Dogecoin Outperformed by Another Meme Coin Shiba Inu?

8:16 am, Tue, 5 October 21

The top two meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB) are in the spotlight once again as the popular meme crypto asset DOGE has been outperformed.

Both the meme coins are significant in their ways, however, DOGE has a wide customer base for several reasons. One of the reasons being that the Tesla CEO Elon Musk has been in Dogecoin’s corner for quite some time.

However, the other meme coin, Shiba Inu has also taken the crypto enthusiasts by surprise. According to reports, SHIB has seen a surge of more than 70% in a single day.

Price fluctuations for different crypto assets in the crypto market have been noticed recently as Bitcoin struggles to touch the $50,000 price mark. If you are also interested in purchasing BTC you can click on SwissBorg or Kraken (U.S. citizens).

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Should DOGE Enthusiasts be Worried?

Dogecoin is the most popular meme crypto asset in the market. It was created by Jackson Palmer and Billy Markus as a joke. However, it grabbed the attention of numerous crypto enthusiasts in the market and is now the most popular meme coin. It even has the support of Elon Musk, who is one of the most influential names in the world.

Here is a graph by CoinGecko showing the price of Dogecoin in the last 24 hours.

dogecoin-05-10-2021

However, as mentioned above, the popular meme coin has been outperformed by another, Shiba Inu (SHIB). This digital asset was created as an offshoot of Dogecoin and has now substantially performed the original canine meme coin.

SHIB has seen more than a 70% increase in its price in one day. Here is a graph by CoinGecko that shows the price of Shiba Inu in the last 24 hours.

shib-graph-05-10-2021

According to reports, the trading volume of Shiba Inu surged to around $5.9 billion, which makes it the fifth most traded digital currency after BTC, ETH, Tether and Binance USD stablecoin.

The price of Shiba Inu was at an all-time high at $0.00003791 in May 2021. It is still down 64%, considering its all-time high. However, the news of SHIB outperforming the famous DOGE has certainly attracted more attention towards the former.

Considering the information mentioned above, SHIB is under the spotlight, however, there is no certainty that DOGE will not recover from this. Therefore, if you are an enthusiast of DOGE and you want to know how to buy Dogecoin then Binance is one of the platforms you can use.

What Should Crypto Investors and Traders Know?

It is almost common information that the crypto market is a volatile place. Numerous factors can affect the prices of digital assets, especially cryptocurrencies such as Bitcoin and Ethereum.

Bitcoin is the flagship crypto asset and any fluctuations in its price affect the overall crypto market in one way or another.

Therefore, if you are interested in stepping into the crypto space you can invest in digital assets such as Bitcoin or Ethereum.

However, if you want to invest in meme coins such as Dogecoin, then make sure you use some of the best crypto exchanges to buy Dogecoin.

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