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“Dogecoin killer” Shiba Inu is the “obvious catch-up” for those who missed the DOGE rally, traders claim

“Dogecoin killer” Shiba Inu is the “obvious catch-up” for those who missed the DOGE rally, traders claim

Shiba Inu SHIB/USD rides a price increase Dogecoin DOGE/USD is leading a broader meme coin rally.

What happened: On-chain intelligence firm Arkham Intelligence recently reported that an unknown whale withdrew 105.9 billion SHIB worth $1.99 million from Coinbase in a transaction split into three parts. This address has not appeared in previous on-chain activity, indicating potential bullish momentum for the meme coin.

Shiba Inu Marketing Director Lucie announced that the Shiba Inu Decentralized Autonomous Organization (DAO) and Foundation will be launched in 2024/2025. She added that “the Shib ecosystem is on the verge of a transformative change that puts power in the hands of true holders.”

Given Dogecoin’s 13% rise in the last 24 hours, crypto trader Bluntz shared that Shiba Inu and Floki FLOKI/USD are the “obvious catch-ups” for those who missed the DOGE breakout.

Another trader, CryptoJack, noted that Shiba Inu is holding on to its support trendline and is expecting a “huge rise” in the near term.

Also Read: Dogecoin, Shiba Inu and Pepe may have overtaken these Nasdaq-listed companies towards billion-dollar valuations, but there’s a catch

Why it matters: While Shiba Inu posted gains, data from IntoTheBlock shows that large transaction volume fell by 32.3% and daily active addresses fell by 16.9%. Transactions over $100,000 fell from 190 to 118 in a single day. As the meme coin’s profits rise, holders’ profits have now increased to 53%.

In the last 24 hours, 3.27 million SHIB coins were burned, increasing the burn rate by 27.2%. The meme coin rally follows Dogecoin’s recent surge, which was fueled by Elon Musk’s joking mention of a hypothetical “DOGE division” under a Trump administration.

What’s next?: The influence of meme coins is expected to be explored in depth at Benzinga’s upcoming Future of Digital Assets event on November 19th.

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