Shiba Inu’s (SHIB) dollar-denominated price hit a one-month high, charting a bullish trend against Bitcoin. However, the outlook against its rival, dogecoin, doesn’t look as promising.

SHIB has gained 5.2% in the past 24 hours, reaching a high of $0.00001255 on Coinbase, the level last seen on June 12. As of writing, the cryptocurrency teased a breakout into bullish territory above the widely tracked 50-day simple moving average (SMA) at $0.00001242.

Key AI insights based on the 24-hour price action

• Institutional flows drove prices from $0.00001215 to a peak of $0.00001250 between 19:00 and 20:00 on July 9, with an exceptional institutional volume of 1.25 trillion tokens.
• Strong institutional resistance has been established around the $0.00001250 level, significantly exceeding the average daily institutional volume of 491 billion tokens.
• An additional 2.54% institutional gains occurred during the final trading hour from July 10, 03:56 to 04:55, advancing from $0.00001244 to $0.00001247.
• A session low of $0.00001238, established around 04:15, indicates what institutional traders view as strong technical support within the $0.00001238-$0.00001240 range.

SHIB/BTC breakout

The SHIB/BTC pair listed on CoinEx, which represents SHIB’s BTC-denominated price, rose 3.70% Wednesday (UTC), rising out of a triangular consolidation pattern identified by trendlines connecting June 24 and July 3 highs and June 22, June 27 and July 4 lows, according to data source TradingView.

The breakout follows a prolonged year-long downtrend and indicates that the bulls have emerged victorious, having successfully absorbed supply during the triangular consolidation.

The pair, therefore, could continue to gain ground in the short term, supported by a positive MACD histogram, which points to a strengthening of upward momentum. The swing low from May 7, represented by the horizontal line on the chart below, could offer resistance on the way higher.

SHIB/DOGE breaks down

SHIB could underperform DOGE in the coming days, as the Binance-listed SHIB/BTC pair has penetrated a trendline support, marking the end of the recovery rally from May lows.

Furthermore, the Guppy multiple moving average indicator appears poised to cross bearish, indicating a negative shift in momentum. The bear cross occurs when the band of short-term exponential moving averages (EMAs) moves below the long-term EMAs.

The pair needs to top the June 24 high of 0.0000719 to negate the bearish outlook.

(Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.)

XRP (XRP) is hovering above a key support at $2.34, and traders are betting on a breakout toward $2.65 in the coming weeks.

A move higher would mark the upper bound of a consolidation range that’s held since December 2024, a range that’s seen steady accumulation even as retail interest waned.

Arthur Azizov, founder of B2 Ventures, said the token is “likely to move towards a new local high around $2.65” if it continues to hold above current levels.

“Since XRP has been in accumulation for quite a long time, the outlook remains positive,” he said in a Thursday note to CoinDesk, noting that a clean breakout from the range could push the token toward the $4–$6 zone.

That view is echoed by other technical analysts, who flag multiple bullish formations — including a symmetrical triangle and bull flag — supporting the case for a $2.60–$2.65 retest. If broken, those levels could act as a springboard for a move toward multi-year highs.

Sentiment has been bolstered by growing open interest in XRP derivatives, tightening volatility bands, and apparent whale accumulation.

Meanwhile, Ripple’s stablecoin RLUSD crossed a $500 million market cap on Wednesday, less than eight months after launch.

The dollar-backed token now ranks among the top 20 stablecoins globally, backed by custody from BNY Mellon and integrated across platforms like Transak and OpenPayd.

Read more: Ripple Taps BNY to Custody Stablecoin Reserves as RLUSD Surpasses $500M

Pump.fun’s official token, PUMP, is trading at a mark price of $0.0056 on derivatives platform Hyperliquid, a value 40% above its upcoming ICO price, as futures begin pricing in demand ahead of the July 12 token sale.

The token’s PUMP-USD perpetual pair went live on July 9 following community requests, offering up to 3x leverage. In its first 24 hours, the pair generated $30 million in trading volume, suggesting strong speculative interest despite the token not yet being live on-chain.

Open interest stood at over $17 million as of Asian morning hours Thuesday, but activity is expected to accelerate after Binance Futures launches its own PUMP perpetual contract on July 10 at 07:30 UTC.

The Pump.fun ICO will distribute 33% of PUMP’s total 1 trillion token supply, with 18% already sold in a private round and 15% reserved for the public sale, both priced at $0.004. All tokens will be fully unlocked at launch.

Pump.fun is positioning the token as part of a broader strategy to build a decentralized social platform pitched as a Web3-native alternative to TikTok, Twitch, and Facebook, where users are rewarded with money, not just engagement.

The protocol has already generated over $600 million in revenue, largely from fees on meme coin launches, and has been at the center of Solana’s low-friction token boom since early 2024.

Read more: Pump.fun to Launch PUMP Token via ICO on July 12