SHIB and DOGE trigger $5 billion overnight explosion: Still time to buy?

Amid a wild ride for the majority of assets in the cryptocurrency sector this week that has seen Bitcoin (BTC) soar above the critical price level at $62,000, dog-themed meme crypto assets Shiba Inu (SHIB) and Dogecoin (DOGE) are recording double-digit advances.

Indeed, the overall optimism in the crypto industry, which has pushed its total market capitalization to $2.34 trillion, has not only assisted in the flagship decentralized finance (DeFi) asset’s rally but has also led the two meme coins to advance over 25%, alongside other positive developments.

Shiba Inu price analysis

As it happens, Shiba Inu, Dogecoin’s largest competitor, has raced a massive 23.52% in a single day, increasing its price from $0.000011147 to $0.00001377 during this time, according to the most recent chart information retrieved by Finbold on February 29.

Indeed, SHIB’s current price also represents a gain of 43.40% across the previous seven days, in addition to advancing 48.40% in the last month, as its market capitalization soared by a whopping $1.46 billion in a single day to the current $7.95 billion.

Aside from the general upturn in the cryptoverse, Shiba Inu’s gains are coinciding with the SHIB team introducing a new privacy-enhancing tool known as Fully Homomorphic Encryption (FHE), which facilitates full on-chain data protection to members of the community.

Additionally, the above price indicates a massive weekly advance of 52.87% for the popular puppy-themed crypto, adding up to the 58.88% gain on its monthly chart, in addition to $4.04 billion flowing into its market cap in a day, which presently amounts to $18.19 billion, as per data on February 29.

As for the reasons for DOGE’s surge, besides the obvious bullish sentiment in the market, they may have to do with significant whale accumulation that has seen two major holders purchase 172.89 million DOGE and 103.32 million DOGE, respectively, from brokerage platform Robinhood.

🚨 172,893,653 #DOGE (16,598,604 USD) transferred from #Robinhood to unknown wallethttps://t.co/wYmSYwef4q

— Whale Alert (@whale_alert) February 27, 2024

Conclusion

All things considered, both SHIB and DOGE have benefitted massively in the current bullish frenzy that has engulfed the larger part of the crypto market. However, things in this industry could easily change, so it is important to weigh all the risks before making any major investment decisions.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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