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

A fierce meme crypto war rages between Shiba Inu (SHIB) and Dogecoin (DOGE), with significant stakes.

When Shiba Inu Threatens Dogecoin's Supremacy!

While both cryptos have recently garnered attention, predicting the ultimate victor remains challenging. SHIB has experienced a modest rally, finding support at $0.000024, surpassing its early May performance. Meanwhile, DOGE has surged 6.3% over the past 24 hours, trading above $0.15. (Source: DailyCoin)

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SHIBEUR chart by TradingView

DOGE still holds a market capitalization advantage, with $21.82 billion compared to SHIB's $12.96 billion.

Key indicators favor SHIB. The net flow of large holders, those holding at least 0.1% of the circulating supply, has increased 124% for Shiba Inu over the last seven days, while Dogecoin has experienced a 42% decrease over the last three months.

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

The coming days promise excitement, with predictions of volatility for both 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 Makes Headlines

Shiba Inu, the second-largest meme crypto by total market capitalization, is making waves today (May 14) with an explosive growth in 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. While the number of daily active addresses and transaction volumes also increased, their growth was less spectacular.

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

Factors at Play

Several factors may have contributed to this SHIB price resurgence. Firstly, 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.

Secondly, 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.

Finally, 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 experienced volatility 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.

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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 increased significantly, 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 monitoring these developments with the hope of becoming millionaires during the next bull run.