Dogecoin (CRYPTO: DOGE) traded 4.45% higher at $0.28 over 24 hours while rival meme cryptocurrency Shiba Inu (CRYPTO: SHIB) rose 4.9% higher at $0.00005664 in the same time frame early Tuesday morning.
What’s Moving? DOGE has risen 2.34% over a seven-day trailing period, while SHIB declined 20.62% over the last seven days.
In the last 30 days, DOGE has appreciated 15% while SHIB has soared 112.18%. In the past 90 days, DOGE gains have amounted to 5.4%, while SHIB has spiked 620.39%.
Since the year began, DOGE has skyrocketed 4896%. It hit an all-time high of $0.74 in May. SHIB hit an all-time high in late October when it touched $0.00008845.
See Also: How To Buy Shiba Inu (SHIB)
Why Are They Moving? Both DOGE and SHIB were trading in the green along with major coins as the global cryptocurrency market cap rose 2.45% to $2.94 trillion at press time.
The two largest cryptocurrencies by market cap, Bitcoin and Ethereum, hit respective all-time highs on Monday as the Bitcoin network nears a major upgrade dubbed “Taproot.”
Exchange reserves of BTC continue to deplete to multi-year lows as outflows accelerate, noted Glassnode in a note earlier. A reduction in exchange reserves reduces the selling pressure.
SHIB was mentioned in 6,521 tweets and was the third most mentioned coin on Twitter. DOGE was mentioned in 2,781 tweets and was placed on the sixth spot on the Cointrendz “Top 10 mentions” list.
The highest Twitter activity was in Bitcoin and Ethereum, which were mentioned in 13,013 and 6,974 tweets respectively, as per Cointrendz data.
A whale moved 20 trillion SHIB from a Crypto.com wallet to an external wallet. At transaction time the tokens were valued at $1.143 billion, as per a report from Monday.
See Also: Shiba Inu Cements Its Long-Term Bullish Trend With A 5-Week Winning Streak
On Monday, AMC Entertainment Holdings Inc (NYSE:AMC) CEO Adam Aron said that the SHIB is the “next one on our cryptocurrency hit parade” at the company’s third-quarter earnings conference.
The CEO’s comments came in relation to AMC adding SHIB for payments. Aron also said DOGE payments should be approved by the first quarter of next year.
Meanwhile, Tesla Inc (NASDAQ:TSLA) CEO Elon Musk called attention to another DOGE update, which he said on Twitter was “important.” The update, Dogecoin Core 1.14.5, is related to finalizing a new minimum fee recommendation on DOGE’s network.
