A crypto meme war is raging between Shiba Inu (SHIB) and Dogecoin (DOGE), with high stakes.
When Shiba Inu threaten the supremacy of Dogecoins!
While both cryptos have been the center of attention lately, it is difficult to say who will gain the advantage. SHIB experienced a small rallyfinding its support at $0.000024in addition to its performances in early May, while DOGE recorded an increase of 6.3% over the past 24 hours, reaching a trade above $0.15. (Source : DailyCoin)
DOGE still leads in terms of market capitalization, with $21.82 billion versus $12.96 billion for SHIB.
Key indicators appear to give SHIB an edge. THE net flow of large holdersthose who own at least 0.1% of the circulating supply, is in 124% increase for the Shiba Inu over the last seven days, compared to 42% drop for Dogecoin over the last three months.
Additionally, SHIB crypto displays lower price correlation with Bitcoin (BTC)which helped it maintain recent gains, as DOGE fell 3% over the past week.
The next few days promise to be eventful, with roller coaster predictions for SHIB cryptos and DOGE, according to Bollinger Bands and the Relative Strength Index (RSI).
Shiba Inu (SHIB): A 2300% Explosion in a Key Indicator and Price Rise
The SHIB is making headlines
Shiba Ini, the second largest meme crypto by total market capitalization, is making a splash today (May 14) with a explosive growth of a major indicator of its ecosystem.
According to IntoTheBlock data relayed by Crypto PotatoTHE daily aggregate volume of SHIBwith transactions over $100,000, climbed to $223 milliona phenomenal increase in 2,300% compared to the day before. Although the number of daily active addresses and trading volume also increased, their growth was less dramatic.
This increase in key indicators coincides with a skyrocketing price of SHIB, which recorded an increase of 7% in the last 24 hours. However, some of its rivals in the memecoin space saw even bigger gains, including PEPE (23%), POPCAT (27%), TRUMP (22%), FLOKI (12%), and more .
The factors at play
Several factors may have fueled this resurgence in the SHIB price. On the one hand, there is a increased token burn ratewith over 200 million tokens destroyed in the last seven days, with an additional 30 million sent to a zero address in the last 24 hours.
On the other hand, Shibariumthe SHIB Layer 2 scaling solution, has been the subject of two major updates aimed at improving the user experience and ensuring compatibility with popular wallets such as MetaMask, Coinbase Wallet and Trust Wallet.
Finally, SHIB has recently gained adoption. CoinGate, a Lithuania-based blockchain payment processor, recently adopted it as a payment method, thus strengthening its ties with well-known companies such as Airbnb, Spotify, Nike, IKEA, Walmart, Uber, and many others.
Whales bet big on SHIB and DOGE
The crypto market has been rocked over the past 24 hours, with more than $140 million in positions liquidated as the price of bitcoin fell below $61,000, causing significant fluctuations.
This decline led to increased liquidations of long positions, weakening market sentiment. Dogecoin and Shiba Inu were particularly affected, with liquidations of around $5.6 million and $550,000 respectively.
Currently, around 80% of Dogecoin addresses are profitable, while 60% of SHIB addresses show profits, reports Blockchain Reporter.
Additionally, data from IntoTheBlock reveals that whale interest in DOGE increased significantly from $1.1 billion to $1.6 billion. Likewise, Shiba Inu whale transactions exploded from $9 million to over $223 million.
Investors are closely following these developments to be a millionaire during the next bull run.
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