Shiba Inu (SHIB) threatens to top DOGE: This crypto battle is raging!

A fierce meme crypto war is raging between Shiba Inu (SHIB) and Dogecoin (DOGE), with considerable stakes.

When Shiba Inu Threatens Dogecoin’s Supremacy!

While both cryptos have been in the spotlight lately, it’s hard to say who will take the lead. SHIB experienced a small rally, finding its support at $0.000024, besides its early May performances, while DOGE recorded a 6.3% increase over the past 24 hours, reaching a trade above $0.15. (Source: DailyCoin)

DOGE still leads in terms of market capitalization, with $21.82 billion compared to $12.96 billion for SHIB.

Key indicators seem to favor SHIB. The net flow of large holders, those holding at least 0.1% of the circulating supply, is up 124% for Shiba Inu over the last seven days, compared to a 42% decrease for Dogecoin over the last three months.

Additionally, SHIB shows a lower price correlation with Bitcoin (BTC), which helped it maintain recent gains, while DOGE fell by 3% over the past week.

The coming days promise to be eventful, with predictions of roller coasters for SHIB and DOGE, according to Bollinger Bands and the Relative Strength Index (RSI).

Shiba Inu (SHIB): A 2300% Explosion in a Key Indicator and a Price Increase

SHIB is Making Headlines

Shiba Inu, the second-largest meme crypto by total market capitalization, is making waves today (May 14) with an explosive growth of a major ecosystem indicator.

According to IntoTheBlock data relayed by CryptoPotato, the daily aggregate volume of SHIB, with transactions over $100,000, soared to $223 million, a phenomenal increase of 2300% compared to the previous day. Although the number of daily active addresses and transaction volumes also increased, their growth was less spectacular.

This increase in key indicators coincides with a surge in SHIB price, recording a 7% increase over the last 24 hours. However, some of its rivals in the memecoin universe saw even greater gains, including PEPE (23%), POPCAT (27%), TRUMP (22%), FLOKI (12%), and many others.

Factors at Play

Several factors may have fueled this SHIB price resurgence. On one hand, there is an increase in token burn rate, with over 200 million tokens destroyed over the last seven days, including an additional 30 million sent to a null address in the past 24 hours.

On the other hand, Shibarium, SHIB’s layer-2 scaling solution, has undergone two major updates aimed at enhancing the user experience and ensuring compatibility with popular wallets such as MetaMask, Coinbase Wallet, and Trust Wallet.

Lastly, SHIB has recently gained adoption. CoinGate, a Lithuania-based blockchain payment processor, recently adopted it as a payment method, strengthening its ties with well-known companies like Airbnb, Spotify, Nike, IKEA, Walmart, Uber, and many others.

Whales Bet Big on SHIB and DOGE

The crypto market has been shaken over the past 24 hours, with over $140 million in positions liquidated as bitcoin price fell below $61,000, causing significant fluctuations.

This drop led to an increase in long position liquidations, weakening market sentiment. Dogecoin and Shiba Inu were particularly affected, with liquidations of $5.6 million and $550,000 respectively.

Currently, about 80% of Dogecoin addresses are profitable, while 60% of SHIB addresses show profits, reports Blockchain Reporter.

Moreover, IntoTheBlock data reveals that whale interest in DOGE has significantly increased, rising from $1.1 billion to $1.6 billion. Similarly, whale transactions on Shiba Inu have exploded, increasing from $9 million to over $223 million.

Investors are closely following these developments to become millionaires during the next bull run.