With an appreciation of 65% in the last seven days, Shiba Inu (SHIB) reached 11th place by market value of cryptocurrencies. Now only one currency is between SHIB and Dogecoin, stablecoin USDC.
Not even Elon Musk’s preference for Dogecoin hindered Shiba’s rise this week. According to the billionaire, he has no SHIB and Dogecoin is the currency of the people.
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It is worth remembering that both currencies are largely concentrated in a few addresses, that is, who are really profiting from the price movements are the whales that bought millions when the currency was not worth fractions of cents.
Big dog fight
Dogecoin (DOGE) is one of the few “first generation” cryptocurrencies that, in addition to surviving, managed to remain among the largest. Created in December 2013 as a meme, Doge has captured users’ pockets by offering cheap transactions and, of course, having a picture of a dog as a logo.
However, the landscape is changing as Shiba Inu approaches Doge at an accelerated pace. SHIB was created in August 2020 and in just over a year it made many investors happy, after all, 1 dollar invested in the Shiba Inu cryptocurrency yielded R$ 2 million.
In recent months, Shiba Inu has been on an absolute tear. The altcoin has surged from around $0.00004 in mid-November to its current price of $0.0002. That represents a gain of over 400% in just two months’ time.
Interestingly, this surge in SHIB’s price has come as Dogecoin (DOGE) has begun to lose some of its momentum. DOGE was one of the hottest assets in the crypto space throughout much of 2020, but it has cooled off considerably in recent weeks.
At the same time that SHIB is gaining on DOGE, another dog-themed cryptocurrency is also on the rise.
Today the only currency between the two is the stablecoin USDC and if Shiba Inu passes it, it will enter the top 10 of the biggest cryptocurrencies, leaning against the Doge. But for that to happen, SHIB needs to appreciate 50% more, it’s hard to say whether this will happen or not.
The fact is that Shiba Inu seems to be growing on its own, even after Elon Musk says he has nothing of SHIB and keeps declaring love for DOGE, SHIB continued to rise this week after a brief correction.
Although many, like us, do not indicate that people invest in meme currencies, they continue to buy SHIB, as reported by the Digital Investments channel.