Dogecoin DOGE/USD was on a tear Monday night as the global cryptocurrency market capitalization rose 1.04% to $2.16 trillion.
What Happened: The Shiba Inu-themed coin lead the cryptocurrency pack in terms of gains as it rose 11.34% to $0.24 over 24 hours. For the week, DOGE has shot up 21.78%.
DOGE was the second-largest gainer over 24 hours, as per CoinMarketCap data.
See Also: How To Buy Dogecoin (DOGE)
The apex cryptocurrency, Bitcoin BTC/USD, was hovering a touch below the psychologically important $50,000 mark at $49,417.32 and rose 2.84% over 24 hours. Over a seven-day trailing period, BTC has risen 16.57%.
Ethereum ETH/USD traded flat — up 0.11% over 24 hours at $3,404.38 — over 24 hours. For the week, ETH has gained 15.3%.
The top gainer over 24 hours was the self-described DOGE-killer SHIBA INU SHIB/USD, which soared 52.44% to $0.00001294 over 24 hours. Over the last seven days, SHIB has risen 83.19%.
SHIB rose 41.58% and 45.69% against BTC and ETH, respectively, over 24 hours.
Why It Matters: On Monday, a highly-followed fan account associated with SHIB noted that the project was trending on Twitter and Google citing a Benzinga report, which confirmed an auto burn function that could reduce the coin’s supply.
SHIB was mentioned in 6,361 tweets on Twitter, as per Cointrendz data, making it the third most discussed cryptocurrency on that social media platform.
See Also: Shiba Inu Surged Almost 17% Over Past Week, Outperforming Dogecoin
On the BTC side, a total of 86.6% of all circulating coins are currently held at an unrealized profit, as per a note from the on-chain data analytics firm Glassnode.
In terms of long-term holders (LTHs) and short-term holders (STHs), it is the STHs that benefitted the most from the recent spike in BTC prices, as per Glassnode.
“Around 15.6% of the BTC supply is currently held by investors who purchased within the last ~155-days and are at an [unrealized] profit.”
LTHs in profit hold 73.4% of the supply, which as per Glassnode leaves 11% of remaining coins held at a loss (split 31:69 STH: LTH).
“As a larger portion of the market return to profit, it creates incentives for some investors to take profits, but also can recover conviction to hold onto their winners.”
Another positive for the BTC in the near term could be the approval of a Bitcoin exchange-traded fund by the U.S. Securities and Exchange Commission.
Marcus Sotiriou, Sales Trader at the United Kingdom-based digital asset broker GlobalBlock pointed out in an emailed note that a futures-backed ETF could “open the floodgates for institutional adoption and hopefully result in a spot backed ETF being approved in the not-so-distant future.”
This as per Sotiriou would allow ordinary people to include the cryptocurrency easily in their brokerage account.
“An ETF approval could be the catalyst for a crypto market rally in Q4 which many analysts are predicting and aligns with what has happened in previous years.”
Editor's Note: An earlier version of this article earlier inaccurately referred to "@ShibaInuCoin" as the official account of Shiba Inu token, while it is a fan account. We regret the error.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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