Shiba Inu (SHIB) rose more than 5% in the last 24 hours and took off Dogecoin (DOGE) lagging behind, as the largest meme coin by market capitalization posted fewer gains. Data from Onchain shows that given the whale activity for both meme coins, crypto whales appear to favor Shiba Inu over Dogecoin at the moment.
Why the Shiba Inu Price Surged Over 5%, Leaving Dogecoin Behind
The Shiba Inu Award is up more than 5%, leaving Dogecoin behind as crypto whales accumulate the second largest meme coin by market cap. Shiba Inu whale activity has exploded in recent days, with major investors actively accumulating the meme coin. Specifically, facts from the market information platform IntoTheBlock shows that the net flow of the large holders has increased by more than 258% in the past seven days.
It is worth noting that the macro side has also contributed to this price rally. The September US jobs reportpublished on October 4, showed that the country’s economy is strong. This boosted the Shiba Inu whales’ confidence to continue actively collecting the meme coin, leading to the price increase over the past 24 hours. IntoTheBlock shows that these whales traded 4.3 trillion SHIB tokens amid the positive jobs report.
More eyes are also on Shiba Inu ahead of the first ShibaCon conference in November. The Shiba Inu team It is expected to make groundbreaking announcements during the event, which will drive more bullish momentum for the meme coin. A possible 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 stable currency was already in the works. Therefore, there could also be an announcement about the launch of this stablecoin. This could lead to more decentralized finance (DeFi) in the Shiba Inu ecosystem.
DOGE can catch up quickly enough
Shiba Inu performs excellently Dogecoin since the start of the year, with the former boasting a year-to-date (YTD) gain of over 54% compared to DOGE’s 15% YTD gain. However, that could change soon enough Dogecoin Testimonial its own run. Crypto analyst Ali Martinez recently predicted that the top meme coin could see a price surge to $0.16.
Dogecoin’s fundamentals support such a bullish outlook for the meme coin. Bitcoinist recently reported how DOGE’s new addresses increased by more than 72% in one week.
This indicates that new investors are flocking to the Dogecoin ecosystem, which could lead to significant price increases as these investors start accumulating the meme coin. Dogecoin’s usefulness is also expected to grow quickly enough, with the QED protocol recently announced plans to enable smart contracts on the meme coin’s network.
Meanwhile, Dogecoin whales are regaining confidence in the meme coin’s potential. These whales recently collected $108 million DOGE within 24 hours.
Featured image created with Dall.E, chart from Tradingview.com