SHIB Surges 20%, DOGE up 5% as Traders Continue to Ape Into Meme Coins

According to Nansen statistics, there is a lot of DEX trade on SHIB tokens.

The market’s obsession with Shiba Inu continues, with significant rises in SHIB and DOGE in the last 24 hours.

According to CoinGecko data, the Shiba Inu (SHIB) coin has increased by more than 20% in the previous 24 hours, with Nansen reporting brisk trading on both decentralised and controlled exchanges. According to Nansen, almost $1.1 billion in SHIB changed hands between January 17 and January 18.

Traders are undoubtedly looking forward to the debut of Shibarium, a layer 2 network that takes a canine-themed approach to developing on top of Ethereum. A testnet is set to go live in the following weeks.

Following SHIB, traders drove DOGE up about 6% in the last 24 hours, according to CoinGecko data. In the last two weeks, the original Shiba Inu-themed token has increased by about 23%.

BONK, which combines the market’s love of Shiba Inus with its dislike of FTX’s Sam Bankman-Fried, is down 2% in the last 24 hours.

Bitcoin has increased by 22% in the last week. Santiment, a blockchain analytics startup, published a paper in December suggesting that Dogecoin serves as a contrarian indicator to the market, pushing investors to reduce optimistic positions.

“Every time [the] price of DOGE begins to rise rapidly, a market-wide crash follows just moments later,” the business warned.

While bitcoin continues to outperform DOGE, one must question whether additional meme tokens such as SHIB and BONK will validate this theory and send the market to the dogs.