With $160 million in ‘smart money’ behind the latest pump, SHIB flipped DOGE.

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With $160 million in ‘smart money’ behind the latest pump, SHIB flipped DOGE

According to CoinGecko statistics, Shiba inu, the self-proclaimed dogecoin killer, momentarily eclipsed DOGE in market value on Wednesday.

Both currencies currently have a market capitalization of more than $31 billion and are ranked 10th and 11th on CoinGecko’s rankings page, respectively.

While SHIB continues to draw retail investors throughout the world, more professional crypto traders are driving the recent boom, according to blockchain statistics.

According to Daniel Khoo, a research analyst at blockchain analytics firm Nansen, addresses identified as “smart money” have been buying up SHIB since the beginning of this week. The majority of the purchases were made in the last seven days, totaling nearly $160 million.

Traders that generated more than $100,000 by supplying and mining liquidity in decentralized finance (DeFi) protocols, as well as public bodies that invest in crypto, are among the addresses branded as “smart money.”

The viewpoint is backed up by statistics from Santiment, another blockchain data provider.

Santiment data reveals that SHIB transactions worth at least $1 million have been growing from the beginning of October. As SHIB’s price rose in recent weeks, whale activity increased on several days.

While there have been a lot of SHIB spot activities on centralized exchanges, according to Nansen, around 66 percent of SHIB is on decentralized exchanges against 13% on centralized exchanges at press time.

According to CoinGecko, the majority of SHIB’s trading volumes originate from centralized exchanges like as Binance, Coinbase, and BKEX. In comparison to Binance and Coinbase, BKEX is a relatively unknown Chinese exchange.

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