Will SHIB quickly grab DOT after defeating DOGE?
Although it is just a spin-off of another meme coin, SHIB has tried to race with its “big brother” DOGE in the last few weeks. The upward movement of the past few days has helped SHIB achieve some very exceptional results, which worries investors as to which coin will be SHIB’s next target.
SHIB 4-hour chart | Source: Tradingview
SHIB cannot stop in time
In the past 7 days, the SHIB price chart has gone completely insane, surpassing not one or two, but 12 altcoins. These include famous names like LTC, LINK, MATIC, UNI, LUNA, USDC and now DOGE.
In ninth place, SHIB ranks from a low of $ 4 billion – $ 7 billion to $ 41.49 billion and now the next destination is DOT, less than $ 4 billion away.
Crypto Rating | The source: OLDoingecko
Why was DOGE usurped by SHIB? This week, DOGE is doing pretty well with over 17% profit at press time. But unfortunately SHIB is even 10 times better with 170% profit in just 7 days.
In fact, both DOGE and SHIB were up over 26% in just one day yesterday. This increase has also been hotly debated online.
Since every SHIB mention on the net comes after DOGE mentions, it is clear that DOGE is interested and the attention is actually in its favor.
DOGE has broken records for volume and investor exposure in the past 24 hours. The volume rose to a 5-month high of $ 33.1 billion. In addition, the number of transactions and active addresses doubled in just one day.
Volume of DOGE | The source: In the block
DOGE Can you defend your position?
Can or can’t. Possibly because if the SHIB rally is the result of a trend and the trend is over, the price will go down as early traders sell out as usual.
Otherwise, it’s not because SHIB is currently conducting transactions valued at over $ 18 billion. This is $ 9 billion higher than DOGE’s, despite yesterday’s price hike. And if DOGE doesn’t go higher, SHIB will widen the gap enough to cement its position as the world’s ninth largest cryptocurrency in no more than 24 hours.
Additionally, DOT is currently not in good shape. Its development and psychosocial activity is in decline and the volume is only 4.1% of the volume of SHIB. In such a worrying situation, SHIB could topple DOT if that coin meme continues to rise.
Investor sentiment DOT | The source: mood
On the flip side, DOT investor sentiment fell 13.12% yesterday, making it very likely that SHIB will soon take 8th place on DOT.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
At home at home
According to AMBCrypto