Kay Takeaways:
- Both meme coins Dogecoin and Shiba Inu surged over 35% on Oct 27, then dropped hours later.
- The SHIB hype continues and could result in the DOGE killer overtaking the original meme crypto.
- Experts comment on the absurdity of the rally and advice against owning such volatile assets.
YEREVAN (CoinChapetr.com) – The Dogecoin (DOGE) price soared alongside its top rival Shiba Inu Thursday, with the former rallying by about 41% in just four hours the latter—the so called-Dogecoin Killer—hitting jumping 39% to a record high of $0.000088.
Could SHIB overtake Doge?
In detail, DOGE started the so-called meme cryptocurrency trend with its launch in 2013. It has since spawned several kickoffs, including SHIB, and Floki Inu, a coin named after Tesla CEO Elon Musk’s Shiba Inu puppy that made headlines thanks to its recent extensive advert campaign in London.
Also read: Shiba Inu risks witnessing massive crash as SHIB confirms price-momentum divergence.
Meanwhile, Shiba Inu built its market by using Dogecoin’s craze earlier this year, wherein DOGE surged by over 1,500% in the first five months. SHIB pursued a similar upside setup entering the fourth quarter of 2021, becoming the eighth largest cryptocurrency by market cap at above $45 billion, after rising more than 700% quarter-to-date.
On the other hand, Dogecoin’s market cap turned out to be around $38.2 billion, the tenth-largest at press time. Its lower rankings reflected a major price drop that appeared following its intraday price rally to
Considering Shiba Inu’s explosive rally (158% since Oct 23), the doge killer could catch up and overtake its predecessor. Much wow for Dogecoin.
What do the experts think?
All the dramatic price action kept social media buzzing about the meme-coins. A trader, crypto analyst, and CEO of consulting platform Eight Global, Michael Van de Poppe, voiced his harsh opinion on SHIB’s nonsense rally, citing its absence of value.
The chief executive said that “it’s just sad” how the meme coins are only stealing the spotlight from digital assets that have real-life applications.
Additionally, Mr. Van de Poppe urged traders to be careful with such volatile assets and “take the profits.”
Stay safe if you want to enter. I’d avoid it at all costs. A dump will be quite painful and it’s not worth the risk.
added the expert.
Lark Davis, a crypto vlogger with a vast following, agreed. The analyst implied that he had no regrets about not owning any SHIB.
The head of crypto exchange Luno Pte.’s Asian-Pacific branch Vijay Ayyar commented on the Shiba Inu rally earlier in the week. He noted that there’s often no apparent reason behind the violent price swings but called the communities that promote the coins “interesting.”
With such meme coins, it’s hard to speculate on the actual reasons for price movements, in all honesty. But there are some interesting communities being built around them.
said the executive.
Also read: Elon Musk slapped down Shiba Inu after SHIB soared 60% to a new ATH.
The Dogecoin price fell after the rally and stood at $0.29 in the European session Thursday, while Shiba Inu retaliated after the drop and climbed back to $0.000074. If the uptrend continues, SHIB could overtake Dogecoin and soar to a higher rank by market cap.
