What Made Shiba Inu Prices Rise Over 5% and Leave Dogecoin Behind?

In the previous 24 hours, Shiba Inu (SHIB) gained almost 5%, outperforming Dogecoin (DOGE), the biggest meme currency by market size. Onchain data suggests crypto whales prefer Shiba Inu over Dogecoin based on whale behavior for both meme currencies.

What Made Shiba Inu Price Rise 5%, Leaving Dogecoin Behind

The Shiba Inu Price has risen over 5%, leaving Dogecoin behind as crypto whales buy the second-largest joke currency. In recent days, huge investors have piled into Shiba Inu's meme currency. The market analytics tool IntoTheBlock reports that major holders' netflow has increased 258% in the last week.

This price increase has also been driven by macro factors. The September US employment data, issued October 4, revealed a healthy economy. This increased Shiba Inu whales' confidence to keep stockpiling the meme currency, causing the 24-hour price surge. Following the good work report, these whales exchanged 4.3 trillion SHIB coins, according to IntoTheBlock.

Before November's first ShibaCon convention, Shiba Inu is also under scrutiny. The Shiba Inu team is likely to make game-changing statements during the event, boosting meme coin momentum. They may announce the introduction of the layer-3 privacy chain, which they are working on.

Lucie, Shiba Inu's Marketing Lead, said that a stablecoin was in development. Thus, this stablecoin's debut may be announced. Decentralized financing (DeFi) may increase in Shiba Inu.

DOGE Might Catch Up Soon

Shiba Inu has outperformed Dogecoin since the start of the year, gaining nearly 54% YTD compared to 15% for DOGE. With Dogecoin's run, that might change shortly. Crypto researcher Ali Martinez expected a $0.16 increase for the leading meme currency.

Fundamentals indicate a strong prognosis for Dogecoin. Bitcoinist observed a 72% increase in DOGE addresses in one week.

New investors are entering Dogecoin's ecosystem, which might lead to price spikes as they amass the meme currency.

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