Continuing its positive retracement move from last week’s low of $0.00002058, Shiba Inu (SHIB) opened the new weekly session in the green on Monday, 11 October.
Amid an impressive recent performance, the token competitor to Dogecoin (DOGE) has witnessed twice as much trading volume in the last 24 hours despite having a market cap roughly three times smaller at $11.5 billion in comparison to Dogecoin $30.7 billion.
Indeed, SHIB has seen over $4.47 billion traded in volume over the last 24 hours, which is significantly more than double the amount traded in Dogecoin with $1.75 billion, according to CoinMarketcap.com
Recently, Shiba Inu has seen a remarkable rise in value, with the decentralized meme token now trading at $0.00002921, up more than 13.61% on the day and up over 224.55% in the last seven days.
In comparison, Dogecoin is currently changing hands at $0.2341, down 4.35% on the day but up 9.16% in the last week.
Data shows price rises after sell off
Elsewhere, Santiment pointed out that Shiba Inu’s price always rises when SHIB millionaires sell their holdings.
Additionally, Santiment data shows Shiba Inu’s addresses worth 1 million to ten million SHIB sold over 31 billion tokens on Thursday, causing the cryptocurrency to plummet by over 40%. Nonetheless, SHIB tokens rebounded in value as investors built positions around the 20-4H exponential moving average.
It’s interesting to note that the project’s cheap entry fee drew in small-scale investors. As early as September 9, 2021, investors had the opportunity to become SHIB millionaires for as little as $7, with $1 purchasing 146,000 coins of the crypto at the time.
However, the token’s value soared when it was listed on Coinbase on September 16, with $870 million being invested in Shiba Inu in only 24 hours.
Following a recent surge in popularity, the Shiba Inu Twitter account announced on October 6, 2021, that it had surpassed the 1 million followers milestone on the social media platform.
The Shib account tweeted out:
“Thank you, #ShibArmy, for helping us reach yet another milestone in our history. Today, we reached 1,000,000 Followers on Twitter.”
Moreover, according to Google Trends, the number of online searches for the term “Shiba Inu” is resurging as it did between May 9 – 15, 2021.
A 12-month rise in Shiba Inu online interest in the US suggests significant retail demand. While it is still below its all-time high of 100 at 92, this trend indicates that more individuals are searching the internet for information on Shiba Inu.
Dogecoin may revisit record highs
On the other hand, it is within the range of possibility that Dogecoin may see a rise similar to that which occurred during the cryptocurrency’s big breakthrough in April, according to renowned crypto analyst and trader Justin Bennett.
The trader stated that the present price behavior of the top meme cryptocurrency resembles the technical pattern last seen in DOGE six months ago, before starting a spectacular 13x surge.
Nevertheless, it’s essential to remember that there are many DOGE knockoffs on the cryptocurrency market, all vying for the same level of fame and Dogecoin profits due to celebrity endorsements such as Elon Musks.
Last month, Dogecoin, founded as a joke; its name is a parody of a famous internet meme, announced that it will battle to regain its identity, purpose, and goal after many other cryptocurrencies adopted some variation of its moniker.
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