Dogecoin and Shiba Inu trade each other to dominate the market capitalization

  • Dogecoin and Shiba Inu flipped each other on market capitalization as dog coins posted double-digit gains in the current rally.
  • Dogecoin price hit a two month high and posted nearly 20% gain overnight.
  • Dogecoin millionaire claims that the “meme economy” is only just beginning with the memecoin marathon (DOGE and SHIB).

Dogecoin has regained its position as the ninth largest cryptocurrency by market cap after being flipped multiple times by rival Shiba Inu on October 28th. DOGE has made double-digit profits in the ongoing dog coin rally.

Dogecoin millionaire calls the DOGE price rally a meme marathon

In a so-called “Memecoin marathon”, several coins with dog motifs recorded two- and three-digit increases when the top cryptocurrencies collapsed. Owners and traders saw the dawn of a “meme economy” as DeFi tokens, and mainstream cryptocurrencies faded into the background as DOGE, SHIB and FLOKI prices rose higher.

Analysts are discussing whether the capital inflow from profits at Memecoins will flow into Bitcoin. Scott Melker, a cryptocurrency analyst, believes that profits posted by traders in SHIB go into DOGE rather than BTC.

Melker tweeted:

The idea that $ SHIB profits will flow into $ BTC is a bit of a pipe dream.

Those profits will most likely flow in … dollars for the few who take them. These are retailers, not crypto enthusiasts.

If they are into crypto, those profits would likely turn into … $ DOGE

– The wolf of all streets (@scottmelker) October 28, 2021

Currently, the market capitalization of DOGE is $ 41.6 billion and the price of the Memecoin is $ 0.31. Analysts have predicted that the DOGE price rally is likely to continue and the Shiba-Inu-themed cryptocurrency will hit its all-time high of $ 0.73.

@snowman_crypto, a pseudonymous cryptocurrency analyst, shared his prediction for the DOGE price.

The term “flippening,” popularly associated with Ethereum outperforming Bitcoin’s market capitalization, became a reality for Memecoins. Shiba Inu flipped Dogecoin to dominate Shiba Inu-themed cryptocurrencies.

Glauber Contessoto, widely regarded as “The Dogecoin Millionaire”, expects the “meme economy” to gain further momentum as DOGE’s price continues to rise. Investors are now waiting for the announcement of the start of the DOGE-ETH bridge, which is considered the key to increasing the benefits of DOGE.

FXStreet analysts have assessed the DOGE price trend and predicted that Dogecoin would break out.

Comments are closed.