As the new generation of Shiba Inu-inspired cryptocurrencies continue to explode in the price charts, the hype surrounding the “petcoin” meme has highlighted the phenomenon of community-driven, dependent markets in KOLs.
Flokinomics, one of the newer DOGE clone tokens, started trading after Musk’s recent tweet and rose 1.008% in just 24 hours.
As the meme coin craze continued, the price of Shiba Inu-inspired baby Shiba Inu also rose 641.2 percent.
who drops Dog off?
Referred to as the “Dogecoin killer”, SHIB not only took the top spot in the list of DOGE spin-off tokens introduced to benefit from the meme coin hype, but also became the second largest cryptocurrency.14 by market capitalization.
SHIB Price Chart | Source: Tradingview
SHIB hit the biggest trading volume this week, even surpassing the DOGE meme symbol.
Along with other wealthy celebrities who support DOGE, Tesla CEO Elon Musk has earned the nickname “The Godfather of DOGE” thanks to his previous success in raising the price of this coin.
As the adoption of crypto continues to grow in importance, more and more companies are reported to be accepting DOGE as a form of payment.
Although DOGE was currently trading 66% less than ATH in May, DOGE is up 9,103% in the past 12 months.
DOGE price table | Source: Tradingview
Musk tweeted in June that his new Shiba Inu would be called Floki, which led to the mass launch of several Shiba Inu-inspired tokens.
Along with SHIB, some coins such as Floki Inu recently attracted “huge” attention with significant sums of money after Musk introduced his new Shiba Inu dog on Twitter.
Although the most famous KOL has proven his love for DOGE and even bought some tokens for his son, he still has to accept them for payment from Tesla.
As Cointelegraph reported, Musk’s recent tweet about a new puppy in a Tesla went viral on Twitter, sparking speculation over whether the billionaire is alluding to his electric car company: will he accept payments in DOGE or not?
“These new coins are very collaborative, hyped and joke-driven. Otherwise they don’t use new technology or solve problems like BTC or ETH, “commented Eric Demuth, co-founder and CEO of Vienna Stock Exchange Bitpanda, on the hype and admitted that” SHIB and others are still relevant “in today’s market because they represent a new, community-driven movement in the financial sector. “
DOGE can not bag manipulate
At least not as much as with other coins, because who knows what the next post by “The Godfather DOGE” could do with the market. Even so, the events surrounding SHIB over the past 5 days are not surprising.
Since October 3rd, SHIB is up 266.6%, despite having fallen nearly 18% on October 7th. The coin is currently trading at $ 0.00002617.
SHIB by 266% | The source: TradingView
Investor behavior that day was as expected. More than 176-178 trillion SHIB were bought and sold on the same day.
Total spot buying and selling volume of SHIB | The source: Coinlyze
The trading volume for this meme coin didn’t even surpass the previous average of $ 300 million, but hit $ 9.97 billion on October 6.
Volume of SHIB | The source: Coinlyze
The effect on DOGE is not what you think it is, however.
The owner DOGE may have responded to the movement of the SHIB, but the price has some limitations. DOGE mainly follows the signals of the market and not the signals of some other coins. Since the beginning of the month, the altcoin is only up 20.32%.
DOGE increased by 20% | The source: TradingView
Although DOGE had unusually long wicks on both ends on October 6, it only closed at + 0.85% in the end.
However, the intraday highs and lows resulted in DOGE liquidations valued at over $ 6 million.
DOGE liquidation | The source: Coinlyze
Along with retail investors, large purses or possibly whales have made some significant transactions. Approximately 6.19,000 transactions, each valued at more than $ 100,000, were executed within 48 hours. Together, these amounts are worth more than $ 21.61 billion.
Please note that the average DOGE volume on any given day is less than $ 2 billion.
Number of transactions DOGE large | Source: Intotheblock
Even if investors always jump in the face of the ups and downs of the “baby”, DOGE has shown us that it always knows how an investor behaves, no matter how an investor behaves.
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According to AZCoin News