Shiba Inu and Dogecoin compete for position of largest meme coin as SHIB flips DOGE


  • As the meme coin started an uptrend, Shiba Inu recently took over Dogecoin in market capitalization. 
  • Burger joint Welly says that the Shiba Inu community will have a stake in its business, fueling a bullish sentiment among holders. 
  • Analysts believe Shiba Inu price could continue consolidation within a triangle pattern before breaking out. 

Shiba Inu recently surpassed Dogecoin in market capitalization. Analysts believe Shiba Inu is on track to recovery from its ongoing consolidation. 

Shiba Inu and Dogecoin compete for meme coin market share

Shiba Inu and Dogecoin are neck and neck in the meme coin market, competing for a higher share. Proponents noted Shiba Inu recently surpassed Dogecoin’s market capitalization, flipping DOGE momentarily. 

This event has fueled a bullish narrative among investors. Shiba Inu has surpassed Dogecoin’s market capitalization in the past, triggering a price rally in the meme coin. Proponents have identified another critical catalyst for Shiba Inu’s price rally. 

The burger joint Welly rebranded itself to accept Shiba Inu as payment has announced that the community will have a stake in its business. Welly announced that the community would be entitled to a portion of profits from all activities. The community can then decide whether to burn Shiba Inu tokens or use them for some other purpose. 

Holders of Shiba Inu would manage their tokens with the help of BONE DAO. Analysts have evaluated the Shiba Inu price trend and predicted a continuation of the consolidation. Valeria Blokhina, a crypto analyst and trader, noted that Shiba Inu price has consolidated within a triangle for some time now. The meme coin could continue before a breakout. 

Additionally, Welly has partnered with crypto payments company NOWPayments, planning to burn a certain percentage of their revenue in SHIB tokens. @AltcoinSherpa, a pseudonymous crypto analyst and trader, does not recommend buying Shiba Inu. 

 


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.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin

Ripple wipes out weekly gains, experts comment on role of Ripple stablecoin

Ripple declined to $0.52 on Thursday, erasing all gains registered earlier this week. Ripple SVP Eric van Miltenburg’s comments on the firm’s stablecoin, and how it is expected to benefit the XRP Ledger and native token XRP have raised concerns among crypto experts. 

More Ripple News

Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock

Hedera HBAR slips nearly 10% after air is cleared on mistaken link with giant BlackRock

HBAR price is down nearly 10% on Thursday, partly erasing gains inspired by the misinterpreted link with BlackRock. Despite the recent correction, Hedera’s price is up 44% in the past seven days.

More Hedera News

The reason behind Bonk’s 105% rise and if you should buy now Premium

The reason behind Bonk’s 105% rise and if you should buy now

Bonk price has shot up 105% in the past five weeks. A retracement into $0.0000216 or the $0.0000152 to $0.0000186 imbalance would be a good buying opportunity. Patient investors can expect double-digit gains from BONK that could extend up to 70%.

More Cryptocurrencies News

Injective price weakness persists despite over 5.9 million INJ tokens burned

Injective price weakness persists despite over 5.9 million INJ tokens burned

Injective price is trading with a bearish bias, stuck in the lower section of the market range. The bearish outlook abounds despite the network's deflationary efforts to pump the price. Coupled with broader market gloom, INJ token’s doomed days may not be over yet.

More Injective News

Bitcoin: BTC post-halving rally could be partially priced in Premium

Bitcoin: BTC post-halving rally could be partially priced in

Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days? 

Read full analysis

BTC

ETH

XRP