Crypto markets are having one of the busiest weeks compared to the summer months. Bitcoin (BTC) While preparing to close the week above $20,000 again after 1.5 months, the most talked about cryptocurrency in the markets Dogecoin (DOGE) it happened.
The dog-themed meme token has gained 127% since the start of the week after famous billionaire Elon Musk officially bought Twitter. While the rise of Dogecoin in the market, which was quite calm compared to the past, attracted all the attention; It turns out that the Shiba Inu (SHIB) is following its biggest competitor.
According to a new chart shared by crypto analytics platform Santiment DOGE when it rises astronomically SHIB is not indifferent to this situation. The Shiba Inu is up 19% since the start of the week of October 24.
According to the analysts’ conclusion, meme tokens follow each other, especially in volume increases. According to the chart, DOGE trade volume is at its highest level since January 2022. With this week’s rise, SHIB’s volume increased by 125%.
Can Money Out of DOGE Move to SHIB?
We have often witnessed the transition of trends in the crypto market to other coins in the same space. towards the end of 2021 metaverse While the coins were on the agenda, competing tokens in the field were gaining in value as if they were passing. For example, one day MANA was rising, the next day SAND was following it.
It is not impossible for the situation experienced in Metaverse coins to be experienced in DOGE, SHIB and their competitors. According to another data released by Santiment, the growth in the SHIB network has been on the rise this week.
According to the data, the activity index in the SHIB network increased by 39% from around 1200 at the beginning of the week to 1674.
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