Over the past several days, Dogecoin’s demand has skyrocketed. The same pattern has also been observed in Shiba Inu. As of the time of writing, Dogecoin’s price has risen 120% over the previous week, making it the top-performing coin among the top 15 cryptocurrencies this week.
Shiba Inu, on the other hand, saw an increase of 24% over the same time period. Thanks to this spectacular price increase, investors in the two coins were able to recover most of their losses from the previous weeks.
Shiba Inu and Dogecoin may be playing a game of following the leader (BTC), according to a top crypto analytics company. Shiba Inu has demonstrated strength in its Bitcoin pair (SHIB/BTC), according to Santiment, and is now beginning to gain some momentum. There is no denying that SHIB and DOGE have experienced their share of pump-and-dump moments, he claims.
Shiba Inu Bull on Board with Doge Bulls
Shiba Inu bull sentiment is showing signs of revival on the chart as the SHIB/BTC pair has increased in volume, indicating that traders are betting on the meme token that has outperformed bitcoin.
Blockchain tracker WhaleStats reveals that the 5,000 Ethereum whales have also been acquiring SHIB over the past three days in addition to cryptocurrency traders. The top 5,000 ETH whales now have approximately $94.2 million in SHIB, up 4.5% from their Shiba Inu hoard of $89.7 million that was recorded on Friday, according to WhaleStats.
An analysis of bitcoin’s sentiment shows that long-term bulls are still hoarding the largest cryptocurrency by market cap, even though the supply of BTC on crypto exchanges has fallen to levels last seen in November 2018.
“With Bitcoin back above $20,700, traders appear to be content with long-term holding as coins continue moving away from exchanges. With the ratio of BTC on exchanges down to 8.3%, it’s the lowest seen in four years. October has been a big outflow month.”
