The Battle of Meme Coins: Dogecoin And Shiba Inu Go Head to Head
Diverging price trends is helping Dogecoin consolidate its position as the ninth largest crypto asset with $39 billion market cap, but SHIB isn’t far behind with $35 billion, according to CoinMarketCap.
It’s an intense crypto battle as two popular meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), go head to head for the ninth spot on the list of top digital assets by market capitalization. Some traders are profiting from the action by taking spread trades.
Shiba Inu has been on the rise in the past couple of weeks with interest growing in the asset every day. This has cumulated to a rally that saw the meme coin break its previous all-time high. Rumors of a Robinhood listing had pushed the price of the asset up at the start of the week. However, the momentum generated from the rumor has taken on a life of its own.
SHIB has solidified itself as a formidable competition for the top meme coin with its recent rally. Dogecoin, on the other hand, does not look ready to give up its crown without a fight. While SHIB has rallied, Dogecoin has also mounted a resistance of its own. Although not as impressive as that of its rival, it did push the price of the meme coin above the $0.3 resistance level.
Shiba Inu Takes Over In The Top 10
Dogecoin has been able to retain first position as a meme coin. It had gained significant support which had sent its price rallying to its $0.7 all-time high. It is safe to say that Doge’s popularity as a meme coin paved the way for others like SHIB.
However, it now seems that Shiba Inu is taking over as the choice meme coin among investors. SHIB’s rally towards a new all-time high saw its market cap break above $40 billion for the first time. This puts it ahead of Dogecoin whose market cap still sits below $40 billion. The growth caused Shiba Inu to move above Dogecoin in the top 10, taking over 9th place.
Dogecoin Fights Back
DOGE has come alive after lagging SHIB by a significant margin earlier this month. DOGE surged to $0.335 on Coinbase on Thursday, the highest it has been since August 20. It was last trading near $0.30, representing a 22% gain on the day.
At the time of writing, on a daily chart DOGE is up 23.5%, while SHIB is down 21.5%. However on weekly chart SHIB is up 141% while DOGE is up 21%.
Crypto analyst Justin Bennett earlier this month predicted a massive rally for Dogecoin, which would follow the price path from earlier this year when DOGE reached its all-time high of $0.74. As the first hurdle, the analyst said, DOGE should clear resistance at 0.27, which it now has done.
