Shiba inu rallies up 26% in past two days, beats doge and btc

Shiba inu rallies up 26% in past two days, beats doge and btc
Cryptocurrency News
Like? Do Rank It! Likes

Shiba Inu has climbed up around 26% in the past two days, beating all the other top cryptos in the market, including Dogecoin and Bitcoin.

Shiba Inu Observes 26% Rally Over The Last Couple Of Days

While most of the crypto market has shown little movement during the past week or so, SHIB has been different these last two days.

Currently, Shiba Inu is trading around $0.0000154, up 26% in the last seven days. Here is a chart that shows the recent trend in the value of the memecoin:

Looks like the price of the crypto has jumped up recently | Source: SHIBUSD on TradingView

As you can see above, the DOGE-cousin coin was moving flat during the last few days, until yesterday, when the crypto finally started catching some sharp upwards momentum.

Shiba Inu hit as high as $0.0000178 yesterday, at which point it was up 39% since the start of the rally. However, since then, the coin’s price has come down a bit. Nonetheless, SHIB holders are still enjoying gains of about 26% accumulated over the past couple of days.

Related Reading: Bitcoin Miners Continue Distribution, Bad Sign For The Rally?

The reason behind this slight decline could possibly be related to selling from whales. As per this chart from the analytics firm Santiment, SHIB whale transactions surged up when the memecoin’s value rose:

The whale transaction volume seems to have hit hit a 4-month high | Source: Santiment

From the graph, it’s apparent that the amount of Shiba Inu transactions worth more than $100k has spiked up to the highest value since the April of this year.

Despite the drawdown because of this possible dumping from whales, SHIB still handily beats the other top cryptos in the market.

Related Reading: Bitcoin Just Recorded The Best Month Of Trading Activity In July Since Last Year, Surging 19%. What Does This Mean For PivaCrip?

SHIB’s top competitor, Dogecoin, has also observed positive gains this week as the original memecoin is up 6% for the period. The below chart shows the trend in DOGE’s price.

DOGE rose up and then erased a lot of its gains in the last two days | Source: DOGEUSD on TradingView

Clearly, Dogecoin’s profits are much less than Shiba Inu’s for the same timespan. Bitcoin has performed even worse as the coin has been mostly consolidating sideways during the past week.

At the time of writing, BTC’s price is floating around $24k. Over the last month, the crypto has gained % in value.

Below is a chart that shows how the price of the coin has changed during the past five days.

BTC has seen some short-term volatility, but the overall trend has been that of sideways movement in the last few days | Source: BTCUSD on TradingView
Featured image from Ferhat Deniz Fors on Unsplash.com, charts from TradingView.com, Santiment
California State Kills Main Crypto Bill, Why?
flow
2 hours ago

One of the pressures in the crypto market is regulation. Many countries' regulators are consistent in supporting the control and monitoring of crypto assets. These regulators always create laws to...

Ethiopian Crypto Providers Will Now Need To Register With CyberSecurity Agency
8 minutes ago

Cryptocurrency service providers that are operating in Ethiopia have been instructed to register with the nation’s cybersecurity agency. The cybersecurity agency is called the Information Network Security Administrative (INSA). INSA is the agency in charge of Ethiopia’s cybersecurity department, which will start to register cryptocurrency services and transfer providers in Ethiopia. Service providers after the […]