Main navigation

SHIB and DOGE Spike as Ethereum's Merge Is Drawing Near and Due to Some Other Factors

Advertisement
Mon, 15/08/2022 - 13:54
SHIB and DOGE Spike as Ethereum's Merge Is Drawing Near and Due to Some Other Factors
Cover image via stock.adobe.com

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.

Read U.TODAY on
Google News
Contents
Advertisement

Today, the two largest canine coins — Dogecoin and Shiba Inu — jumped by 11% and 33%, respectively. Bloomberg has shared three likely reasons allowing this price increase to happen.

Three reasons for DOGE and SHIB's spike

Dogecoin today demonstrated a rise by 11.82%, while Shiba Inu, its rival by market cap, saw its price increase by 33.4%. This happened as Ethereum chain is coming close to the date announced by Vitalik Buterin last week — the day on which the long-expected Merge upgrade is likely to take place, Sept. 15, a month out from today.

Overall, according to data shared by Bloomberg, Doge has gained 14% in the past week, with the major rise happening today, and SHIB soared by nearly 40% over the same time period. In the meantime, Ethereum itself has not been growing much, and its price has remained in the $1,830 zone so far after managing to break above $2,000 briefly on Saturday.

The second reason for the rise, especially that of SHIB, is the return of retail interest. As covered by U.Today earlier, Santiment shared that during the weekend it had spotted increased activity on SHIB transactions.

The amount of value moved by whales in SHIB equals more than $100,000, which is roughly 1,089,692,794 meme tokens. Over the weekend, as reported by WhaleStats data aggregator, the top 100 whales on Ethereum purchased a comprised $57 million worth of SHIB, briefly pushing the meme coin to the number 1 spot on the top 10 list of assets held in their wallets.

Related

Cryptocurrency market cap back above $1 trillion

The third reason suggested by Bloomberg is the overall growth of cryptocurrency market capitalization value, back to the $1.2 trillion level after it had dropped $875 billion by July 19.

By now, SHIB is trading at $875 billion and has managed to recover 12th place on CoinMarketCap. Dogecoin is changing hands at $0.07614, still sitting in 10th place.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD