Dogecoin-inspired meme coin Shiba Inu made headlines this week due to its surprising rally. However, any time a premature surge occurs, it can also make investing in the asset slightly risky.
Of course, given that DOGE and SHIB are viewed as the leaders of the pack, one might expect Dogecoin to be similarly volatile. But this was not the case.
Dogecoin cannot be manipulated
At least not with other coins, because who knows what the next tweet from “Dogefather” could do with the market. Even so, the events surrounding SHIB over the past 5 days have only been terrifying.
Since October 3, the SHIB has risen 255.5%, despite having fallen almost 18% on October 7. At the moment the coin was trading at 0.0002939.
Investor behavior on that date was as expected. Over 176-178 trillion SHIB were both bought and sold that day. Trading volume for the meme coin, which averages less than $ 300 million, hit $ 9.97 billion on October 6.
However, the effects on DOGE were not what you would imagine.
Stable DOGE ………………………………………………………………………
Dogecoin holders may have responded to Shiba Inu’s move, but the price of the coin showed some reluctance. For the most part, DOGE has followed the market keyword and not that of any other coin. Since the beginning of the month, the altcoin is only up 20.32%.
And although DOGE recorded exceptionally long wicks on both ends on October 6, it only closed at + 0.85% in the end.
However, the highs and lows of the day resulted in Dogecoin liquidations worth over $ 6 million.
Along with retail investors, large purses, or possibly whales, have made some significant transactions. Approximately 6.19,000 transactions, each valued at more than $ 100,000, were completed in 48 hours. Cumulatively, these were estimated at over US $ 21.61 billion.
Mind you, DOGE’s average volume on any given day is less than $ 2 billion.
So while investors are always nervous when it comes to the ups and downs of their brothers and sisters, DOGE has shown us that regardless of the behavior of its investors, it knows how to keep its market stable. Good boy.