The market’s love affair for all things Shiba Inu is continuing, with big gains in SHIB and DOGE during the last 24 hours.
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The Shiba Inu (SHIB) token is up over 20% in the last 24 hours, according to CoinGecko data, with Nansen reporting heaving trading on both decentralized and centralized exchanges. Nansen reports that nearly $1.1 billion in SHIB has traded hands between January 17-January 18.
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CoinDesk - UnknownSHIB trading volume (Nansen)
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Traders are likely anticipating the launch of the upcoming layer 2 network Shibarium, which puts a canine-themed twist on building on top of Ethereum. A testnet is expected to launch in the coming weeks.
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Following SHIB, traders also pushed DOGE up nearly 6% in the last 24 hours per CoinGecko data. The original Shiba Inu-themed token is up nearly 23% in the last two weeks.
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BONK, which mixes the market’s love for Shiba Inus, and disdain for FTX’s Sam Bankman-Fried, is down 2% in the last 24 hours.
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Bitcoin is up 22% in the last week. In December, blockchain analytics firm Santiment published a note which suggested that Dogecoin serves as a contrarian indicator to the market, prompting investors to trim bullish positions.
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"Every time that [the] price of DOGE starts rising rapidly, there's a market-wide crash following just moments later," the firm wrote.
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While bitcoin continues to outperform DOGE, one has to wonder if new meme tokens like SHIB and BONK will validate this thesis and bring the market to the dogs.
