Home Business After Shibainu, Dogecoin soars… Trader arbitrage in progress

After Shibainu, Dogecoin soars… Trader arbitrage in progress

by news dir
[뉴욕=박재형 특파원] As Shibainu overtook Dogecoin to enter the top 10 by market capitalization, the price of Dogecoin is skyrocketing this time.

Based on CoinMarketCap data on the 28th (local time), Shivanu rose 43.10% to $0.000080, ranking 8th in market cap rankings.

Dogecoin also surged 23.51% to $0.296, returning to the 10th by market cap, closely following Polkadot and Sibainu.

Source: CoinMarketCap

Cointelegraph analyzed that the current situation was due to traders’ attempts to take profit as Sibainu was overvalued in the market in view of some key indicators, particularly the Relative Strength Index (RSI).

It is also explained that Dogecoin prices are skyrocketing as these traders sell overvalued Shibainu and then choose Dogecoin as a longer-term investment vehicle.

Three Arrow Capital co-founder Xu Zhu revealed that traders are converting their profits to Dogecoin as Shibainu rose to $0.000089 in Asian markets and closed.

He predicted that the Dogecoin price could rise to $0.88 if the conversion of Shibainu profits to Dogecoin continues.

Articles to read together

Shibainu hits all-time high...  11th in market cap, Dogecoin threatens

Shibainu hits all-time high… 11th in market cap, Dogecoin threatens

Related Articles

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.