TL;DR Breakdown
- SHIB is dominating Dogecoin with more than 3x trading volume
- The coin has recovered from the recent whale dump and currently ranks 16
Shiba Inu token has roared like a lion, quickly rising to the #12 market rank in recent weeks. Right now, the market rank of the coin is #16 but, the trading volumes stand at 6.19 billion USD, representing a surge of 47.46%. The market capitalization of the currency also rose by 19.2%.
Shiba Inu has often been compared to Dogecoin, another meme coin that rose by outrageous numbers in the first quarter of 2021. While Dogecoin is ranked at #10 in the market, the market capitalization of DOGE is more than 2 times that of Shiba Inu.
Shiba Inu vs Dogecoin price comparison
Now, comparing the trading volumes of the two cryptocurrencies, Dogecoin’s trading volume today stands at 1.9 billion USD, up by 60.41 in the last 24-hour period. However, the market cap of the coin fell by 3.6%.
The above image proves that Dogecoin is behind by humongous amounts in trading volume compared to Shiba Inu. There are multiple reasons for this scenario. This might also indicate that the popularity of SHIB is rising among various investors.
Memecoins dominate amid October Bitcoin rise
Bitcoin’s much-awaited bullish outburst after the onset of ‘Uptober’ brought a smile to investors’ faces. While most of the altcoins continue to bleed, here are some meme coins that continue to breach past all resistances.
Considering the Shiba Inu prices in recent days for SHIB/USDT, here are the respective gains for October for Shiba Inu:
| Date | Shiba Inu | Dogecoin |
| October 1 | 6.94% | 9% |
| October 2 | 2.08% | -1.84% |
| October 3 | 8.65% | 1.51% |
| October 4 | 57.85% | 8.84% |
| October 5 | 28.49% | 4.23% |
| October 6 | 60.91% | 0.99% |
| October 8 | 19% | 0.54% |
For 11th October, the price of the coin is already up by more than 18%, and Dogecoin prices, on the other hand, are up by 1.9%.
Although the market capitalization of Shina Inu is nearly half of what Dogecoin is valuated at, the popularity of Shiba Inu has surged after Elon Musk tweeted the photo of a Shiba Inu dog.
Back in the first quarter of 2021, Elon’s tweets rose the price of Dogecoin by 692% in January, which was followed by another price surge of 527% in April. Although Dogecoin’s supremacy didn’t last long as now, Shiba Inu reigns over the altcoins market.
Meme tokens prove their worth once again
Be it their popularity or the ‘Elon Musk Effect,’ meme tokens continue to remain bullish. Other meme coins like Floki Inu surged by more than 19% today. In the last 14 days, Floki Inu rose by 69.9%, while in the last 30 days, Floki rose by 389.9%, according to Coingecko. Another meme token, i.e., the Ryoshi token, rose by 193.9% in the last 7 days.
The rise of these meme tokens goes against the claims that investing in these coins isn’t beneficial. The two biggest meme tokens, Shiba Inu and Dogecoin, are currently engaged in a cut-throat competition.
Dubbed as the ‘real money’ by Elon Musk, Dogecoin seems to be less popular as compared to Shiba Inu, according to Google Trends.
Red Line: Shiba Inu, Blue Line: Dogecoin
Recently, Shiba Twitter even reached the 1 million followers milestone on the platform as it thanked the fans of the token in a recent Tweet.
While your investment is your sole responsibility, through this post, we don’t encourage investment in meme tokens. These are highly volatile assets but, they can be pretty volatile if you know your strategy.
If you invest in these tokens, INVEST WISELY.
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