This week has been very popular for dog-themed meme coins and tokens. Shiba Inu (SHIB) has climbed into the top ten cryptocurrencies by market capitalization for the first time, dethroning Dogecoin (DOGE).
SHIB’s market capitalization has risen to $40.7 billion as of Saturday, October 30, from $13.3 billion on October 23, indicating that Shiba Inu has gained $27.2 billion in just one week.
The Shiba Inu token has returned some of the ground it lost on Thursday, and it is now trading higher than the Dogecoin cryptocurrency. SHIB is presently trading at $0.00006548 per token, up 4.13 percent in the past 24 hours but up an astonishing 165.41 percent in the previous seven days, and it is now ranked ninth among the top 100 cryptocurrencies on CoinMarketCap.
SHIB/USD 1 Day Market Cap Chart: Source – Coinmarketcap.com
The price of DOGE, on the other hand, is decreasing, having dropped over 1.59 percent in the last day to roughly $0.28 per coin. It has lost some of its momenta after quickly rising in response to SHIB’s news—by roughly 30%—and has fallen back below SHIB to hold a tenth place on the index.v
Indeed, the community refers to the decentralized token’s market worth surpassing that of Dogecoin as “the real flipping.”
Despite an amazing recent price performance, the token challenger to DOGE has seen its number of holders continue to rise. SHIB holders surpassed 800,000 on October 28, with an extra 30,000 joined in a single day, bringing the total to 816,790. According to CoinMarketCap.com, the total number of holdings was 848,818, as of October 30. It goes without saying that meme currencies have piqued the imagination of investors and those looking for quick returns in recent weeks.
Sellers should take prudence and due research before investing in any meme currency, such as the Squid Game token, which traders of the cryptocurrency based on the popular Netflix