Shiba Inu (SHIB) Riding a Price Pump Off the Back of Dogecoin (DOGE) Leading a Broader Meme Coin Rally

On-chain intelligence firm Arkham Intelligence recently reported an unknown whale withdrawing 105.9 billion SHIB, valued at $1.99 million, from Coinbase

SHIB /USD trades within a narrow range on Friday, with an interesting on-chain development and several traders eyeing the meme coin for further price pumps.

On-chain intelligence firm Arkham Intelligence reported an unknown whale withdrawing 105.9 billion SHIB, valued at $1.99 million, from Coinbase in a transaction split into three parts. The address hasn't appeared in prior on-chain activity.

Lucie, Shiba Inu's marketing lead, announced that the Shiba Inu Decentralized Autonomous Organization (DAO) and foundation are set to launch in 2024/2025. She added that the "Shib ecosystem is on the brink of a transformative shift, putting power in the hands of true holders."

Crypto trader Bluntz advised that SHIB and Floki (FLOKI) are the “obvious catch-up plays” for those who missed the DOGE breakout.

Another trader, CryptoJack, noted that SHIB is holding firm on its support trendline, anticipating a "huge pump" in the near future.

The trendline of support is holding strong on $SHIB and it looks like #ShibaInu will soon break above the resistance, leading to a huge pump!

large transaction volume decreased by 32.3% and daily active addresses fell by 16.9%. Transactions greater than $100,000 are down from 190 to 118 in a single day. However, as gains continue to rise for the meme coin, holders making a profit have now spiked to 53%.

In the last 24 hours, 3.27 million SHIB coins were burned, increasing the burn rate by 27.2%. The meme coin rally follows Dogecoin's recent surge, which was sparked by Elon Musk's playful mention of a hypothetical “DOGE department” under a Trump administration.

The influence of meme coins will be further discussed at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

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