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