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

Published 10/28/2021, 06:55 AM
Updated 10/28/2021, 12:00 PM
DOGE/USD
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SHIB/USD
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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
DOGE total liquidations across all exchanges. Source: Bybt

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