The Dogecoin and Shiba Inu rallies that happened today were impressive.
Meme coins Shiba Inu (SHIB) and Dogecoin (DOGE) have made big gains in the last day as the cryptocurrency market continues to recover from last week’s selloff.
DOGE, the biggest and probably best-known meme coin, has gone up by almost 10% in the last day. Coingecko data show that the canine cryptocurrency is currently trading at $0.065, which is a new monthly high.
The tenth-largest cryptocurrency, DOGE, has a market cap of just under $9 billion, which is more than Polkadot’s (DOT) market cap of $7.5 billion.
Dogecoin is also doing well on the exchanges where it is traded. In the last 24 hours, more than $682 million worth of the cryptocurrency has been traded. This is a 178% increase from the day before.
DOGE has been losing money every week and every month, but today’s heroic actions have turned that around. Coingecko says that DOGE has gone up by almost 7.6% each month.
Even with today’s double-digit rise, DOGE is still 91% below its all-time high of $0.7315, which it reached in May 2021.
Data from Coinglass shows that in the last 24 hours, DOGE futures positions worth $2.22 million have been closed. Most of the liquidations (78.96%) were caused by short positions that were no longer profitable.
In addition to the market’s overall bullish momentum, reduced miner reserves and a steady rise in long-term holders have also contributed to DOGE’s rising price.
According to information from IntoTheBlock, the total miner reserve is 4.39 billion DOGE. This is almost 65% less than it was a year ago, when it was at the same level as it was in December 2013.
“Miner reserve” refers to the total number of DOGE coins in miner wallets that haven’t been sold yet. If the value of the metric goes down, it means that most miners have already cashed out their profits.
IntoTheBlock data shows that nearly 2.81 million addresses have held Dogecoin for more than a year, which is twice as many as this time last year.
Dogecoin rises while SHIB falls.
According to data from Coingecko, Shiba Inu (SHIB), the second-biggest meme coin by market capitalization, has also gone up by 4.4% in the last day.
During the same time period, the amount of SHIB that was traded every day went up by 141.73 percent, and it is now worth $0.00001046. SHIB, which is worth $6.152 billion, is the 14th biggest cryptocurrency by market capitalization.
Unlike DOGE, SHIB’s gains in 24 hours are not enough to make up for its monthly losses. SHIB has gone down by 5.1% in the last 30 days.
Even with today’s small gains, SHIB is still down 87.9% from its all-time high of $0.00008616 in October 2021.
Shiba Burn Tracker data shows that almost 634,397 SHIB tokens have been burned in the last 24 hours. SHIB burns are directly related to how busy the community is in the Shiba Inu ecosystem.
Shib Burn Tracker shows how the value of a SHIB can be burned in different ways, which is different from other tokens where a small amount of value is burned with each transaction.
For example, if you listen to Flave Beats’ music on Spotify, 50% of the money the artist makes will be used to buy and burn SHIB.
On September 30, 270.413 billion SHIB was burned. Since then, SHIB burns have continued to go down.
The lower burn numbers show that people are less interested, which leads to small gains in a bear market.
Unlike DOGE, SHIB’s gains in 24 hours are not enough to make up for its monthly losses. SHIB has gone down by 5.1% in the last 30 days.
Even with today’s small gains, SHIB is still down 87.9% from its all-time high of $0.00008616 in October 2021.
Shiba Burn Tracker data shows that almost 634,397 SHIB tokens have been burned in the last 24 hours. SHIB burns are directly related to how busy the community is in the Shiba Inu ecosystem.
Shib Burn Tracker shows how the value of a SHIB can be burned in different ways, which is different from other tokens where a small amount of value is burned with each transaction.
On September 30, 270.413 billion SHIB was burned. Since then, SHIB burns have continued to go down.
The lower burn numbers show that people are less interested, which leads to small gains in a bear market.
Bitcoin and Ethereum have also made a huge comeback, just like Dogecoin and SHIB.
In the last 24 hours, the top cryptocurrency has gone up by 5.2%, and Ethereum has gone up by an amazing 12%.
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