Who Let the Dogs Out?
As the two dog coins faced off today, DOGE bounced upward while SHIB wound up remaining relatively flat. Despite DOGE seeing better price action, SHIB still has a slightly higher market cap.
Ironically, while coins in a category tend to be highly correlated, we’re seeing the opposite with DOGE and SHIB. The two could have made a decent pair trade today (long DOGE, short SHIB), which may indicate the same capital moving to and from the two assets. If true, a SHIB rally could signal a coming DOGE dump.