What to Know About Price Movements Noted for SHIB and DOGE?

6:58 am, Mon, 25 October 21

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Dogecoin (DOGE) and Shiba Inu (SHIB) are the two most popular meme coins in the crypto market at the moment. Neither of the coins was created with any seriousness, however, their growth in the crypto space certainly has everyone’s attention now.

Both the coins are canine-themed, focusing on different breeds of dogs. While many consider them to be temporary in the market, others believe them to be an innovative take on digital assets.

According to recent reports, both SHIB and DOGE were seen to experience price surges over the weekend. However, a recent development affected the price of SHIB, which has plummeted after reaching an all-time high on Sunday.

The more prominent digital currencies, BTC and ETH, are also doing quite well. Bitcoin is trading above the $60k price region, whereas Ethereum has crossed the $4k price mark (at the time of writing).

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How Has the Price Moved for SHIB and DOGE?

Dogecoin is the original meme coin that was created by two software engineers as a joke. However, what started as a joke is now recognized as one of the largest cryptocurrencies in the world, according to market capitalization.

Apart from the fun element offered by DOGE, it also grew more popular as one of the most influential names in the world, Elon Musk, expressed his support for the meme coin. Musk has been in DOGE’s corner quite openly and even owns it.

The original meme coin saw another price surge over the weekend when Musk tweeted in favor of the digital asset. Following the tweet, DOGE went up 8% and was seen to further go up 12% this morning, before facing a slight price correction.

The same pattern was also noted for SHIB as it was seen to surge around 60% in less than 24 hours yesterday. This led the digital currency to reach a new all-time high of US$0.00004442.

However, the price increase was short-lived for SHIB as its price plummeted after Elon Musk stated that he does not own any Shiba Inu tokens.

Elon Musk is quite an influential personality and was asked on Twitter if he held any Shiba Inu tokens. However, after his straightforward response, the price of the meme coin dropped around 20% in two hours.

shib-tweet-25-10-2021

This has been a major blow to the community that supports the meme coins. This is why many were of the opinion that celebrities should not be asked to share their opinion, considering the community is doing well enough on its own.

However, if you are interested in purchasing any of the two meme crypto assets you can look for the best crypto exchange to buy Doge or Shiba Inu.

What Should BTC or ETH Enthusiasts Know?

Despite the price movements noted for the altcoins mentioned above, digital currencies such as Bitcoin and Ethereum remain most relevant.

The top two crypto assets have also seen some price fluctuations.

  • Bitcoin is currently trading at $62,120 (at the time of writing)
  • Ethereum is currently trading at $4,136 (at the time of writing)

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