Shiba Inu SHIB/USD It’s getting closer and closer That of Dogecoin DOGE/USD market capitalization following a significant rally, sparking discussions about a possible shift in the rankings.
What happened: Memecoins have seen a notable increase in the last week. Shiba Inu, the meme cryptocurrency proclaimed “Dogecoin Killer”, has climbed several positions in the top 100 of the ranking, ranking just below its rival, DOGE.
The price of Shiba Inu has skyrocketed 57% in the weekly charts and 304% in the last month.
On the other hand, Dogecoin has rallied 19.5% in the past week and 117% monthly.
Currently, SHIB’s market capitalization stands at $18.7 billion, just 17% less than DOGE’s $22.5 billion, according to data from Benzinga Pro.
If Shiba Inu maintains its bullish momentum, it could potentially overtake Dogecoin in the rankings in the coming days.
See also: Shiba Inu, the “dogcoin killer”, prepares for a “potential rebound”: transactions exceed 400 million
While Dogecoin has the advantage of being first on the scene, debuting in 2013, Shiba Inu, launched in 2020, has made a significant impact in its short history. Both coins are currently working on developments that could further increase their prices.
Because matter: Earlier this month, co-founder of BitMex Arthur Hayes expressed excitement about the growing influence of “dog money” on the Internet as Shiba Inu opened early access to their new venture, SHIB Name. This followed the announcement of early access to Shib Names, a new initiative within the Shiba Inu community.
“Fuck yeah. Dog money is taking over the Internet,” Hayes said.
Most recently, Shiba Inu continued its upward trajectory with a 13% gain in Friday’s trading session, fueled by community suggestions about potential token burns and the growing adoption of meme coins.
This news came after a lull in SHIB fires since January, with five fires conducted so far, incinerating a total of 43 billion SHIB tokens.
Cryptocurrency trader Gem Sheriff believes the current SHIB rally is just the beginning.
“SHIB Bull Flag! You Only Watched the SHIB Running of the Bulls Trailer!”
Another trader believes that SHIB charts show a “healthy” pattern at the moment and that its bull run will continue if King Crypto Bitcoin does not spoil the momentum.
Technical analyst Javon Marks believes there is potential for a further 120% rally.
Price Action: According to Benzinga Pro, Shiba Inu has traded up 14.29% in the past 24 hours, while Dogecoin is up 1.94%.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and has been reviewed and published by Benzinga Editors.
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