

  • The latest development upgrade on the Dogecoin network is expected to lower fees, and the Doge-Ethereum bridge is underway.
  • Robinhood has introduced a no-fee recurring purchase feature that is likely to increase the number of buyers for the Memecoins.
  • Coinbase Pro makes an important announcement for the SHIB community; Incoming transfers are now available in regions where commerce is supported.

Dogecoin and Shiba Inu Coin suffered a price decline in the market-wide sell-off on September 8th. The bullish developments in Shiba-Inu-themed cryptocurrencies have led to a bullish trend reversal.

Shiba Inu Coin is set to go live on Coinbase, analysts expect a price correction shortly

The Shiba-Inu-themed memecoin is not yet available for trading on or related applications. The world’s second largest exchange announced on September 8th that deposits for Shiba Inu coins are now active in regions where trading is supported.

Incoming transfers for SHIB are now available in the regions where trading is supported. Traders cannot place orders and no orders will be executed. Trading will begin on Thursday, September 9th at 9:00 a.m. PT if the liquidity conditions are met.

– Coinbase Pro (@CoinbasePro) September 8, 2021

The pseudonymous cryptocurrency analyst @AltcoinSherpa attributes the latest bullish turnaround to the announcement by Coinbase. The analyst assumes that a correction will follow closely.

The Shiba-Inu coin competitor, Dogecoin, rallied alongside SHIB, posting almost 4% gains over the past 24 hours.

Dogecoin rallies in response to bullish development upgrades

Vitalik Buterin, the founder of Ethereum, joined the new advisory board of the Dogecoin Foundation in early August 2021. Buterin recently suggested that the meme coin should introduce the proof-of-stake as a consensus mechanism.

The Shiba-Inu-themed cryptocurrency is currently powered by energy-intensive mining, and its current consensus mechanism is evidence of work.

Personally, I hope Doge can switch to PoS soon, maybe with Ethereum code. I also hope they don’t cancel the $ 5 billion annual PoW issue, but put it into some kind of DAO that funds global public goods. Would go well with the non-greedy wholesome ethos of Dogecoin.

– vitalik.eth (italVitalikButerin) September 2, 2021

When asked about the most promising ideas for the collaboration between Ethereum and Dogecoin, the founder of Ethereum said:

If we can have a safe doge-to-ethereum bridge. That would be great.

Buterin’s statement was well received by the community and viewed as a bullish development preparing Dogecoin for the future of cryptocurrency. Following the comments of the Ethereum founder, Dogecoin introduced an upgrade that reduced transaction fees on the DOGE network.

DOGE is currently running on the Dogecoin blockchain, which is derived from Litecoin Scrypt technology. The development team is currently testing two smaller nodes before the final upgrade version.

In a recent report, Robinhood, the commission-free exchange, stated that 62% of the exchange’s revenue comes from DOGE trading. The exchange recently introduced a no-fee recurring purchase feature for traders interested in Dollar Cost Averaging (DCA) and buying their favorite cryptocurrencies.

Given DOGE’s popularity on Robinhood, the addition of this feature is likely to increase the number of Dogecoins buyers and owners.

FXStreet analysts expect Dogecoin to continue its uptrend amid bullish developments.

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