Dogecoin and Shiba Inu flip each other for dominance in market capitalization
- Dogecoin and Shiba Inu kept flipping each other in market capitalization as dog coins posted double-digit gains in the current rally.
- Dogecoin price hit a two-month high, posting nearly 20% gains overnight.
- Dogecoin millionaire claims that the “Meme economy” is just beginning with the memecoin (DOGE and SHIB) marathon.
Dogecoin reclaimed its position as the ninth-largest cryptocurrency by market capitalization after being flipped by rival Shiba Inu a few times on October 28. DOGE has posted double-digit gains in the ongoing dog coin rally.
Dogecoin millionaire calls DOGE price rally a meme marathon
In what is believed to be a “memecoin marathon,” several dog-themed coins posted two and three-digit gains as top cryptocurrencies plunged. Holders and traders noted the beginning of a “meme economy” as DeFi tokens, and mainstream cryptocurrencies took a backseat while DOGE, SHIB and FLOKI prices climbed higher.
Analysts are debating whether capital inflow from gains in memecoins will flow into Bitcoin. Scott Melker, a cryptocurrency analyst, believes that profits booked by traders in SHIB are more likely to flow into DOGE than BTC.
Melker tweeted:
The notion that $SHIB profits will flow into $BTC is a bit of a pipe dream.
— The Wolf Of All Streets (@scottmelker) October 28, 2021
Those profits, for the few who take them, will most likely flow into... dollars. These are retail traders, not crypto enthusiasts.
If they are into crypto, those profits would probably go into... $DOGE
Currently, DOGE market capitalization is $41.6 billion, and the memecoin’s price is $0.31. Analysts have predicted that the DOGE price rally will likely continue, and the Shiba-Inu-themed cryptocurrency will hit its previous all-time high of $0.73.
@snowman_crypto, a pseudonymous cryptocurrency analyst, shared his prediction for DOGE price.
$DOGE nice breakout of a triangle and retest. Back to 0.7$ soon again.. pic.twitter.com/FEqJP9tUOz
— Snwman (@snowman_crypto) October 28, 2021
The term “flippening,” popularly associated with Ethereum surpassing Bitcoin’s market capitalization, became real for memecoins. Shiba Inu flipped Dogecoin in an attempt to dominate Shiba-Inu-themed cryptocurrencies.
Glauber Contessoto, widely regarded as “The Dogecoin Millionaire,” expects the “meme economy” to gain further traction as the price of DOGE continues to rally. Investors are now awaiting the announcement of the launch of the DOGE-ETH bridge, considered key to boosting the utility of DOGE.
FXStreet analysts have evaluated the DOGE price trend and predicted that Dogecoin would break out.
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.
