Dogecoin millionaire booking profits from Shiba Inu to pump up DOGE
- Dogecoin millionaire Glauber Contessoto asks the community to fuel Dogecoin with their gains from Shiba Inu.
- The development of the Dogecoin-Ethereum bridge is underway, co-founder Billy Markus emphasizes its high demand from the NFT ecosystem.
- Shiba Inu's progress and upgrades in the ecosystem intensify its competition with Dogecoin for dominance.
Dogecoin millionaire calls for capital rotation from SHIB to DOGE as Shiba Inu continues upward climb, posting 50% gains overnight.
Dogecoin millionaire asks Shiba Inu holders to join Doge Army with their newfound gains
Shiba Inu, branded the Dogecoin-killer, has posted 57% in gains over the past 24 hours. SHIB price has hit $0.00001339, a three-month high for the token. Proponents are speculating whether SHIB’s gains and rising on-chain activity imply that the token is primed to replace DOGE as the top memecoin.
Dogecoin millionaire Glauber Contessoto recently tweeted about SHIB’s ongoing bullrun. Contessoto asked his followers to move their gains from SHIB to DOGE.
Contessoto explained that SHIB is referred to as the "Dogecoin-killer," and he can never get behind a cryptocurrency that is intended to kill DOGE.
If everyone just took their gains from their #shiba coin today and came to the #doge army we would all win together. I’ll never get behind a coin that originated as the “#dogecoin killer”. We Do Only Good Everyday around these parts ♂️
— SlumDOGE Millionaire (@ProTheDoge) October 5, 2021
Historically, orchestrated pumps in a cryptocurrency stem from tweets/ posts similar to Contessoto's.
Dogecoin witnessed a massive spike in price similar to Shiba Inu's current rally in April 2018. Traders and investors are comparing the two memecoins, expecting SHIB to overtake DOGE with its relatively high volatility and exploding on-chain activity.
Further, Dogecoin price has rallied in response to tweets and mentions by influencers like Elon Musk (the Tesla CEO) and Mark Cuban of the Dallas Mavericks.
Contessoto has been a staunch supporter of the memecoin since its early days.
In February 2021, the 33-year-old crypto trader invested $250,000 in DOGE and claims to have become a millionaire two months later.
In addition to Contessoto's interest in Dogecoin and its growth, DOGE's development team is currently working on the Dogecoin-Ethereum bridge.
The launch of the bridge is likely to boost the adoption and utility of the memecoin further.
Dogecoin co-founder Billy Markus is keen on foraying into the NFT ecosystem with the launch of the DOGE-ETH bridge
Two things I believe would help Dogecoin:
— Shibetoshi Nakamoto (@BillyM2k) September 29, 2021
1) Completion of DOGE-ETH bridge
2) NFT platforms (e.g. Opensea) allowing for the DOGE-ETH token to be used for purchases
NFTs purchasing is high demand with crypto. Allowing for DOGE purchases of NFTs greatly increases its utility.
Dogecoin-killers and copycats are challenging DOGE’s top position among memecoins. However, analysts are bullish on the Shiba-Inu-themed cryptocurrency.
FXStreet analysts have evaluated DOGE's price trend and expect the memecoin price to double after a drop to $0.16.
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.
