Dogecoin jumps 40% as traders go long DOGE, short SHIB


Dogecoin (DOGE) jumped merely 50% this morning as ‘Dogecoin Killer’ Shiba Inu (SHIB) fell -10%, displaying signs of a mean reversion trade to bring the Dogecoin and Shiba Inu market caps to parity.

Image: DOGE/USD via TradingView.

DOGE spiked to over $0.33 from under $0.23 last night, while Shiba Inu dropped to $0.00005 from last night’s $0.00008 high. The latter even slipped above Dogecoin with a $36 billion market cap for a few hours, above Dogecoin’s $31 billion marketcap.

How To Get Free Crypto  

Image: SHIB/USD via TradingView.

Over $36 billion of SHIB traded yesterday, surpassed only by Bitcoin’s $45 billion and Tether’s $75 billion. It become the second-most traded asset yesterday, ahead of top dogs like Ethereum and Solana.

Meanwhile, top traders seemed to be playing out the short Shiba Inu, long Dogecoin trade. These included the likes of Su Zhu, CEO of crypto trading firm Three Arrows Capital: “88e-6 $shib touched. rotatooor to .88 $doge now?,” he stated on Twitter.

GCR, an anonymous trader ranked among the biggest traders by volume and profits on crypto exchange FTX, cautioned about the trade playing out in a tweet earlier this week.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Like what you see? Subscribe for updates.

Go to Source
Author: Shaurya Malwa

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.