Shiba Inu, Compound share the spotlight as…
- Compound and Shiba Inu ranked first and sixth in the latest trend rankings.
- SHIB and COMP were both trading at a loss after witnessing gains.
Lunar Crush’s latest trend ranking unveiled a captivating presence of Compound [COMP] and Shiba Inu[SHIB] within the prestigious top 10. Despite their shared spotlight, these tokens and projects gleamed brightly for distinct reasons, as outlined by their unique metrics.
Read Compound (COMP) Price Prediction 2023-24
Compound and Shiba Inu trends
Lunar Crush’s post on 9 July highlighted the impressive positions attained by Compound (COMP) and Shiba Inu (SHIB) in their trend ranking. COMP secured the coveted first place, while SHIB claimed the sixth spot. This ranking served as a reflection of the tokens that were currently experiencing significant attention on the platform.
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— LunarCrush (@LunarCrush) July 9, 2023
However, Shiba Inu appeared to have slipped from the spotlight in the most recent update. On the other hand, COMP continued to hold its commanding position at the summit. The rankings indicated a change in the dynamics of their respective trends.
A possible reason for the Shiba Inu trend
Santiment recently showed a noteworthy development regarding Shiba Inu’s key metric, indicating a significant shift. Analyzing the metric that monitors whale transactions exceeding $1 million, it was observed that a surge occurred on 7 and 8 July.
On 7 July, seven such whale transactions took place, followed by eight on 8 July. These figures represented the highest number of whale transactions recorded within the past two months. As of this writing, only one transaction was recorded on 10 July, with none reported on the previous day.
Furthermore, examining SHIB’s daily performance, it became apparent that the trend responded positively to the occurrences of these whale transactions. During those two days, SHIB witnessed an impressive value increase of over 6.7%. However, as of now, it was trading at a slight loss, albeit less than 1%.
How much are 1,10,100 SHIBs worth today
A possible explanation for the Compound trend
The surge in Compound’s value likely contributed to its prominent position in the trend ranking. A look at its price trend over the daily timeframe, a notable spike occurred on 9 July. Furthermore, analyzing the chart revealed an even more significant surge of 30.58% on 2 July.
Additionally, Santiment’s chart indicated a corresponding increase in volume during these price spikes. However, it’s worth noting that COMP experienced consecutive downtrends following the 2 July surge before witnessing another notable spike of 11.95%.
As of this writing, COMP was trading at approximately $58.1, reflecting a loss of over 4%.