is shiba inu the next dojoin a lot of holders are wondering the same so let's take a look at some new data for it hello guys and welcome back to crypto fire where we talk about dogecoin cryptocurrency and investing before we go any further please keep in mind that we're giving away 500 to a random subscriber all you have to do is like the video subscribe and leave a comment on your favorite crypto read our description for more info about it now let's get started with today's video this week alone shiba inu has risen by 21.3 percent and during the same time period doj has fallen by around five percent now i'm not too worried about dogecoin because of all the good things that are in store for doge this year i've talked about it in previous videos too even if shiba rises it won't harm dogewoin because people will still invest in doge thanks to elon musk ethbridge incredibly low transaction fees and so on coming back to sheba around 12 hours ago it rose by more than 35 percent and the major reason behind this was the coinbase listing this was a big deal for sheba because coinbase is the biggest crypto exchange in the united states we know that sheba was created as a spin-off to dotron people were moving onto it because it was seeing pretty big gains like doge was but still dogecoin will always be a safer bet for everyone considering it has elon as a major backer and also we have to consider that doge market cap is still one of the highest out there and then there's robin hood's over reliance on doge which also makes it a pretty safe bet in the long run if we talk about sheba it doesn't have those things still it doesn't mean that it's a bad investment 35 percent gains in just 24 hours are absolutely insane by any standards so i think you can consider sheba if you're looking for short-term gains and higher risks and if you're looking to invest long-term you can consider dogecoin since it has so many things coming for it in the near future still i'd like to remind you that i'm not a financial advisor and this isn't financial advice so you should definitely do proper research before investing anything into crypto moving on let's talk about how dogecoin did today earlier today it went past the crucial resistance level of 25.2 cents it was crucial because it stood as dogecoin's 100-day simple moving average it's interesting because it happened right around the time bitcoin moved above its own resistance level of 48k which is currently its 30-day simple moving average and because of this doe twins correlation with bitcoin has also risen it currently stands at 0.71 and is up by another .06 in the last 24 hours and this high correlation is good for dogecoin so william clement the popular on-chain analyst recently created a model called a liquid supply floor this model combines glass known's a liquid supply data with plan b's traditional s2f model it then creates a price floor based on bitcoin's real-time scarcity and according to this model bitcoin's price may never fall below 39k again so this rising correlation gives dodge holders a sigh of relief too and then there's this survey by plan b which revealed that over 45 percent of polled investors think that bitcoin is going to at least 100k by the end of this year this implies that a lot of people still have diamond hands even despite the crash and then there's this data about bitcoin's exchange reserves it looks like currently only 6.5 percent of the btc supply is present in exchange wallets the exchange reserve of an asset is an indicator that shows the number of coins present on wallets of all centralized exchanges a downtrend would imply investors are withdrawing their coins for holding or for selling through otc deals and another relevant indicator is the short-term supply which has declined to levels not seen since 2015.

This metric measures the number of coins that were part of transactions recently so the metric would suggest that accumulation has been going on now let's talk about some bad news from today the governor of the european central bank stated that cryptos are not currencies she said that cryptos are highly speculative occasionally suspicious and high energy consuming assets she was referring to bitcoin which uses the proof-of-work mining algorithm also according to her central banks these days are prompted by their customers to create money that would fit the current currency so we have to keep an eye on this because the countries in europe might be looking to adopt cbdc's instead of cryptos like doge and then another pretty bad news from today was that bibit one of the world's top crypto derivatives exchanges will stop some of its services in south korea we talked about it in the last video about how the south korean regulator is putting forward a deadline for crypto exchanges to acquire a license and their failure to do so will lead to their closure so i think it's already begun and we could expect more news like this coming out this week now let's talk look at some news about crypto adoption according to a new survey 11 percent of irish investors have already bought a digital asset and a quarter of the young irish are betting on kryptos also the share of crypto investors has grown to 25 of people aged 25 to 34 and in total 10 of the entire population this data might be inaccurate because of the low sample size of one thousand but still this is something we can't ignore crypto adoption is on the rise in yet another country which is pretty great and another news about adoption was that a bitcoin based security token by the game publisher exordium was recently approved in germany this security token is raising funds for another game and it has already raised more than seven million dollars while this might sound like an insignificant update it's really not it indicates that the gaming industry is now more open to accepting kryptos according to statista the video game industry's revenue will surpass 138 billion dollars by 2021.

Talking about adoption a restaurant in delhi became the first place in all of india to accept crypto as payment while this restaurant doesn't accept doge right now it's still a pretty big deal i've talked about how india being a developing nation is more likely to be attracted to dogecoin because of its low price and how doge is marketed as the common man's currency so i think we could see this as a pretty big step forward for doge2 and then there's this news from skybridge which has always been pretty bullish on crypto its ceo revealed that the company currently holds more than 700 million dollars in crypto he also said that before long there will be 200 million crypto users in the united states currently there are only 21 million crypto users in the united states but i think he just might be right about it according to a study conducted in may over 50 million people are likely to buy crypto in the next year so that's more than 120 increase in one year this implies that by the end of 2022 skybridge ceo estimate will most likely come true and this is why his company has filed with the sec for a crypto focused etf earlier this week if approved it would invest at least 80 percent of its net assets into leading companies representing the crypto industry ecosystem so this implies that he thinks that the entire crypto industry is going to skyrocket in the coming years and not just a specific crypto like doge or bitcoin so we should also keep an eye on the new crypto startups that are emerging every single day moving on the coin allegra market's pro alt season indicator has shown a 32 inclination towards altcoin season but there's the all-season index that says it isn't an altcoin season just yet still according to a senior analyst at okex insights it is definitely on he said that the recent altcoin rally is being fueled by myriad factors including the nft boom in august a shift from bitcoin to other smaller altcoins like luna and polkadot also reflects the market's current risk on sentiment this means that investors are increasing their risk tolerance due to a more buoyant market outlook and this is good for doge because it's one of the biggest all coins by market cap out there also i'm optimistic because dogecoin because it's back in the green again while some other all coins have went back in the red ethereum fell by around 5.5 percent today and solana by nine so i think it's a pretty good day to be a doge holder and this is it for today's video thanks for watching till the end if you enjoyed it please consider liking and sharing it with your friends also please subscribe to the channel and turn on post notifications for daily videos on dogecoin and cryptocurrency if you have any questions or suggestions please leave them in the comments section below goodbye take care

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