- 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.
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
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.