In the last hour massive positions of traders SHIB and Dogecoin have been liquidated, however, both coins are recovering
As per data provided by the Bybt online analytics service, over the past hour, 22.4 million and 8 million in Shiba Inu and DOGE positions have been liquidated.
Big liquidations take place for DOGE and SHIB
After an almost 50% pullback staged by SHIB after hitting a new all-time high of $ 0.00008616 earlier today and reaching $ 0.00005731, traders’ positions worth around 1.46 million dollars of SHIB (22.47 million coins) were liquidated.
The same occurred to its main rival, Dogecoin. DOGE liquidations amounted to $2.41 million (7.99 million Doge coins).
Doge recovers, beating Shiba Inu
Firstly, SHIB managed to outperform Dogecoin by its position on the top ten crypto list and the market cap assessment. SHIB rose to have an over $38 billion market capitalization on CoinGecko and, later on, CoinMarketCap began showing the same.
As of now, however, Dogecoin has recovered and has hit $ 0.3054, the coin sits at the top nine with a market cap of $ 40,269,409,893. Shiba Inu is right behind it, grabbing tenth place with a market capitalization of $40,059,883,914, as per CoinMarketCap.
The largest US-based crypto exchange, Coinbase, which listed SHIB earlier this year, crashed and went offline due to extremely heavy traffic caused by Shiba Inu and its holders.
SHIB’s trading volume also exceeded that of Ethereum by an amazing $5 billion on Coinbase.
DOGE is a “meme coin boomer”
As covered by U.Today earlier, popular Bloomberg TV host and podcaster Joe Weisenthal tweeted that Dogecoin has become a “boomer meme coin” and that SHIB has certain advantages over it.
According to him, SHIB is better than Dogecoin because the former has a fast-developing road map. There is a decentralized crypto exchange for SHIB, and this coin provides capabilities for NFTs and smart contracts. Doge does not have any of it, he stressed.
Arcane Assets CIO Eric Wall tweeted a similar take on SHIB and DOGE, claiming that Shiba Inu is unrelated to Litecoin in mining and therefore there will be no issues. possible that Dogecoin could face one day because of this.
On Wednesday, Oct. 28, Shiba Inu hit three consecutive all-time highs. Besides, the Change.org petition demanding that SHIB be listed by Robinhood got over 326,000 signatures.
