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Dogecoin jumps 44% in one day as traders rotate Shiba Inu profits into DOGE

The DOGE price rally appeared after Shiba Inu briefly flipped Dogecoin to become the ninth-largest cryptocurrency by market capitalization.

Dogecoin (DOGE) soared on Oct. 28 amid massive capital rotations out of its top meme coin rival’s market, Shiba Inu (SHIB).

Notably, DOGE’s price rallied by a little over 44% to reach its intraday high of $0.3449. Its gains appeared in contrast to SHIB’s losses in the same period. On the other hand, the so-called “Dogecoin killer” dropped almost 28% to log an intraday low at around $0.000057; in the same hour, DOGE printed its daily top.

SHIB/USD vs. DOGE/USD daily price chart noting inverse correlation. Source: TradingView

The sudden price rally also pushed DOGE’s market capitalization to over $40 billion, a mettle that Shiba Inu achieved hours before, with the two cryptocurrencies now neck-and-neck and currently battling for the ninth place by market cap.

Traders started flocking into Dogecoin markets hours after Elon Musk, CEO of Tesla and SpaceX, posted a new tweet about the meme cryptocurrency. 

Musk’s earlier supportive tweets prompted DOGE to climb by more than 1,500% in the first five months of 2021.

Long DOGE, short SHIB

Shiba Inu rallied exponentially heading into Q4, rising by around 1,200% in October on hopes that it would gain a listing on Robinhood, a United States-based zero-fee trading app, and its foray into the emerging decentralized finance and nonfungible token sectors with new product launches.

Nonetheless, SHIB’s supersonic bull run has also made it overvalued, based on some key metrics, notably the Relative Strength Index. Thus, it appears that spot and derivative traders have decided to secure and/or rotate their profits. 

Su Zhu, co-founder, CEO and chief information officer of fund management firm Three Arrows Capital, noted earlier on Thursday that traders rotated their easy-to-short Shiba Inu perpetual swap profits — as SHIB topped out at $0.00008854 — into the Dogecoin perpetual market.

The former Deutsche Bank trader suggested that DOGE can rally toward $0.88 next should traders rotate profits from SHIB to Dogecoin. 

Around $20.8 million DOGE rekt

Dogecoin’s price moves also caught derivatives traders off-guard as they lost about $20.8 million in total liquidations across the previous 24 hours. Around $18.17 million worth of those liquidations emerged out of leveraged long bets after DOGE’s price dropped to its weekly low of $0.2179 on Wednesday.

In contrast, the ongoing 12-hour timeframe saw bears taking more losses than bulls, with $8.9 million worth of bearish Dogecoin bets getting liquidated against $5.22 million worth of bullish bets concerning the same token.

DOGE total liquidations across all exchanges. Source: Bybt 

On the whole, however, Dogecoin traders were the majority short in the previous 24 hours, with FTX and OKEx users turning out to be exceptionally bullish, with 58% and 77% of their net positions skewed long, respectively.

A sudden bearish reversal in the Shiba Inu market also led to SHIB liquidations worth $31.41 million, the third-highest among all cryptocurrencies in the previous 24 hours.

Related: Shiba Inu risks drop with SHIB's 574% October's price rally near exhaustion

PostyXBT, an independent market analyst, warned about excessive leverages in both SHIB and DOGE markets. 

“Play spot and not leverage,” he said, adding, “The volatility could quite easily wipe out before a big move in intended direction.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Shiba Inu could surpass Dogecoin after a 700% SHIB price rally in October

In comparison, Dogecoin’s October gains so far have come out to be a little over 8%.

Shiba Inu (SHIB) continued its march upward on Oct. 27, with its price hitting a record high of nearly $0.000060 before correcting lower.

SHIB rallied by more than 25% to an all-time high of $0.00005959, crossing above its previous all-time high of 0.00005000, according to data from Binance. The latest move upside pushed the token’s month-to-date (MTD) returns to approximately 726%, making it the fifth-highest grossing cryptocurrency entering the final quarter of 2021.

SHIB’s October gains had slipped to near 606% following a price correction from its record high, still higher than the rest of the top-cap crypto rivals, including Bitcoin (BTC), Ether (ETH), Cardano (ADA) and Solana (SOL).

Top five cryptocurrencies ranked according to their October gains. Source: Messari

Still, SHIB’s superior performance particularly stands out against its meme coin rival, Dogecoin (DOGE), whose MTD gains are currently only about 8%. Moreover, Shiba Inu’s market capitalization has now reached $22.1 billion — the 11th-largest — putting it right behind Dogecoin’s $31.53 billion in 10th place.

SHIB copying DOGE bull run?

Shiba Inu was launched in 2020 after taking heavy inspiration from Dogecoin, a 2013-born joke cryptocurrency fashioned after the Japanese dog breed. Eight years since its introduction, Dogecoin’s popularity emerged with its use as payments by sports teams, AMC theaters and as a speculative investment vehicle thanks to Tesla CEO Elon Musk’s social media endorsements of the token.

DOGE’s price underwent an incredible upside boom in the first five months of 2021, rising more than 15,000% amid a retail-led frenzy. In doing so, the king meme token reached its record high of $0.76 on May 8, only to correct by over 68% to trade around $0.23 at press time.

DOGE/USD daily price chart. Source: TradingView

Overall, Dogecoin went through extreme trends in the previous 12 months, starting with a long period of consolidation, eventually following it up with an extended bullish breakout and further by a massive price correction.

It appears Shiba Inu’s price trends in recent months took cues from Dogecoin’s consolidation and breakout phases, as the SHIB/USDT chart shows below.

SHIB/USDT daily price chart featuring Dogecoin’s three phases. Source: TradingView

A Dogecoin-like 1,500% price boom in the Shiba Inu market puts its long-term profit target near $0.00013500. Nonetheless, the fractal also warns about massive, periodical price corrections toward the 20-day exponential moving average support (the green waves in the charts above) as the price increases.

The overall Shiba Inu dominance in the cryptocurrency market has surged from 0.16% to 0.91% MTD. On the other hand, Dogecoin’s control on the market has reduced from 1.5% to as low as 1.20% in the same period.

SHIB price macro fundamentals

Joe Wiesenthal, editor at Bloomberg Markets, noted that Shiba Inu has “advanced smart-contracting capabilities,” making it better than Dogecoin.

“You can check out Shibaswap, a Uniswap-like decentralized exchange for the SHIB community. It’s got NFT, liquidity mining. All of it. Meanwhile, Dogecoin doesn’t have any of this right now.”

As Cointelegraph covered, the recent SHIB price rally may have also taken cues from the Monday launch of the Shiboshis Social Club. This online community rewards exclusive perks to people who own exclusive Shiba Inu-generated nonfungible tokens (NFT), dubbed Shiboshis.

As a result, retail appears to have been tailing Shiba Inu’s speculative bull run, with a recent study by Bacancy Technology showing that it received 2.8 million Google searches on average in 2021, the third-highest after Bitcoin and Ethereum.

In comparison, search volume of Dogecoin came as the sixth-largest.

Meanwhile, a petition on Change.org pleading with Robinhood to list SHIB tokens on its zero-fee trading app garnered over 500,000 signatures. Robinhood CEO Vlad Tenev said during the company’s earnings call Tuesday that Robinhood is considering adding new coins to the service portfolio, albeit without mentioning their names.

That may have pushed Shiba Inu’s price to its record high Wednesday, further signaling booming retail interest in the meme crypto. 

“Memes have value and have been an investible thesis in 2021,” Jonathan Cheesman, head of over-the-counter and institutional sales at crypto-derivatives exchange FTX, told Bloomberg, adding:

“Lower dollar-price tokens are attractive to retail.”

Related: Shiba Inu risks drop with SHIB's 574% October's price rally near exhaustion

But according to Ben Caselin, head of research and strategy at crypto exchange AAX, SHIB traders should tread ahead carefully due to excessive speculation, citing prior patterns that indicate that the token would likely “shed much of its value” as it gets challenged by other meme projects.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Elon Musk warns of ‘strong inflationary pressure’ as Tesla mulls Bitcoin payments

The world's richest man, whose net worth hit a quarter of a trillion dollars this week, is also unsure whether inflation will ever calm down.

The world faces "strong inflationary pressure" in the short term and it may persist, warns the world's richest man.

In a debate about inflation, some of the best-known names in Bitcoin voiced unanimous doubts about the state of global monetary policy.

Future of inflation great unknown, says Musk

As even the United States Federal Reserve admits that inflation may be here to stay, the topic has become especially perrtinent for Bitcoiners given the cryptocurrency's intrinsically deflationary characteristics.

For Musk, who remains cool when it comes to Bitcoin as a "magic pill" for fiat currency's ills, inflation is no less of an issue. With over $250 billion in net assets as of this week, potential exposure to devaluating currencies is more of a potential problem than ever.

"I don’t know about long-term, but short-term we are seeing strong inflationary pressure," he said in a Twitter debate with Ark Invest CEO Cathie Wood and MicroStrategy CEO Michael Saylor.

All were commenting on a previous tweet from Twitter CEO Jack Dorsey, who described inflation as "happening" and apt to "change everything."

Wood, also a firm BTC supporter, noted that monetary velocity, on the contrary, had been slowing since the 2008 Global Financial Crisis, disguising some of the devaluation impact.

Regardless, when all types of product are taken into account, the true cost of dollar printing far outstrips government claims about how inconsequential inflation really is.

"Inflation is a vector, and it is clearly evident in an array of products, services, & assets not currently measured by CPI or PCE," Saylor wrote. 

"Bitcoin is the most practical solution for a consumer, investor, or corporation seeking inflation protection over the long term."
Federal Reserve balance sheet chart. Source: Federal Reserve

Bitcoin may yet return to Tesla

Musk's Tesla passed $1,000 per share for the first time this week, helping spur a dramatic increase in his net worth.

Related: Tesla hints it may soon resume support for crypto payments

In a filing with the U.S. Securities and Exchange Commission (SEC), meanwhile, the company left the door open to accepting Bitcoin for its products in future.

"During the nine months ended September 30, 2021, we purchased an aggregate of $1.50 billion in bitcoin. In addition, during the three months ended March 31, 2021, we accepted bitcoin as a payment for sales of certain of our products in specified regions, subject to applicable laws, and suspended this practice in May 2021," the 10-Q document reads.

"We may in the future restart the practice of transacting in cryptocurrencies ('digital assets') for our products and services."

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Telsa hints it may soon resume support for crypto payments

Tesla believes cryptocurrencies could emerge as a “liquid alternative to cash” over the longer term.

Tesla, the majo electric vehicle manufacturer headed by Dogecoin proselytizer Elon Musk, has hinted that it may soon look to restore support for crypto payments.

In a September quarterly filing with the U.S. Securities and Exchanges Commission (SEC), the firm stated it “may in the future restart the practice of transacting in cryptocurrencies,” suggesting Tesla is eying resuming support purchases made using digital assets.

The company also expressed its long-term belief in crypto assets as a store of value and means of payment, stating:

“We believe in the long term potential of digital assets both as an investment and also as a liquid alternative to cash."

Tesla previously accepted Bitcoin as payment for electric vehicle purchases between January and March of this year. The move came as part of a broader Bitcoin embrace from Tesla, with the firm also investing $1.5 billion worth of its treasury into BTC during the first quarter of 2021.

However, support for Bitcoin was quickly shelved after the firm faced criticism for supporting BTC despite perceptions that proof-of-work mining has a negative impact on the environment.

In June, CEO Elon Musk indicated that Tesla would consider resuming support for Bitcoin payments once at least half of the Bitcoin’s network hash rate is powered by renewable energy.

The report comes amid news that Tesla’s market cap topped $1 trillion after securing a landmark deal with car rental company Hertz. Tesla’s share price also rallied about $1k for the first time ever.

Related: SHIB plummets 20% as Elon Musk reveals he owns none

Much to the dismay of Shiba Inu Coin holders, Elon Musk tweeted this weekend that he only holds Bitcoin, Ethereum and Dogecoin.

On Monday, Twitter user Shiba Inu Holder tweeted to Elon Musk asking how much SHIB he is holding, to which Musk replied: “none.”

“Out of curiosity, I acquired some ascii hash strings called ‘Bitcoin, Ethereum & Doge’. That’s it,” he added.

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Bitcoin charges toward $64K as Tesla ATH boosts Elon Musk to $250B net worth

Tesla stock nears $1,000 for the first time as a resurgent Bitcoin completes its lower support retest and aims for $64,000.

Bitcoin (BTC) price hurtled towards $64,000 in a fresh round of bullishness on Oct. 25 as the market left a weak weekend behind.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin daily gains near 7%

Data from Cointelegraph Markets Pro and TradingView confirmed solid 6.5% gains for BTC/USD in the past 24 hours to 4pm UTC Monday.

The pair erased its previous losses, these coming as part of a comedown from new all-time highs seen on Oct. 25.

As has become customary this month, Bitcoin began rising into the start of trading on United States stock markets, with $64,000 being the next level to reclaim at the time of writing.

With $60,000 seemingly retained as support, the mood among analysts has stayed more than optimistic.

For Cointelegraph contributor Michaël van de Poppe, any levels above $57,000 remained acceptable for BTC/USD.

"...I think we're just going to have a consolidatory period or continue the momentum with some slight sideways action before we're going to break back up towards $91,000," he summarized in his latest YouTube update.

Tesla beats Facebook to top 5 US stocks

Bitcoin was not the solitary gainer for the day. Tesla ($TSLA) also saw an impressive performance as the stock hit a new all-time high and now aims for $1,000.

Related: BTC price ‘on the way to $90K’ — 5 things to watch in Bitcoin this week

Tesla CEO, Elon Musk, likewise saw his personal wealth hit an eye-watering $250 billion as he reconfirmed his BTC holdings.

$TSLA 1-day candle chart. Source: TradingView

Tesla meanwhile outmaneuvered Facebook to become the fifth-biggest U.S. stock.

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