After briefly losing to Shiba Inu, dogecoin got back its throne by gaining 30% growth in the last 24-hours. At the time of writing, the dogecoin price was at US$0.32, up from its recent moderate value. On the other hand, Shiba Inu was at US$0.000067, down by almost 15% since daybreak. Shiba Inu was trending in the cryptocurrency market with many new investors infusing massive money in it for a week straight. The meme cryptocurrency managed to flip its godfather dogecoin and took over the north position. However, it didn't last long as faithful DOGE followers geared up their race and managed to regain the foremost meme-currency's position. Currency, the market seems unsettling with DOGE and SHIB fighting over one another to reach the top. However, other real-world competitors like bitcoin and ethereum are maintaining a low key for a week now.
Dogecoin is staying at the ninth position now while Shiba Inu is closely following it in the tenth position. Yesterday, Shiba Inu nabbed Dogecoin's position only to lose it in a brief time. Although Shiba Inu gained over 800% in the last week, Dogecoin's 38% gain was able to toss it back from the procured position. However, this is not the end of the marathon. The meme currencies seem to be in a tough race with DOGE and SHIB constantly flipping each other in market capitalization and it might continue for the next few days.
Incepted in 2013, dogecoin was the first meme coin that emerged from the then trending Shiba Inu dog meme. Dogecoin maintained a low profile for a very long time before hitting the mainstream in 2020 by gaining attention. Its addition as a sports team payment model and acceptance in AMC theaters pumped value to the cryptocurrency. Besides, the Reddit move by Dogecoin followers also contributed to its value increase. Elon Musk, the CEO of Tesla and SpaceX, and Mark Cuban, a Shark Tank investor, seemed to be very fond of dogecoin. They also played a big role in contributing to its growth by hyping it on social media every now and then.
Unlike Dogecoin, Shiba Inu was a recently launched meme-currency. Running on the ethereum network, Shiba Inu coin managed to gain almost 90,000,000% value in the past year. Although its growth was sudden and unpredictable, the meme coin attracted many new investors to try their hands in the cryptocurrency market.
Initially, the price rally started at the beginning of October when Elon Musk posted the picture of his new Shiba Inu puppy. Usually, whenever Elon talks about the meme dog, the dogecoin price goes up drastically. Breaking the routine, Shiba Inu's price went up this time, hinting at an upcoming rally. Things changed when the petition to add the meme coin to the Robinhood platform gained over 300,000 signatures online. Besides this, its addition of NFT features has also contributed to the sudden surge. The plethora of events managed to keep up the price for almost a week, which gave hope to new investors. Most of the hype that followed the initial events was purely out of the FOMO (Fear of Missing Out) move.
Dogecoin price started the year at US$0.007 and reached a record price in mid-April when the cryptocurrency market went berserk. After that event, DOGE refrained to a moderate value and maintained its market position for a long time until Shiba Inu shook it. More than calling it a market trend, Shiba Inu taking over Dogecoin's position has hurt the investors' sentiment. Since dogecoin has honest followers, they were willing to gear up their game to make the cryptocurrency regain its position. In the long run, predictions earlier suggested that dogecoin could reach US$7.833 by 2025. But since the trend has changed, it could reach the mark even before anticipated.
With DOGE and SHIB gearing up their play, both are on the close neck with each other. Both the meme coins are highly backed by internet memes, currency events, and online communities and influencers. Owing to its severe volatility and constant fluctuation, we can't decide which one has the potential to be on the top. Therefore, for now, the price rally might continue and unravel new opportunities while also confusing investors.
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