Data Suggests That SHIB Could Be Following In DOGE’s Footsteps

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• Shiba Inu could be following DOGE’s recent success.
• SHIB saw a growing number of daily active addresses.
• The meme coin is currently trading at $0.00001351 after a 13.55% increase in price.

According to new data provided by Santiment, it is possible for Shiba Inu (SHIB) to follow in the footsteps of Dogecoin (DOGE) after the meme coin had a very successful week following Elon Musk’s acquisition of Twitter.

Dogecoin & Shiba Inu price vs. BTC volume Source: Santiment

According to Santiment, SHIB historically followed DOGE’s pumps. This theory could be proven by the fact that SHIB saw a 19% increase in price over the last seven days following DOGE’s surge. In addition to this, both DOGE and SHIB saw increases in volume over the past few days.

Another sign that SHIB could be seeing some growth is the meme coin’s growing number of daily active addresses. Adding to this is the fact that SHIB saw an increase in velocity over the last week. Thai increase in velocity suggests that the frequency at which addresses are moving between addresses are growing.

SHIB daily active addresses Source: Santiment

Another indication of possible SHIB growth is the fact that the crypto’s network experienced an uptick in the number of new addresses that transferred SHIB for the very first time. This could imply that there is some renewed interest in the meme coin.

Recent data from WhaleStats are also counting in SHIB’s favor. According to the whale tracking website, SHIB was one of the most traded tokens by the top 2000 ETH whales on October 28. In addition to this, the top 5000 ETH whales hold about $94 million worth of SHIB at the moment.

SHIB / Tether US 1D Source: CoinMarketCap

According to CoinMarketCap, SHIB is currently trading at $0.00001351 after a 13.55% increase in price over just 24 hours. In addition to this, the meme coin is also in the green by over 35% over the last week.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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