Dogecoin skips 30%, launches SHIB to reclaim meme coin throne

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Shiba Inu surpassed Dogecoin yesterday in terms of market capitalization.

But Dogecoin has rallied today, increasing 30% in 24 hours.

Dogecoin today claimed its place as the best ‘meme coin’ – up 30% in 24 hours – after briefly losing the throne yesterday to Shiba Inu.

DOGE’s sudden price surge means that it is now trading at $ 0.31, making it the ninth largest cryptocurrency by market capitalization.

Shiba Inu, or SHIB, an Ethereum-based token also based on a dog meme, is currently trading for $ 0.00007276. It is the 10th cryptocurrency by market capitalization.

Yesterday, Shiba Inu conquered the ninth place, overtaking DOGE, but today he loses his place. It still increased by 10% in the last 24 hours and by 149% in the last week.

Dogecoin is a popular cryptocurrency, despite being created as a joke in 2013.Its price has skyrocketed mainly because billionaire entrepreneurs like Tesla CEO Elon Musk and Shark Tank investor Mark Cuban raised the price of the coin on social media and claimed that it will. turn it into a worthwhile cryptocurrency.

Right now, Dogecoin is not a particularly useful cryptocurrency, although merchants like Cuba’s Dallas Mavericks started accepting it as payment.

Both Cuban and Musk said they believe in the future potential of the coin, and Cuban went as far as calling it “the strongest cryptocurrency” around. Dogecoin also has its foundations working to transform the asset into a fully functional and globally accepted payment method. Dogecoin Foundation Advisory Board includes Ethereum co-founder Vitalin Buterin and Elon Musk representative Jared Birchall.

Shibu Inu is a token that runs on the Ethereum network. Its price has also skyrocketed: in the last year it has soared by more than 90,000,000%.

Both are meme currencies: cryptocurrencies based on internet memes, current events, online communities, and influencers. se types of currencies can be very volatile, even more than traditional cryptocurrencies such as Bitcoin or Ethereum.

For early investors, however, the gains were huge. If Vitalik Buterin had not “burned” (that is, destroyed) the 505 billion SHIB he received in May, he would be $ 32.5 billion richer today.

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views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

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