Why Did The Shiba Inu Price Rally Over 5% And Left Dogecoin Behind?

1 month ago 9

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.

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 Enough

Shiba Inu has been outperforming 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, with Dogecoin witnessing a run of its own. Crypto analyst Ali Martinez recently predicted that the foremost meme coin could enjoy a price rally to $0.16.

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.

This indicates that new investors are flocking to Dogecoin’s ecosystem, which could lead to significant price surges as these investors begin to accumulate the meme coin. Dogecoin’s utility is also expected to grow soon enough, with the QED Protocol recently announcing 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 accumulated $108 million DOGE in 24 hours.