Shiba Inu (SHIB) Rallied Over 5% in the Last 24 Hours, Leaving Dogecoin (DOGE) Behind

The Shiba Inu Price has rallied over 5%, leaving Dogecoin behind as crypto whales accumulate the second-largest meme coin by market cap.

Shiba Inu (SHIB) price rallied over 5% in the last 24 hours, outperforming Dogecoin (DOGE) and extending its gains. CryptoSlate analysis shows that SHIB whales drove the meme coin’s price rally.

Shiba Inu price up 5%, outpacing DOGE

SHIB price rallied over 5% in the last 24 hours, leaving Dogecoin behind. The second-largest meme coin by market capitalization recorded lesser gains, despite both meme coins seeing a surge in crypto whale activity.

Shiba Inu whales massively accumulated SHIB in the last few days,ܞ driving its price rally. According to data from market intelligence platform IntoTheBlock, large holders’ netflow skyrocketed by over 258% in the last seven days.

It is crucial to note that the macro side also played a role in this price rally. The September US job report, released on Oct. 4, showed the country’s strong economy. This further boosted Shiba Inu whales’ confidence to continue actively accumulating the meme coin, leading to the price rally witnessed in the last 24 hours.

IntoTheBlock data shows that these whales traded 4.3 trillion SHIB tokens amid the positive job report.

More eyes are also on Shiba Inu ahead of the inaugural ShibaCon conference in November. The Shiba Inu team is expected to make game-changing announcements at the event, providing more bullish momentum for the meme coin. One potential announcement includes an update on the launch of the layer-3 privacy chain, which they are currently working on.

Shiba Inu’s Marketing Lead, Lucie, recently hinted that a stablecoin was already in the works. So there could also be an announcement about this stablecoin’s launch. This could drive more decentralized finance (DeFi) activity in the Shiba Inu ecosystem.

DOGE could catch up soon

Shiba Inu has been outperforming Dogecoin since the start of the year, with the former boasting a year-to-date (YTD) gain of over 54% compared to DOGE’s 15% YTD gain. However, that could change soon enough, with Dogecoin witnessing a run of its own.

CryptoSlate analysis recently showed how Dogecoin’s new addresses jumped by over 72% in one week.

This indicates that new investors are flocking to Dogecoin’s ecosystem, which could lead to significant price surges as these investors begin to accumulate the meme coin.

Dogecoin’s utility is also expected to grow soon enough, with the QED Protocol recently announcing plans to enable smart contracts on the meme coin’s network.

Meanwhile, Dogecoin whales are regaining confidence in the meme coin’s potential. These whales recently

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