Continuing its positive retracement move from last weeks low of $0.00002058, Shiba Inu (SHIB) opened the new weekly session in the green on Monday, 11 October.
Amid an impressive recent performance, the token competitor to Dogecoin (DOGE) has witnessed twice as much trading volume in the last 24 hours despite having a market cap roughly three times smaller at $11.5 billion in comparison to Dogecoin $30.7 billion.
Indeed, SHIB has seen over $4.47 billion traded in volume over the last 24 hours, which is significantly more than double the amount traded in Dogecoin with $1.75 billion, according to CoinMarketcap.com
Recently, Shiba Inu has seen a remarkable rise in value, with the decentralized meme token now trading at $0.00002921, up more than 13.61% on the day and up over 224.55% in the last seven days.
In comparison, Dogecoin is currently changing hands at $0.2341, down 4.35% on the day but up 9.16% in the last week.
Elsewhere, Santiment pointed out that Shiba Inus price always rises when SHIB millionaires sell their holdings.
Additionally, Santiment data shows Shiba Inus addresses worth 1 million to ten million SHIB sold over 31 billion tokens on Thursday, causing the cryptocurrency to plummet by over 40%. Nonetheless, SHIB tokens rebounded in value as investors built positions around the 20-4H exponential moving average.
Retail investorsIt‘s interesting to note that the project’s cheap entry fee drew in small-scale investors. As early as September 9, 2021, investors had the opportunity to become SHIB millionaires for as little as $7, with $1 purchasing 146,000 coins of the crypto at the time.
However, the tokens value soared when it was listed on Coinbase on September 16, with $870 million being invested in Shiba Inu in only 24 hours.
Following a recent surge in popularity, the Shiba Inu Twitter account announced on October 6, 2021, that it had surpassed the 1 million followers milestone on the social media platform.