- 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.
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.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.