Shiba Inu Could Soon Follow A Strong Market Rally

The U.S. equity market gave a pretty solid run-up on Wall Street on Friday, October 28. This was enough for the broader crypto market to catch up with the rally. Bitcoin (BTC) is once again up to $20,700 and Ethereum (ETH) is inching closer to $1,600.

However, the top two memecoins – DOGE and SHIB – are having the biggest party on Satoshi Street. The world’s largest memecoin has rallied another 15% today and is currently trading at $0.86. With this price pump, Dogecoin has rallied a staggering 46% over the last week.

It is for the second time in three months that the DOGE price is trading above $0.85. However, retail investors need to be careful here as Dogecoin has strong resistance at $0.88. But a breakout about this could also set the price soaring higher.

All Eyes on Shiba Inu

Along with Dogecoin, its immediate competitor and second-largest memecoin Shiba Inu (SHIB) is also rallying. As of press time, SHIB is trading 12% up at a price of $0.00001176 and a market cap of $6.4 billion. Over the last week, the Shiba Inu (SHIB) price is up 18% climbing up two ranks to being the 13th largest crypto by market cap.

As per historical trends, the SHIB price could soon catch up with DOGE nearly 50% rally on the weekly charts. On-chain data provider Santiment reports:

Whatever side of the fence your on with #memecoins like $DOGE (+44% in 7 days) and $SHIB (+19% in 7 days), there is no denying that they have had their pump moments. #ShibaInu has historically followed #Dogecoin pumps. Watch trading volume on our chart.

Coming to Bitcoin, the BTC supply on the exchanges has been dropping very fast. As per the on-chain data, the Bitcoin supply at the exchanges dropped to a four-year low. Santiment notes: “With #Bitcoin back above $20.7k, 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 4 years. October has been a big outflow month”.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.