Compound and Shiba Inu ranked first and sixth in the latest trend rankings.
SHIB and COMP both traded at a loss after seeing gains.
Lunar Crush’s latest trend ranking revealed a captivating presence from Compound [COMP] and Shiba Inu[SHIB] within the prestigious top 10. Despite their shared spotlight, these tokens and projects shone brightly for several reasons, as evidenced by their unique stats.
Read Compound (COMP) Price Forecast 2023-24
Compound and Shiba Inu Trends
Lunar Crush’s message on July 9 highlighted the impressive positions that Compound (COMP) and Shiba Inu (SHIB) have taken in their trend rankings. COMP secured the coveted first place, while SHIB claimed sixth place. This ranking served as a reflection of the tokens currently receiving a lot of attention on the platform.
Popular on LunarCrush:
🔹 $COMP @compound finance
🔹 $INJ @Injective_
🔹 $CASH @KaspaCurrency
🔹 $WBTC @WrappedBTC
🔹 $LINE #LINE
🔹 $SHIB @ShibtokenInsights: https://t.co/S43WsoNoxP pic.twitter.com/oaR0Bof3Sr
— LunarCrush (@LunarCrush) July 9, 2023
However, Shiba Inu seemed to have faded from the spotlight in the most recent update. On the other hand, COMP continued to maintain its leading position on the summit. The rankings indicated a change in the dynamics of their respective trends.
A possible reason for the Shiba Inu trend
Santiment recently showed a remarkable development regarding Shiba Inu’s main unit of measurement, indicating a significant shift. Analyzing the benchmark that monitors whale transactions over $1 million, it was found that there was an increase on July 7 and 8.
Seven such whale trades occurred on July 7, followed by eight on July 8. These numbers represent the highest number of whale transactions recorded in the past two months. At the time of writing, only one transaction has been recorded on July 10 and none on the previous day.
Source: Sentiment
In addition, when examining SHIB’s day-to-day performance, it became clear that the trend reacted positively to the occurrences of these whale transactions. During those two days, SHIB witnessed an impressive increase in value of over 6.7%. As of now, however, it was trading at a slight loss, albeit less than 1%.
How much are 1,10,100 SHIBs worth today?
A possible explanation for the compound trend
Compound’s rise in value likely contributed to its prominence in the trend rankings. Looking at the price trend over the daily time frame, a notable spike occurred on July 9. Moreover, analysis of the chart revealed an even bigger increase of 30.58% on July 2.
In addition, Santiment’s chart indicated a corresponding increase in volume during these price spikes. However, it is worth noting that COMP experienced consecutive downtrends after the July 2 surge before witnessing another notable 11.95% spike.
Source: TradingView
At the time of writing, COMP was trading at around $58.1, reflecting a loss of over 4%.
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