Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
One of the first and biggest Shiba Inu competitors - BabyDoge meme token - has surpassed its "rival" in the number of holders after almost a 100% price spike on the market.
According to on-chain data provided by WhaleStats, the number of BabyDoge holders has reached the local high of 1.12 million holders, while the number of SHIB holders still remains at 1.1 million investors.
Holder count foundation
The number of holders is an efficient metric that allows traders to determine whether the asset is growing fundamentally or not. Members from both the Shiba Inu and Baby Doge communities suggest that the strong growth of both coins is based on the asset's low price and ability to show strong gains during each rally.
Shiba Inu garnered a large portion of its current supporter base during the mind-blowing 1,000% rally that took place back in October 2021. The spike in the number of holders on BabyDoge appeared during the most recent 100% pump that took place on the market on Jan. 2.
Arman ShirinyanThe sudden price increase of the asset was followed by the swift volume increase the day before, during the transition between 2021 and 2022.
Currently, whales are holding more than 45 trillion BabyDoge, which is a relatively low number compared to holdings in smaller wallets. Compared to Shiba Inu, BabyDoge does indeed follow its predecessor's steps, when smaller wallets fueled the rally while whales came to the party later.
Gamza Khanzadaev
Yuri Molchan
Dan Burgin
Alex Dovbnya
Vladislav Sopov