As a seasoned crypto investor with a knack for spotting trends and a penchant for meme coins, I’ve seen my fair share of ups and downs in this wild world of digital assets. The recent 5% rally of Shiba Inu (SHIB) over Dogecoin (DOGE) has caught my attention, not just because it’s an interesting development, but also due to the underlying factors that seem to be driving this shift.
1- In the previous 24 hours, the price of Shiba Inu (SHIB) surged by more than 5%, outpacing Dogecoin (DOGE). As the meme coin with the largest market capitalization, SHIB experienced greater growth compared to DOGE. Analyzing onchain data reveals that crypto whales appear to prefer Shiba Inu over Dogecoin currently, as their activity indicates a shift in favor of the former.
Why Shiba Inu Price Rallied Over 5%, Leaving Dogecoin Behind
The price of Shiba Inu has surged by more than 5%, outpacing Dogecoin, as major crypto investors have been hoarding this popular meme coin, now the second largest by market capitalization. Recently, there’s been a significant increase in whale activity for Shiba Inu, with big investors actively amassing the meme token. Notably, figures from IntoTheBlock suggest that the inflow of large holders has increased dramatically, soaring by over 258% in the past week alone.
It’s noteworthy that the strong economy, as indicated by the September US job report released on October 4, has also played a role in the recent price surge of Shiba Inu. This robust job market report bolstered the confidence of large Shiba Inu investors (whales) to keep purchasing the meme coin, which has led to the observed price rally over the past 24 hours. According to IntoTheBlock, these whales traded an impressive 4.3 trillion SHIB tokens during this period, fueled by the positive job report.
More eyes are also on Shiba Inu ahead of the inaugural ShibaCon conference in November. The Shiba Inu team is expected to make game-changing announcements at the event, providing more bullish momentum for the meme coin. One potential announcement includes an update on the launch of the layer-3 privacy chain, which they are currently working on.
Currently, Shiba Inu’s Marketing Head, Lucie, has given hints that they are developing a stablecoin. It’s possible we may soon hear an official announcement about this upcoming stablecoin launch. This development could spur increased activity within the decentralized finance (DeFi) sector of the Shiba Inu ecosystem.
DOGE Could Catch Up Soon Enough
Shiba Inu has surpassed Dogecoin in performance this year, boasting a YTD increase of more than 54%, while Dogecoin has only gained 15%. But the situation might flip soon, as Dogecoin is currently experiencing its own surge. Notably, crypto analyst Ali Martinez forecasts that Dogecoin could potentially reach $0.16 in price.
Dogecoin’s fundamentals support such a bullish outlook for the meme coin. Bitcoinist recently reported how DOGE’s new addresses jumped by over 72% in one week.
As a researcher, I’ve noticed an influx of new investors showing interest in the Dogecoin ecosystem, which could potentially trigger substantial price increases as these investors start hoarding the meme coin. Moreover, the potential for Dogecoin’s utility is on the rise, with the QED Protocol recently unveiling plans to facilitate smart contracts within its network, a development that could further boost its popularity and value.
Currently, significant Dogecoin investors (often referred to as ‘whales’) are re-emerging with faith in the meme currency’s prospects. In fact, within a 24-hour period, these whales have purchased approximately $108 million worth of DOGE.
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2024-10-06 07:43