'Dogecoin Killer' Shiba Inu Is The 'Obvious Catch Up Play' For Those Who Missed DOGE Rally, Trader Touts

Shiba Inu SHIB/USD is riding a price pump off the back of Dogecoin DOGE/USD leading a broader meme coin rally.

What Happened: On-chain intelligence firm Arkham Intelligence recently reported an unknown whale withdrawing 105.9 billion SHIB, valued at $1.99 million, from Coinbase in a transaction split into three parts. This address hasn't appeared in prior on-chain activity, signaling potential bullish momentum for the meme coin.

Lucie, Shiba Inu's marketing lead, announced that the Shiba Inu Decentralized Autonomous Organization (DAO) and foundation are set to launch in 2024/2025. She added that the "Shib ecosystem is on the brink of a transformative shift, putting power in the hands of true holders."

Amid Dogecoin's 13% surge over the past 24 hours, crypto trader Bluntz advized that Shiba Inu and Floki FLOKI/USD are the “obvious catch-up plays” for those who missed the DOGE breakout.

Another trader, CryptoJack, noted that Shiba Inu is holding firm on its support trendline, anticipating a "huge pump" in the near future.

The trendline of support is holding strong on $SHIB and it looks like #ShibaInu will soon break above the resistance, leading to a huge pump! pic.twitter.com/IznX9NoYob

— CryptoJack (@cryptojack) October 18, 2024

Also Read: Dogecoin, Shiba Inu, Pepe May Have Overtaken These Nasdaq-Listed Companies Toward Billion-Dollar Valuations, But There’s A Catch

Why It Matters: While Shiba Inu has seen gains, IntoTheBlock data shows large transaction volume decreasing by 32.3% and daily active addresses falling by 16.9%. Transactions greater than $100,000 are down from 190 to 118 in a single day. With gains rising for the meme coin, holders making profit have now spiked to 53%.

In the last 24 hours, 3.27 million SHIB coins were burned, driving the burn rate up by 27.2%. The meme coin rally follows Dogecoin's recent surge, fueled by Elon Musk's playful mention of a hypothetical “DOGE department” under a Trump administration.

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: 

• ‘Dogecoin Killer’ Shiba Inu Incinerates 277M Coins In 1 Transaction: Watch These Levels For A Bullish Rally

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