According to data provided by Bybt analytics service, 22.4 million and 8 million positions were liquidated in Shiba Inu (SHIB) and Dogecoin (DOGE) in the past month.
SHIB and DOGE are experiencing major purges!
Traders’ positions in SHIB (22.47 million tokens) worth around $1.46 million were liquidated after SHIB slumped by almost 50% after ATH hit $0.000008616 and fell to $0.00005731 earlier today. The same has happened to its biggest competitor, Dogecoin. DOGE liquidations totaled $2.41 million (7.99 million DOGE).
DOGE recovers, overtakes Shiba Inu
First, SHIB managed to surpass Dogecoin with its position in the top 10 crypto lists and market cap assessment. SHIB has a market cap of over $38 billion on CoinGecko, and the same rates were later observed on CoinMarketCap. Dogecoin briefly recovered, reaching $0.3054, but SHIB again outpaced DOGE with a market cap of $40,616,946,419.
To remember, Coinbase, the largest US-based crypto exchange that listed SHIB earlier this year, came to the point of collapse due to the extremely large traffic caused by Shiba Inu and its investors. During this period, SHIB trading volume also surpassed that of Ethereum by an incredible $5 billion on Coinbase.
DOGE is a “boomer meme coin”
Cryptocoin. com Joe Weisenthal tweeted that Dogecoin is a “boomer meme coin”. According to Weisenthal, SHIB is better than Dogecoin because it has a fast-paced roadmap. Also, SHIB has a DEX platform, which provides capabilities for NFTs and smart contracts. Weisenthal emphasizes that none of this is at DOGE.
Arcane Assets CIO Eric Wall tweedollarsed a similar view on Shiba and Dogecoin, noting that Shiba Inu is not linked to Litecoin in mining and therefore does not have potential problems that Dogecoin may one day face. On Wednesday, October 28, the Shiba Inu reached ATH three times in a row. Also, Change.com, which requests SHIB to be listed by Robinhood. org’s petition garnered over 326,000 signatures.