Shiba Inu Flips Dogecoin And Takes Lead In The Meme Coin Race
The head-to-head race between the two leading meme coins Shiba Inu (SHIB) and Dogecoin (DOGE) gets exciting as SHIB flipped DOGE and took lead in terms of market capitalization.
It’s been quite a week for dog-themed meme coins and tokens. Shiba Inu made its way into the top 10 for the first time and shot past Dogecoin (DOGE) in terms of total market cap, then DOGE recaptured momentum and flipped SHIB. Now it has happened again, SHIB taking the lead.
Shiba Inu, over the past 24 hours, started regaining some of the ground lost on Thursday and now it’s back above Dogecoin.
At the time of writing SHIB trades at $0.00007711, is up 25% over the last 24 hours and now sits 9th largest crypto asset by market cap according to CoinGecko.
Dogecoin, however, is on the decline, down almost 3% over the last day and trades at $0.286. Dogecoin rose rapidly yesterday, but now it’s losing some of that steam, while SHIB pushed DOGE to 10th-place spot on CoinGecko’s ranking.
DOGE trades well below its all-time high of $0.74 set in May – down 60% since then. Meanwhile, Shiba Inu is just 12% off of its all-time high of $0.00008616 set in Thursday this week.
DOGE became a crypto sensation earlier this year, rising from a price of about $0.005 on January 1 to the $0.74 peak in May. The first shiba inu-themed meme coin led various dog-themed pretenders and held the throne up until Wednesday, when a surge of momentum around Shiba Inu finally elevated the token to the top of the meme heap.
Meme coins and tokens are highly susceptible to changing social media sentiment (such as, say, Elon Musk’s tweets) and can be extremely volatile. Shiba Inu, in particular, is up 980% over the last 30 days according to CoinGecko—and that entire span came after a previous price bump following its listing on popular exchange Coinbase.
While DOGE and SHIB are well ahead of the meme pack, other dog coins are also popping this week. Case in point: Floki Inu (FLOKI) was up more than 200% yesterday following lowered fees and potential impact from a physical marketing campaign in London. Even today, it’s still up 61% over the last 24 hours, and 473% over the last month.
