Battle For Meme Coin Supremacy Slows Down, As SHIB Falls Back From Top 10
Dogecoin (DOGE) and Shiba Inu (SHIB) are still going head to head for dominance in the meme coin space. Both have had their moments this year, but now both are seemingly slowing down.
Dogecoin deserves credit for the creation of the meme coin momentum, from which Shiba Inu has greatly benefitted from. However, the latter seems recently been taking over as the frontrunner in the space.
Shiba Inu was coined by its anonymous creators, as the “Doge killer”. This resonated with many who had missed out on the Dogecoin train but were looking to get on the next best thing. For a while, Shiba Inu had slid into obscurity after its first rallying upon its release. The meme token went on another rally last month, much to the surprise of the market, and has battled with Dogecoin ever since for dominance in the space.
Dogecoin’s Comeback
Dogecoin remained much of October under the pressure of Shiba Inu’s rally. The meme coin had slowly but surely climbed up the ranks of top cryptocurrencies and finally made its way into the top 10. The next step for the token was coming for Dogecoin’s spot on the top ten, which it did when the meme coin hit a new all-time on October 28th.
SHIB/USD Source: CoinGecko
Shiba Inu had surpassed Doge’s total market cap and made its way to 8th place on the crypto top 10. However, this would be short-lived as a combination of a small rally on the part of Dogecoin and numerous dips in the value of SHIB saw Doge reclaim its place above SHIB on the list.
SHIB has since lost its place in the top 10 after falling below the market cap of USDC. At $26.6 billion, SHIB now sits at 11th place on the list after massive losses in the meme coin.
What’s Next For SHIB?
Shiba Inu struggled to maintain value as the asset continued to suffer losses in the past few days. The meme coin however could have seen light at the end of the tunnel, if Kraken’s tease to list SHIB would have come to fruition.
This seemingly is not the case because, despite the tweet reaching the milestone specified for the listing, the exchange did not end up listing SHIB on its platform. It did however update the community on its plans for listing the meme coin and said that Shiba Inu was going through the listing process.
?♥️?♥️?♥️?♥️?@brianchoffman said if we get 2,000 likes we will list $SHIB tomorrow – but he doesn't think we can do it.#SHIBArmy where you at?
