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 a 24% growth within the same time period. Investors in the two coins were able to recover most of their losses from the previous weeks’ thanks to this spectacular price increase.
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 bulls on board with Doge bulls
Shiba Inu bulls are showing signs of revival on Santiment’s chart as the volume of the SHIB/BTC pair significantly increases, indicating that traders are placing bets on the meme token outperforming 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.
Santiment’s analysis of Bitcoin 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.”
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