SHIBA INU vs Dogecoin: Who Will Win the Battle to Become Numero Uno Meme Currency

By Prashant Jha
Published October 29, 2021 Updated October 29, 2021
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SHIBA INU vs Dogecoin: Who Will Win the Battle to Become Numero Uno Meme Currency

By Prashant Jha
Published October 29, 2021 Updated October 29, 2021

This past week SHIBA INU ($SHIB) has stamped its authority in the meme crypto market overtaking Dogecoin ($DOGE) in market cap as both meme currencies continue to exchange rankings. $SHIB is currently positioned 10th below $DOGE, but that could change any minute as the difference in market cap is less than a billion.

$SHIB has managed to live up to the hype of “DOGE Killer” and currently looking to eliminate another zero from its price before recording an eventual price retrace. The altcoin has surged over 950% in October alone, mimicking a similar rally to that of Dogecoin in May.  It has broken several records in the past week some of which include constantly making it in the top-3 in terms of trading volume in the past week even overtaking Ethereum.

$SHIB price touched a new ATH of $0.00008845 before taking a 50% plunge, dropping to sub $0.00005 levels, but recovered within hours to form strong support at $0.000067. The altcoin showed a similar sharp price correction earlier this month when it fell by nearly 70% after a 350% plus rally due to a 31 billion whale dump.

SHIBA Inu
Source: TradingView

SHIBA INU and Dogecoin Dominate Social Media

$SHIB was definitely the star meme currency this month, but Dogecoin also found a new bullish surge yesterday and rose as high as 45% to reach a new multi-month high above $0.35. Market analysts predict a move above $0.40 would really trigger the bulls for the original meme currency and help it regain its lost glory.

Source: TradingView

Both $SHIB and $DOGE dominated social media with the majority of the tweets being made on these two cryptocurrencies due to the obvious ongoing battle. Santiment data confirmed the same as SHIB took the first two spots followed by DOGE.

SHIBA INU
Source: Santiment

Elon Musk, the man that made meme currencies valuable still prefers $DOGE over $SHIB and even confirmed that he holds none $SHIB in his portfolio leading to a minor slump in price. However, $SHIB proved to be the real community token as it not only passed the “Musk Stress Test” but also went on to multiply its price by four folds and overtake $DOGE.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Prashant Jha
1277 Articles
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

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