Here’s Why Shiba Inu (SHIB) Could Soon Follow DOGE’s 15% Price Jump

 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 need 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 meme coins – DOGE and SHIB – are having the biggest party on Satoshi Street. The world’s largest meme coin 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 meme coin Shiba Inu (SHIB) is also rallying. As of press time, SHIB is trading 12% up for $0.00001176 and has 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's nearly 50% rally on the weekly charts. On-chain data provider Santiment reports:

Whatever side of the fence you are 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 the 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”.

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