Dogecoin (DOGE) is being overshadowed amid new announcements from its competitors. Its three major rivals took serious steps towards the end of November.
Dogecoin competitors are preparing important announcements
The three largest meme coin projects in the market after Dogecoin are preparing to announce and implement important innovations in their emerging ecosystems soon. These were, of course, Floki Inu (FLOKI) and BabyDoge, and Shiba Inu. BabyDoge reports that it has implemented a buyback mechanism and fees are burned for all trading pairs with token swaps. It’s on the same track as SHIB, burning more than 41% of the entire token supply so far. The event will arrive as early as December 1st. In this way, BabyDoge will have a faster burning mechanism than before.
As for FLOKI, the meme project recently held a Twitter meeting with Binance. Overall, the expectations were related to Floki Inu’s listing on Binance and OKX. Also from the meeting, a report about the use of FLOKI on Binance Pay leaked. 30,000 people attended the Twitter meeting, and before this news, the price of FLOKI increased by 25%. cryptocoin.com We have included the details in this article.
Shiba Inu technically points to a potential rally
According to historical data, Shiba Inu price is preparing for another big price move. When its biggest rival, Dogecoin, rallied in late October after Elon Musk’s acquisition of Twitter, analytics firm Santiment concluded that SHIB has historically followed Dogecoin rallies. Santiment wrote in the corresponding tweet:
No matter which side of the fence you are on meme coins like DOGE and SHIB, there’s no denying that they’re having their rally moment. Shiba Inu has historically followed Dogecoin rallies.
As Dogecoin rallied over 150% on Twitter news, Shiba Inu naturally went for a run with it. The second largest meme coin touched a peak of $0.0000151 on October 29. Currently, Dogecoin is rallying 10% in the last 24 hours and 30% in the last week. SHIB, on the other hand, has yet to react to this rally as it has historically. Now expectations are for Shiba to follow the Dogecoin rally.
Whales keep accumulating
Data from WhaleStats shows a slight 0.2% increase in the SHIB balance of the top 100 Shiba Inu whales. The slight 0.2% increase was beneficial, given that these top holders have SHIB funds flowing with billions of tokens. If this accumulation trend continues, SHIB price will have to respond to increased demand. Despite all the reasons mentioned above, it may be more necessary to follow market trends closely.
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