The U.S. equity market gave a pretty solid run-up on Wall Street on Friday, October 28. This was enough for the broader crypto market to catch up with the rally. Bitcoin (BTC) is once again up to $20,700 and Ethereum (ETH) is inching closer to $1,600.
However, the top two memecoins – DOGE and SHIB – are having the biggest party on Satoshi Street. The world’s largest memecoin has rallied another 15% today and is currently trading at $0.86. With this price pump, Dogecoin has rallied a staggering 46% over the last week.
It is for the second time in three months that the DOGE price is trading above $0.85. However, retail investors need to be careful here as Dogecoin has strong resistance at $0.88. But a breakout about this could also set the price soaring higher.
All Eyes on Shiba Inu
Along with Dogecoin, its immediate competitor and second-largest memecoin Shiba Inu (SHIB) is also rallying. As of press time, SHIB is trading 12% up at a price of $0.00001176 and a market cap of $6.4 billion. Over the last week, the Shiba Inu (SHIB) price is up 18% climbing up two ranks to being the 13th largest crypto by market cap.
As per historical trends, the SHIB price could soon catch up with DOGE nearly 50% rally on the weekly charts. On-chain data provider Santiment reports:
Whatever side of the fence your on with #memecoins like $DOGE (+44% in 7 days) and $SHIB (+19% in 7 days), there is no denying that they have had their pump moments. #ShibaInu has historically followed #Dogecoin pumps. Watch trading volume on our chart.
Coming to Bitcoin, the BTC supply on the exchanges has been dropping very fast. As per the on-chain data, the Bitcoin supply at the exchanges dropped to a four-year low. Santiment notes: “With #Bitcoin back above $20.7k, traders appear to be content with long-term holding as coins continue moving away from exchanges. With the ratio of $BTC on exchanges down to 8.3%, it’s the lowest seen in 4 years. October has been a big outflow month”.