It seems that DOGE and SHIB tokens are somehow moving the market, but they are battling with each other as well. The market experienced huge price jumps in the SHIB charts in the last few days, and some believe DOGE ay follow the path in the coming days.
The two tokens are somehow correlated to each other, and their charts show this correlation as well. A new analysis is published by Delphi Digital that has some interesting facts about these coins.
0/ DOGE and SHIB faceoff in the battle of the dog tokens.
In today’s Delphi Daily, we analyzed the correlation of DOGE and SHIB, L2 activity has slowed down, and gas prices have been soaring.
For a deeper dive 🧵👇 pic.twitter.com/ZCDzFv6JTl
— Delphi Research (@Delphi_Digital) October 28, 2021
An interesting chart shows that the price movements in DOGE and SHIB charts are opposite to each other. In simple terms, DOGE’s resurgence results in weakness for SHIb and vice versa. Well, Shiba is called “the dogecoin killer,” and it can be a very good reason why these two tokens are moving in opposite directions.
Yesterday was still the day for the SHIB token. It recorded $23B in volume on Coinbase and Binance that shows many traders are looking for this token yet.
In most sectors in the cryptocurrency market, coins in the same category are correlated to each other. But in the “dog” sector, it seems different. For example, DOGE bounced upward yesterday, but SHIB was moving sideways.
Although many experts call coins loke DOGE and SHIB “shitcoins,” many traders like them, and many newcomers to the market are getting familiar with it thanks to these coins. Shiba is one of the most famous ones today, and many are looking to buy and even hold it for more. But price corrections may happen, and many believe it’s not a good time to buy this coin. On the other hand, SHIB and other meme coins have shown that they don’t listen to the market trends, and anything is possible on their charts.
Dogecoin is certainly more popular among crypto enthusiasts. It’s been in the market for a very long time with a very big supporting community. But the coin hadn’t had good times in the past months after the whopping price jump in the last year.
Some believe it can be a good time for Doge to start moving uptrend again. Now that many new traders are buying SHIB and interest over meme coins is rising, we can expect more people looking for alternatives like DOGE or maybe some new “dog” coins.
Regardless of the winner in the DOGE vs. SHIB battle, the cryptocurrency market is seeing some new things and incidents. Many experts always believed in the whitepaper and fundamental concepts of cryptocurrencies when analyzing them, but SHIB, DOGE, and many others showed that the crowd interest is sometimes more powerful in moving the market compared to those analyses.