As Bitcoin manages to stay above $20,000, expectations for other cryptocurrencies are also rising. In this article, we examine the price movements of Shiba Inu (SHIB) and Ethereum (ETH), one of the largest coins. We convey the expectations of analysts for these coins. Here are the details…
Will SHIB follow the rise of DOGE?
Amid the Dogecoin (DOGE) rally, investors are considering whether to invest in rival memecoin Shiba Inu (SHIB). Compared to the DOGE rally, SHIB lags a bit in terms of daily bounce percentage. However, traders are optimistic about a potential meme coin rally by next week. cryptocoin.comAs we have also reported, DOGE’s value has more than doubled in the past week.
The price of DOGE has skyrocketed, thanks to Elon Musk’s takeover of Twitter earlier in the week. Competitor SHIB also exhibits further growth potential. DOGE has risen 92 percent in the last seven days, while SHIB has gained 20 percent. After Elon Musk’s acquisition of Twitter, many wondered whether DOGE would be integrated into Twitter as a payment method. In fact, one of them is the US politician David Gokhshtein. If such a development occurs, there are those who expect SHIB to be affected by the rise and enter among the top 10 cryptos with its market value.
Damn, will $DOGE be the official crypto of Twitter?
— David Gokhshtein (@davidgokhshtein) October 27, 2022
In this context, time will tell whether SHIB will continue to gain momentum and break into the top 10. In the last 7 days, SHIB has increased by 20 percent. Also, some traders believe that SHIB will be the first meme coin to explode in the event of a bull run. But of course, it is not yet clear which meme coin will be more successful in the long run.
What does its data show for Ethereum?
Ethereum failed to impress investors after the merger. However, amid the growing uncertainty in the market, ETH has managed to record a price rally among the top cryptos. According to Santiment, Ethereum price dominance increased over Bitcoin and other cryptocurrencies in October. Meanwhile, the Ethereum price has managed to rise by about 24 percent over the past 30 days. Bitcoin price recorded a 7 percent improvement over the same period. According to analysts, a solid increase in Ethereum price can be seen after a sudden increase in ETH addresses created after Merge.
📈 #Ethereum's price dominance over #Bitcoin and most of #crypto has continued as October is coming to a close. This has come following a spike in new $ETH addresses created. Address activity will likely need to recover for a confident continued rally. https://t.co/4Um6wxFez8 pic.twitter.com/FggrM0u6wU
— Santiment (@santimentfeed) October 30, 2022
On September 15, the active addresses on the Ethereum network were around 619 thousand. Network growth was calculated as 64765 at that time. Ethereum is currently trading at an average price of $1,580. The 24-hour trading volume reached $20.1 billion. But after a decent drop, network growth bounced back to touch 65637 on October 30. On the other hand, active wallet addresses were above the 408k level. According to Santiment, if ETH wants a strong rally, address activity should probably pick up from there.
