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SHIB, DOGE Surge Together, Volume Skyrockets

Fri, 10/28/2022 - 22:30
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Wahid Pessarlay
Top two memecoin prices have surged together again following a historic pattern
SHIB, DOGE Surge Together, Volume Skyrockets
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The top two memecoins have, historically, followed almost the same pumps. According to the on-chain markets intelligence and analytics platform Santiment, Shiba Inu’s (SHIB) price and trading volume surged right after Dogecoin (DOGE) again.

DOGE’s price saw a 44% pump in the past 7 days, per Santiment data. Although SHIB’s pump is less than half of Dogecoin’s, the analytics platform says that “Shiba Inu has historically followed Dogecoin pumps.”

According to CoinMarketCap (CMC) data, SHIB has, similarly, followed DOGE’s pump in April and May last year. The same movement nearly happened in Oct. 2021 as well — while Dogecoin saw a roughly 40% price surge, Shiba Inu’s price skyrocketed by more than 11 times in less than a month.

Data shows that both of the dog-themed memecoins saw a massive pump in terms of the daily trading volume. At the start of the week on Oct. 24, SHIB and DOGE’s trading volumes were roughly $120 million and $201 million, respectively.

With the price pump, consequently, the daily trading volume of the top two memecoins is around $810 million and $3.2 billion at the time of writing, according to Santiment data.

Dogecoin is currently trading at around $0.0865, up by 7.5% in the past 24 hours, according to CMC. Similarly, Shiba Inu saw a 9.3% surge in the last 24 hours and is trading at nearly $0.000012 at the time of writing, per CMC data.

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About the author

Wahid is an experienced writer, interested in everything decentralized since 2019.

Before joining U.Today, he wrote for some of the top DeFi and CeFi outlets, bringing in millions of views and educating readers with his knowledge of the industry.