Dogecoin and Shiba Inu at war as Binance, Crypto.com add SHIB-DOGE trading pair
- 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.
A Starlink node will be setup for #Dogecoin as part of a long term effort to help those that are unbanked & unconnected save & transact
— Doge Whisperer (@TDogewhisperer) November 3, 2021
It will be off-grid & allow the decentralized currency to proliferate. #Doge developer @michilumin is spearheading the engineering efforts pic.twitter.com/6WhvBE5w0K
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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
