DOGE Flips SHIB After 30% Jump, Reclaiming The Meme Coin Throne

DOGE flips SHIB after a 30% jump after shortly losing its spot to the ETH-based token SHIB as we reported in our previous Dogecoin news.

Shiba Inu overtook DOGE in terms of market cap yesterday but now, DOGE flips SHIB after a 30% surge in the past day and reclaimed its meme coin throne. Dogecoin reclaimed its place as the top meme coin and surged 30% in the past day after losing the place to Shiba Inu. Its sudden price uptick led the coin trading at $0.31 and it became the ninth biggest crypto by market cap. Shiba Inu is an ETH-based token that is based on the dog meme and trades for $.00007276 as the 10^th biggest crypto by market cap. The coin hit the ninth spot and overtook Doge but lost the place once more today. The coin is still however up by 10% in the past day and 149% in the past week.

Dogecoin is a popular cryptocurrency despite being initially created as a joke. Its price went through the roof because billionaire businessmen like Tesla Elon Musk and Mark Cuban pumped the price on social media claiming that it will become a very useful cryptocurrency. Right now, Dogecoin is not really useful but merchants like Cuban’s Dallas Mavericks started to accept it as a payment method. Both Musk and Cuban said that they believe in the future potential of the coin with Cuban going as far as calling it the strongest cryptocurrency on the market.

DOGE has its own foundation working to turn the asset into a fully-functioning payment method and the foundation’s advisory board includes Ethereum’s co-founder Vitalin Buterin and an Elon Musk representative Jared Birchall. Shiba Inu on the other hand is a token that runs on the ethereum network and its price went through the roof this year, surging by 90,000,000%. both are meme coins, based on internet memes, events, and online communities so these types of coins can therefore be quite volatile. For the early investors, however, the gains were quite big and If Vitalik Buterin didn’t burn the 505 trillion SHIB he was gifted in May, he would have had $32.5 billion in his pocket.

As recently reported, Shiba Inu was pegged by some as the DOGE knockoff when it first caught fire this past summer but now the token could become the leader as it launched into the top 10 coins by market cap and overtook DOGE on the list. In the meantime, BTC and most of the wider market started declining.