Shiba Inu has proved that there can be more than one joke-themed crypto on the top 10 list

Memecoin Shiba Inu continues to be on fire as its price keeps growing for more than a week now. It's quite funny how many investors who called it a clone of dogecoin have come forward to invest in SHIB since its price rally. The recent meme coin wave has swept away dogecoin and put Shiba Inu at the top. After taking over its dominant opponent, SHIB has proved that there can be more than one Shiba Inu-themed cryptocurrency on the top 10 list.

The ethereum-based meme coin, Shiba Inu, has experienced a gain of 800% since last week after its price went berserk. At the time of writing, SHIB was at US$0.00007206, while Dogecoin was at US$0.2692 respectively. Dogecoin maintained its position as the foremost and most adopted meme coin for a long time. Although it kept low since its inception in 2013 till 2020 before it attracted mainstream investors, the digital token quickly lost its crown to Shiba Inu after the massive price rally last week. Currently, SHIB currency is positioned the ninth place and DOGE in tenth. Similar to Dogecoin price rally in 2020, SHIB token also got attention from mainstream and new investors recently over an online move. The petition to add Shiba Inu to the Robinhood platform got over 300,000 signatures. However, to everybody's surprise, the move got even more intense when SHIB announced its entry into the NFT market. Both the events contributed to its price surge, overtaking its long stood rival, dogecoin.

Dogecoin investors were quick to act in that situation. They pumped in more value and took back the ninth position briefly before Shiba Inu grabbed the mark yet again. According to experts, the SHIB rally can also be contributed to FOMO (fear of missing out). Many new investors are directly jumping into the meme coin circle with the thought that they might reap big benefits if they invest now.

Dogecoin Price Analysis: How did Shiba Inu Overtake the Top Memecoin?

One thing that keeps dogecoin buckled to a certain position is its inability to break the US$1 mark. Yes, despite experiencing a big value surge in May 2021, the dogecoin price still continued to remain below its hard-to-break mark. However, the dogecoin price continued to stay very volatile with sudden rises and plummets. All of these have come together and stroke the meme coin in the face when Shiba Inu became a heavy competitor. Earlier that, DOGE investors thought that there won't be any meme coin that could take over the foremost cryptocurrency very soon. But things changed after Shiba Inu's price rally and so did dogecoin's position in the market. For now, both DOGE and SHIB are keeping a close race with one another. Whoever keeps up the ninth position for a longer time will emerge as the top meme coin of 2022.

What is Contributing to Shiba Inu's Continuous Growth

Since the rally started with Robinhood, its growth is also lying along the lines of the platform. However, the brokerage has said that it is in no hurry to list new currencies as analysts expect revenue growth to come from elsewhere. Although Shiba Inu getting listed on Robinhood doesn't seem likely in the coming days, the move has spurred many other top exchanges to add SHIB in its trading options. This has heavily reflected on the digital token's price.

On the other hand, reports unravel that more than 70.52% of SHIB's circulation is controlled by eight whale accounts of which one whale alone holds over 41.03%. The biggest whale account is associated with the one used by ethereum co-founder Vitalik Buterin to dump 50 trillion Shiba Inu tokens. The remaining 28.97% is shattered in seven whale accounts with the largest owning 7.02% of the total currency circulation.

On the Sidelines

While Shiba Inu and Dogecoin are having a tough fight to capture dominance in mainstream crypto, other dogecoin clones are also enjoying the wind. Less known Shiba Inu-themed meme coins like Samoyedcoin, Floki Inu, Safemoon Inu, Dogelon Mars, etc are gaining value and experiencing an increase in trading in 2021 after the SHIB rally.