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- Shiba Inu up by more than 155% weekly after a barrage of bullish news rides through market
- Doge competes with shiba for 8th position after being up by more than 15% in a day.
- Price corrections among other Cryptocurrencies help Doge find its feet.
A Battle of Worthy
The two of the most popular meme coins, Doge and the Doge killer Shiba INU contest between each other for higher market caps while most struggle through the week. At the time of writing Doge has witnessed a growth of 16% while Shiba Inu has meandered around 15% .
Earlier the day, at about 11AM IST Elon musk’s favorite meme coin witnessed a rally of more than 16%, at the time of writing the price of doge rallied from about $ 0.24 to currently trading at $0.30 with an all day high of $0.33. This happens to be the largest rally of the mene currency since the month of august where it was last seen trading somewhere around $0.30.
Price Rally of Shib and Doge
The price of Doge is assumed to be increasing because of diverging trends observed in the markets. Although, excess rally of the meme currency based on the initial smaller ones earlier the day could also prove to be a potential trigger. The doge currently beats Shiba by a difference of 700 million in capitalization
The price of Shiba Inu has witnessed a staggered rally throughout the week making the currency most profitable for the week. The price of shiba Inu Has rallied by more than 173% in the week after a barrage of facilitative news rode through the market.
The initial rally of Shiba Inu was witnessed when the developers announced implementation of burn mechanism and the programmer Vitalik Buterin burned $6 billion worth of the meme currency. Furthermore the crypto also got listed on the public app which also happened to be the significant reason for the rally.
However the solitutional and heavenly ride did not last long, The doge killer plunged earlier in the week after Elon musk mentioned that he did not own Shiba INU in any quantities The billionaire Car maker also said that he only held Bitcoin, Ethereum and Doge.
Despite the odds, The Token again saw an increase of more than 150% over the week after a petition to list the token on robinhood surfaces & valved more than 300,000 signatures. The conquest between the two has caused the retail traders to profit more. However most times a rally between meme tokens usually represents excessive greed in the market.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
