In brief
- Shiba Inu yesterday overtook Dogecoin in terms of market cap.
- But Dogecoin today bounced backsurging 30% in 24 hours.
Dogecoin today reclaimed its place as the top meme coinsurging 30% in 24 hoursafter briefly losing the throne to Shiba Inu yesterday.
DOGEs sudden price uptick means it is now trading for $0.31, making it the ninth biggest cryptocurrency by market cap.
Shiba Inu, or SHIB, an Ethereum-based token also based on a dog meme, is right now trading for $0.00007276. It is the 10th largest cryptocurrency by market cap.
Yesterday, Shiba Inu nabbed the ninth spot, overtaking DOGE, but lost the place today. It is still up 10% in the past 24 hours and 149% in the past week.
Dogecoin is a popular cryptocurrency, despite being created as a joke in 2013. Its price has gone through the roof mainly because billionaire businessmen like Tesla CEO Elon Musk and Shark Tank investor Mark Cuban have pumped the coins price on social media and claimed that it will become a useful cryptocurrency.
Right now, Dogecoin isn’t a particularly useful cryptocurrency, though merchants such as Cubans Dallas Mavericks have begun to accept it as payment.
Both Cuban and Musk have said they believe in the coins future potential, with Cuban going as far as to call it the strongest cryptocurrency around. Dogecoin even has its own foundation working to turn the asset into a fully-functioning and globally-accepted payment method. The Dogecoin Foundations advisory board includes Ethereum co-founder, Vitalin Buterin, and a representative for Elon Musk, Jared Birchall.
Shibu Inu is a token that runs on the Ethereum network. Its price has also gone through the roof: in the past year, it has skyrocketed over 90,000,000%.
Both are meme coinscryptocurrencies based on internet memes, current events, online communities and influencers. These types of coins can be highly volatile, even more so than traditional cryptocurrencies like Bitcoin or Ethereum.
For early investors, however, the gains have been massive. Had Vitalik Buterin not burned (i.e. destroyed) the 505 trillion SHIB he was gifted in May, hed be $32.5 billion richer today.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
