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Monday, September 26, 2022

Dogecoin struggles to keep up with shiba all-time-high even as cryptocurrency gets boosts.

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As of October 28, Shiba has officially surpassed the market cap of Robinhood and has become a top 10 crypto coin. The increase and so called “meme coins” have seen astronomical gains in 2021. Shiba is no exception, it has soared and has been the talk of the internet for the past couple weeks.

Dogecoin got a boost from its best-known advocate Elon Musk on Thursday, but it wasn’t enough to completely fend off a skyrocketing shiba inu, as the meme tokens battle for market value supremacy.

The self-proclaimed “dogecoin killer” shiba inu gained as much as 60% to hit a record high of $0.00008616 on Wednesday, according to CoinMarketCap data. Its gains took it to the 8th-biggest cryptocurrency spot as it overtook dogecoin in market value, but has now gone back to 10th after a recent pullback.

The battle continued Thursday as shiba inu added to its epic rally with a 36% rise, while dogecoin moved up 29% to 30 cents after Musk mentioned it in a Twitter exchange about cryptocurrency-related scams.

The Tesla and SpaceX CEO was responding to dogecoin creator Billy Markus, who tweeted Wednesday that “there are no promises in crypto, except from scammers.”

Musk jokingly said: “If I send you 2 Doge, will you promise to send me 1 Doge?”

Dogecoin Elon Musk tweet
@BillyM2k/@elonmusk/Twitter

Dogecoin has transformed this year from an obscure and novel coin to a household name after being championed by Musk and fellow group of fans. The Tesla billionaire once referred to it as his favorite cryptocurrency.

He also recently revealed he doesn’t have any personal investment in shiba inu. This later went on to send the crypto plummeting only to rebounce the next day.

The ethereum-based alternative to dogecoin has shot up about 1,000% in the past month as the “SHIBarmy” rallied behind the token. Its blistering gains have been partly driven by an online petition calling on Robinhood to add shiba inu to its list of tradeable cryptocurrencies. By comparison, dogecoin is up 60% in the past month.

Created in August 2020, shiba inu has taken less than two years to become a contender for a top 10 cryptocurrency spot. On Thursday, $SHIB’s market cap of $43 billion trumped $DOGE’s $40 billion as of 8:50 a.m. ET.

Major cryptocurrencies reversed losses after declining earlier in the day. Bitcoin rose 3% to about $61,142. Ether rose 4% to $4,174, and cardano’s ada rose 1% to $2.02.

What is your opinion on Shiba? Is it a fad? Is it a bigger than most people think? Whether it’s early or late is hard to tell. After all Robinhood as yet to add it to its platform which could further send the coin rocketing. It also has less overall momentum than Dogecoin had at the height of it’s price. Overall as it should be said without saying, don’t invest more than you can afford to lose. It’s a risky bet and you ultimately don’t want to get caught holding the bag.

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