DOGE price explodes following massive spike in Dogecoin and Shiba Inu holders
- Dogecoin’s total number of daily transactions dipped below 18,000, the lowest level since 2017.
- Shiba Inu now has 668,810 holders of the memecoin, an 18% spike in the past three months.
- AMC plans to accept Dogecoin for online payment, and Robinhood gears up to launch a wallet for storing and transferring DOGE.
Dogecoin and Shiba Inu have increased in popularity over the past few weeks. The SHIB community continues to petition for the memecoin’s listing on Robinhood, the commission-free exchange.
On-chain activity on the Dogecoin network hit lowest level since 2017
The total number of daily transactions on the Dogecoin network has dropped below 18,000. This week the volume of transactions has hit the lowest level recorded since Bitcoin’s historic bull run in 2017.
Back in April 2021, the transaction count hit a peak at 100,000. Historically, a drop in on-chain activity is associated with plunging demand for an asset; however, in the case of the Shiba-Inu-themed cryptocurrencies, it is the opposite.
Dogecoin daily transaction volume
Dogecoin’s popularity has increased with commission-free exchange Robinhood’s announcement of the launch of an upcoming cryptocurrency wallet that would support the deposit and transfer of the memecoin.
Adam Aron, CEO of AMC, the world’s largest theatre chain, asked his Twitter followers if Dogecoin should be accepted for online payments. Over 70% of the survey participants responded in the affirmative.
“Dogecoin killer” Shiba Inu has witnessed an over 18% spike in the number of token holders. As of September 21, 668,810 wallets hold Shiba Inu in their cryptocurrency portfolio.
Shiba Inu total holders and transfers as of September 21, 2021
In response to the rising acceptance of Dogecoin in the cryptocurrency ecosystem, co-creator Billy Markus tweeted:
okay we are allowed to overreact now
— Shibetoshi Nakamoto (@BillyM2k) September 22, 2021
robinhood wallets is huge news for dogecoin - it opens up so many users to the real utility of cryptocurrency!https://t.co/pSV2WiopwN
Elon Musk, tech billionaire and CEO of Tesla, responded to Dogecoin co-creator @BillyM2k’s tweet, stating the need to drop DOGE to make it viable for users to buy movie tickets using the cryptocurrency.
Super important for Doge fees to drop to make things like buying movie tix viable
— Elon Musk (@elonmusk) September 22, 2021
Since the exciting announcements, Dogecoin has posted over 7% gains, and the cryptocurrency continues its upward climb.
FXStreet analysts have evaluated where Shiba Inu price could be headed next. The analysts believe that SHIB is ready for a rebound to $0.00000900. At the time of writing, SHIB is trading at $0.00000728.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
