Market Analysis, Shiba Inu Coin

Shiba Inu Vs Dogecoin Battle Gets Hot After Elon Musk Comes In Support For DOGE.

Last August, an address forecasting the $3,400 purchase of Shiba Inu (SHIB) led to the coin’s current worth of $ 1.55 billion.

Since August 2020, the unknown individual has purchased SHIB 44 times – the greatest purchase being $3,200 – and their total assets of 70,200,003 107,594 SHIB are now worth $5.63 billion.

Following the release of the wallet address on Twitter, user “Untraceable” wonders if the SHIB market is liquid enough to “absorb $5.7 billion if this portfolio sells?”

According to Etherscan, the anonymous SHIB holder bought the dog-themed token nine times in August 2020, for a total of $3,400 in Wrapped Ethereum (WETH).

The holder has become a crypto billionaire from its purchases alone since the price of SHIB has increased by over 94,278,239.8% in the last year to $0.00008094 at the time of reporting.

Shiba Inu Vs Dogecoin Investment Profits - Analysis.

Shiba Inu Price Chart – Source: CoinMarketCap

SHIB’s entire market cap is now around $37.3 billion, according to coinmarketcap data. SHIB has surpassed the popular Dogecoin (DOGE), on which it was based, as one of the top ten currencies rated, thanks to a massive 1063 percent increase in value over the last 30 days.

SHIB is now ranked 10th, with a market size of $37.3 billion, while DOGE is ranked 9th position with a market cap of $38.6 billion. DOGE’s resurgence has generated a new internet joke referring to it as a “boomer meme currency.”

The TBEN market team revealed three reasons for SHIB’s positive momentum earlier today, including expanded user access through listings on numerous crypto exchanges, as well as the company’s own NFT project’s debut. Open term interest (OI) on many exchanges, including OKEx, FTX, and Huobi, has increased due to a Shiba Inu called “Shiboshi’s.”

While SHIB has witnessed a dramatic surge in recent months, DOGE’s appreciation has lagged, with the ancient meme coin only earning 19.69% in the last 30 days to sit at $0.29 USD.

Shiba Inu Vs Dogecoin Investment Profits - Analysis.

Dogecoin Price Chart – Source: CoinMarketCap

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