When memes converge: Analyzing SHIB, DOGE, and BABYDOGE’s hikes

ambcrypto.com:

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?

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.

Source: Santiment

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.

Meanwhile, SHIB, despite falling to the 13th position in