The news of Elon Musk’s takeover of Twitter triggered a 50% rally in DOGE price. The rally seen on the Dogecoin front has been recently shiba inu It has the potential to jump to .
The US stock market posted a strong rise on “Wall Street” on Friday, October 28. It also helped trigger a surge in the cryptocurrency market from the Wall Street front. While Bitcoin rose to $ 20,700, Ethereum approached the levels of $ 1600.
In addition, the leading meme coins Dogecoin and Shiba Inu are also quite optimistic. DOGE has managed to gain 15% recently and is trading at $0.86. When we look at the general picture, the price has increased by 46% compared to the previous week.
When the data of the last three months are analyzed, DOGE managed to rise above $ 0.85 in the second. As a matter of fact, the strong resistance at the $0.88 level is creating significant difficulties. Therefore, investors should be very careful at these levels. However, higher levels will be triggered if the price can break this level.
Along with Dogecoin, its closest competitor and second largest memecoin, Shiba Inu (SHIB), has also seen a rebound in its price. At the time of writing, SHIB has a price of $0.00001176 and a market capitalization of $6.4 billion. It has increased by 12% in the last 24 hours. Last week, the price of Shiba Inu (SHIB) rose two places, rising 18% to become the 13th largest cryptocurrency by market cap.
According to historical trends, SHIB price may soon catch up with DOGE’s rally of around 50% on the weekly charts. A report on the on-chain data provider Santiment shared.
Shiba Inu Follows Dogecoin
“$DOGE is up +44% in 7 days and $SHIB is up +19% in 7 days. No matter which side you are on in meme coins, you can see that they follow each other in price rises. Shiba Inu has historically followed Dogecoin rises.”
As Koinfinans.com previously reported, the supply of Bitcoin on exchanges is falling very fast. Bitcoin supply on exchanges has slumped to a four-year low, according to on-chain data. Santiment: “As #Bitcoin rises above $20,700, traders seem content with long-term holdings as BTCs continue to drift away from exchanges. A 4-year low was recorded as the $BTC rate on exchanges dropped to 8.3%. “October has been a big release month,” he said.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.