• SHIB and DOGE have competed for dominance in market capitalization since the beginning of the alcoin season. 
  • Binance and Crypto.com have added SHIB-DOGE trading pair to facilitate exchange between the two rival memecoins. 
  • DOGE and SHIB emerge as traders’ favorites on top Indian cryptocurrency exchanges. 

Dogecoin and Dogecoin-killer Shiba Inu tokens rank among the highest traded cryptocurrencies on Indian cryptocurrency exchanges. DOGE and SHIB rivalry ensues with the addition of SHIB-DOGE trading pairs on spot exchanges.

Dogecoin fights for dominance in memecoins, maintains position in top 10 cryptos

Shiba Inu coin, popularly known as the Dogecoin-killer, briefly flipped DOGE in market capitalization last week. Dogecoin regained its lost market capitalization to claim its spot in top 10 cryptocurrencies with a spike in trade volume. 

Top cryptocurrency exchanges Binance and Crypto.com have added the SHIB-DOGE trading pair in lieu of the two memecoins’ rising popularity. Shiba Inu recently noted a massive spike in on-chain activity when daily trade volume of the memecoin exceeded that of Ethereum, Solana and other altcoins. 

Dogecoin holders are awaiting the launch of the DOGE-ETH bridge for boosting the utility of the memecoin. A Dogecoin proponent @TDogeWhisperer has revealed that developer @michilumin is working on setting up a Starlink node for DOGE as a long term effort to help the unbanked and unconnected users. 

There is no confirmation from Starlink about the news yet. 

Across Indian cryptocurrency exchanges DOGE and SHIB are the top traded cryptocurrencies. 

Analysts have evaluated the DOGE price trend to examine whether Dogecoin could hit $1. @Phoenix_Ash3s is of the opinion that DOGE price rallied against Bitcoin for the first few months of 2021, since then the memecoin has made lower highs and lower lows, typically signaling a downtrend. 

The analyst believes that for DOGE price to hit $1, the memecoin needs a trend reversal to bounce back. 

FXStreet analysts have noted that DOGE price is struggling to breakout despite the $1 target. 

Disclaimer: FXStreet has reached out to Starlink to get an official statement about the recent developments, but it has yet to hear back. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Watch out for Ethereum price as technical indicators point to dip below $1,000

Watch out for Ethereum price as technical indicators point to dip below $1,000

Ethereum (ETH) price is revealing a not-that bright picture for bulls this week, both from a technical perspective and because of ballooning tail risks. As bulls could not manage a close above a crucial technical hurdle, price action slipped further to the downside and moved away from the essential historic barrier. 

More Ethereum News

As NATO troops double, so do the bears' army in XRP

As NATO troops double, so do the bears' army in XRP

Ripple (XRP) price is returning with a hangover after a very short-lived party in which it rallied from $0.3043 to $0.3710, and booked 21% gains. Although bulls temporarily pushed the price above $0.3710, it turned out to be a false breakout, and eventually closed the day below, catching a lot of bulls in a bull trap in the process.

More Ripple News

Why you should approach Bitcoin price with caution

Why you should approach Bitcoin price with caution

A brief technical and on-chain analysis on Bitcoin price. Here, FXStreet's analysts evaluate where BTC could be heading next.

More Bitcoin News

Why this move from Shiba Inu price could catch investors off guard?

Why this move from Shiba Inu price could catch investors off guard?

Shiba Inu price prepares for a quick retracement after nearly a week of recovery bounce. While this run-up was impressive, things are likely going to go slow for SHIB as investors continue to book profits.

More Shiba Inu News

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis