For a short time, Shiba Inu had to take the place of the largest "dog" cryptoasset. Dogecoin price, the original meme-cryptocurrency created in 2013, today has risen by 45% to a new two-month high of $0.3298. Daily trading volumes increased by 300%.
As a result, DOGE reached a capitalization of $43 billion, while SHIB remains below $35 billion. At the same time, SHIB has risen in price by one and a half times over the week, while DOGE has grown by only 30%.
Today, Shiba Inu has renewed highs around $o.000088 before falling sharply to $0.000067. At its peak, it climbed to the seventh line of the list of the largest cryptoassets, beating XRP and Polkadot.
Morning Brew pays attention to a wallet, the owner of which has invested $8,000 in SHIB through the Uniswap decentralized exchange. This happened in August last year, shortly after the launch of the project. Now it is the largest SHIB holder with a nominal position size of about $5 billion.
Today, the wallet began to show activity for the first time since April, but so far it is only moving ether and does not get rid of Shiba Inu tokens.
“From $8,000 to $5.7 billion in about 400 days. This is probably the greatest deal of all time,” adds Morning Brew.
"After SHIB, DOGE may rise to a new high"
Analyst Hsaka admits that traders began to move capital after the SHIB rally into significantly depreciated DOGE - it is trading 55% below the highs recorded around $0.74 in May.
The CEO of Three Arrows Capital crypto fund Su Zhu also believes that after SHIB, DOGE may rise to a new high of $0.88.
“Bottom line of dog coins is a positive development for cryptocurrencies. Contrary to popular belief, you don't need to get angry about asset growth if you don't have them,” he adds.