When memes converge: Analyzing SHIB, DOGE, and BABYDOGE’s hikes
- Meme coins, including DOGE, SHIB, and BABYDOGE, recorded notable increases in value.
- While DOGE whale transactions increased, SHIB investor sentiment acted as its guide.
As the broader crypto market exited the red region, Shiba Inu [SHIB], Dogecoin [DOGE], and BabyDoge ETH [BABYDOGE] followed through with immense upticks in the last 24 hours. Although the performance of the memes could no match that of Bitcoin [BTC] and Ethereum [ETH], they were substantial enough to turn around the previous seven-day decline.
Realistic or not, here’s SHIB’s market cap in DOGE’s terms
According to CoinMarketCap, SHIB recorded a 6.02% landslide victory over the bears. DOGE, which enjoyed a plethora of attention after Elon Musk’s “dog-themed” tweets, surged 3.15%.
However, BABYDOGE surpassed both, registering a 10% increase within the same period. However, the performance might not be because of a resurgence in the market alone. So, what else could have caused the increase in prices?
DOGE and its baby have whales on lock
On-chain data showed that Dogecoin whales put up one of their best performances since 5 February. This was because DOGE transactions worth over 100,000 increased monumentally. At the time of writing, there were about 23 transactions in the region.
Besides the $100,000 transactions, Dogecoin Whale Alert revealed that there were several others that edged closer to the $1 million between 15 – 16 February.
This further confirmed the whales’ influence on the DOGE trend. However, BABYDOGE had an increase in volume to thank for its performance. According to Santiment, the meme had been experiencing massive volume since 13 February.
While it subdued a little per the above chart, it recovered to 41.03 million. As a key indicator of determining liquidity, BABYDOGE’s volume rise meant that investors pumped quite a lot of money into the ecosystem.
Eyes on SHIB as memes stay on course
Meanwhile, SHIB, despite falling to the 13th position in market value, had a vast majority of positive perception. As a result, the weighted sentiment spiked to 1.09.
Moreover, an evaluation of the on-chain weighted sentiment showed that the value at press time was SHIB’s highest since February began.
How much are 1,10,100 BABYDOGEs worth today?
Also, social volume followed in a similar direction. The metric is one which evaluates the arbitrary search for an asset. Hence, the increase implies that investors were on the lookout for SHIB, therefore leading to an impact on its price action.
Additionally, DOGE’s seven-day circulation in the last seven days had improved from the way it plummeted around 7 – 9 February. While SHIB exchanged hands at $0.000014, DOGE’s price was $0.089.