Why Did The Shiba Inu Price Rally Over 5% And Left Dogecoin Behind?
The post Why Did The Shiba Inu Price Rally Over 5% And Left Dogecoin Behind? appeared on BitcoinEthereumNews.com.
Shiba Inu (SHIB) rallied over 5% in the last 24 hours, leaving Dogecoin (DOGE) behind, as the largest meme coin by market cap recorded lesser gains. Onchain data shows that crypto whales, considering the whale activity for both meme coins, seem to be favoring Shiba Inu over Dogecoin at the moment. Why Shiba Inu Price Rallied Over 5%, Leaving Dogecoin Behind The Shiba Inu Price has rallied over 5%, leaving Dogecoin behind as crypto whales accumulate the second-largest meme coin by market cap. Shiba Inu’s whale activity has exploded in the last few days, with large investors actively accumulating the meme coin. Specifically, data from the market intelligence platform IntoTheBlock shows that the large holders’ netflow has skyrocketed by over 258% in the last seven days. Source: IntoTheBlock It is worth mentioning that the macro side has also contributed to this price rally. The September US job report, released on October 4, showed the country’s economy is strong. This further boosted Shiba Inu whales’ confidence to continue actively accumulating the meme coin, leading to the price rally witnessed in the last 24 hours. IntoTheBlock shows that these whales traded 4.3 trillion SHIB tokens amid 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. Meanwhile, Shiba Inu’s Marketing Lead, Lucie, recently hinted that a stablecoin was already in the works. Therefore, there could also be an announcement about this stablecoin’s launch. This could drive more decentralized finance (DeFi) activity in the Shiba Inu ecosystem. DOGE Could Catch Up Soon…
Filed under: News - @ October 6, 2024 4:36 am