A leading crypto analytics firm says dog-themed coin Shiba Inu (SHIB) could be playing a game of follow the leader with fellow meme token Dogecoin (DOGE).
Santiment says that Shiba Inu is starting to gather some momentum after displaying strength in its Bitcoin pair (SHIB/BTC).
“Whatever side of the fence your on with memecoins like DOGE and SHIB, there is no denying that they have had their pump moments. Shiba Inu has historically followed Dogecoin pumps. Watch trading volume on our chart.”
According to Santiment’s chart, Shiba Inu bulls are showing signs of life as the SHIB/BTC pair witnesses a significant rise in volume, suggesting that traders are betting on the meme token outperforming Bitcoin.
At time of writing, Shiba Inu is changing hands for $0.000013, up over 8% on the day. Meanwhile, Bitcoin is trading a $20,800, up a little over 1% in the past 24 hours.
In addition to crypto traders, blockchain tracker WhaleStats shows that the largest 5,000 Ethereum whales have also been accumulating SHIB over the last few days. According to WhaleStats, the top 5,000 ETH whales hold over $94.2 million worth of SHIB, an increase of 4.5% from their Shiba Inu trove of $89.7 million, which was recorded on Friday.
Looking at Bitcoin itself, Santiment reveals that long-term bulls continue to stash away the largest crypto by market cap as BTC supply on crypto exchanges plummet to a level last seen in November 2018.
“With Bitcoin back above $20,700, traders appear to be content with long-term holding as coins continue moving away from exchanges. With the ratio of BTC on exchanges down to 8.3%, it’s the lowest seen in four years. October has been a big outflow month.”
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Featured Image: Shutterstock/Dmitriy Rybin/Vladyslav Severyn/CKA
