Is Shiba Inu Following Dogecoin’s Footsteps? What This Recent Data Says

Is Shiba Inu Following Dogecoin’s Footsteps? What This Recent Data Says

October 30, 2022 0 By Alicia Hagen

Dogecoin has dominated debates for some time within the previous week for obvious reasons. Nevertheless, Shiba Inu might appear overlooked compared to DOGE. That’s despite the uptick in SHIB prices and growth on its social front. Usually, meme coins like Shiba Inu launch uptrends whenever Dogecoin initiates leg-ups.

SHIB Catching DOGE’s Tail

There could be some logic to the mentioned fact, as the latest Santiment tweet indicated that Shiba Inu historically followed Dogecoin’s pumps. The previous seven days saw SHIB gaining around 19%. That came as DOGE maintained upsides.

Moreover, Santiment’s graph highlighted correlations between the meme coins. Also, SHIB and DOGE recorded upticks in their trading volumes within the last few days.

Also, Shiba Inu saw increasing daily active addresses, indicating potential growth for the canine-themed crypto. The token recorded velocity upticks over the previous week. Amplified velocity shows the rate at which wallets moved SHIB Inu increased.

Besides that, the network growth saw upsurges in new wallets transacting Shiba Inu for the first time. That indicated revived interest in SHIB by new investors. Meanwhile, Dogecoin’s heightened interest in whales could bolster Shiba Inu to attain massive growth.

The crypto whale tracker WhaleStats revealed that SHIB was among the most traded assets by the leading 2000 Ethereum whales on October 28. Moreover, the 5000 ETH whales held SHIB worth $94 million as of this publication.

Shiba Inu All the Way

Shiba Inu inked various collaborations with several firms, regardless of the general view of meme tokens. Besides that, the crypto’s continued efforts to enhance its platform through Metaverse might solidify its growth in the longer term.

These developments, plus the Shiba Inu Burn, might help the alternative token par with DOGE’s prices. While publishing this blog, SHIB traded at $0.00001273, gaining around 19.74% within the past day. Also, its volume surged by a remarkable 125.51%.

Market players focus on Dogecoin following the Musk-Twitter deal. Many analysts believe the ‘Doge Father’ will merge the meme coin in the social media platform. It remains crucial to watch the unfolding developments.

Stay tuned for the latest crypto news.