Shiba Inu (SHIB) has gained more than 5% in the past 24 hours, pulling away from Dogecoin (DOGE) as the largest meme coin by market cap posted smaller gains. Based on on-chain data, virtual whales appear to be favoring Shiba Inu over Dogecoin at the moment, considering whale activity on both meme coins.
Why the price of Shiba Inu rose more than 5% compared to Dogecoin
Shiba Inu price rises more than 5%, leaving Dogecoin behind as the crypto whale accumulates the second-largest meme coin by market capitalization. Shiba Inu Whale activity has exploded in recent days, with large investors actively collecting meme coins. Specifically, data from market intelligence platform IntoTheBlock shows that large shareholder net flows have surged more than 258% over the past seven days.
Source: Into the Block
It is worth noting that macro aspects are also contributing to this price increase. The September US employment report, released on October 4th, showed that the country’s economy is doing well. This gives Shiba Inu Whale even more confidence to continue actively accumulating meme coins, leading to the price increase seen over the past 24 hours. IntoTheBlock shows that these whales traded 4.3 trillion SHIB tokens amid strong employment figures.
Ahead of the first ShibaCon conference in November, Shiba Inu dogs are also attracting attention. The Shiba Inu team is expected to make a game-changing announcement at the event, bringing further bullish momentum to Memecoin. One potential announcement includes an update on the launch of the Layer 3 privacy chain that we are currently working on.
Meanwhile, Shiba Inu’s marketing lead Lucie recently hinted that a stablecoin is already in development. Therefore, there may also be an announcement about the launch of this stablecoin. This could further encourage decentralized finance (DeFi) activity in the Shiba Inu ecosystem.
DOGE will be able to catch up quickly
Shiba Inu has outperformed Dogecoin since the beginning of the year, with the former boasting an increase of over 54% year-to-date (year-to-date), while DOGE is up 15% year-to-date. However, things could change soon with Dogecoin witnessing a move of its own. Crypto analyst Ali Martinez recently predicted that the cutting-edge meme coin could rise in price to $0.16.
Dogecoin’s fundamentals support this bullish outlook for the meme coin. Bitcoinist recently reported that new addresses for DOGE have spiked by more than 72% in one week.
This indicates that new investors are flocking to the Dogecoin ecosystem, which could lead to a significant price spike as these investors start accumulating meme coins. Dogecoin’s utility is also expected to grow soon, with QED Protocol recently announcing plans to enable smart contracts on the memecoin network.
Meanwhile, Dogecoin whales are regaining confidence in the potential of meme coins. These whales recently accumulated $108 million in DOGE in 24 hours.
SHIB price starts to recover | Source: SHIBUSDT on Tradingview.com
Featured image created by Dall.E, chart on Tradingview.com
