According to a cryptocurrency analysis company, the Shiba Inu may sharply follow the Dogecoin rally as the SHIB gains ground against Bitcoin.

 

A leading cryptanalytic firm claims that the dog-themed Shiba Inu coin (SHIB) may be playing follow-the-leader with the Dogecoin (DOGE) meme token.

Santiment says Shiba Inu is starting to gain momentum after showing strength in his bitcoin pair (SHIB/BTC).

"Whichever side of the fence you're on with memecoins like DOGE and SHIB, there's no denying that they've had their pump moments.  Shiba Inu has historically followed Dogecoin pumps.  Look at the trading volume on our chart.  »

According to Santiment's chart, Shiba Inu bulls are showing signs of life as the SHIB/BTC pair witnesses a significant increase in volume, suggesting traders are betting on the meme token's outperformance against Bitcoin.  .

At the time of writing, Shiba Inu is changing hands for $0.000013, up more than 8% on the day.  Meanwhile, bitcoin is trading at $20,800, up just over 1% in the past 24 hours.

In addition to crypto traders, blockchain tracker WhaleStats shows that Ethereum's top 5,000 whales have also accumulated SHIB over the past few days.  According to WhaleStats, the top 5,000 ETH whales hold over $94.2 million in SHIB, which is a 4.5% increase from the $89.7 million in Shiba Inu they held at the start.  era.  recorded on Friday.

Also read: Chainlink's partnership with SWIFT shows that LINK is attracting the attention of "serious" institutions: Coin Bureau

Taking a gander at Bitcoin itself, Santiment uncovers that drawn out bulls keep on reserving the biggest crypto by market capitalization as the stock of BTC on crypto trades falls to a level unheard of since November 2018.

"With Bitcoin back above $20,700, merchants appear to be happy with a drawn out hold as the coins keep on pulling back from trades. With the proportion of BTC on trades down to 8.3%, this is the most minimal found in four years. October was a major delivery month. »



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