Memecoin Price Wars: Elon Musk Helps Dogecoin Suddenly Surge Back Above Shiba Inu As Bitcoin And Ethereum Plummet
Dogecoin, the "joke" bitcoin rival that's exploded in popularity earlier this year, has recently lost its meme crown to upstart shiba inu.
The dogecoin price, up over 11,000% since this time last year, has struggled in recent months even as the price of bitcoin and ethereum have returned to near their all-time highs.
Now, amid wild speculation popular trading app Robinhood could add support for shiba inu, the "dogecoin killer" has rocketed up the bitcoin and crypto price charts—climbing as high as 8th and jostling with dogecoin for memecoin dominance even as Tesla billionaire Elon Musk continues to signal his support for dogecoin.
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"If I send you two doge, will you promise to send me one doge," Musk said via Twitter last night, replying to dogecoin co-creator Billy Markus
Markus had tweeted a warning to those piling into the crypto market, cautioning it's "all about risk."
"There are no promises in crypto, except from scammers," said Markus. "The people telling the truth will tell you that it's just all about risk. Your profits only come from other people taking their own risk. If you lose money, you paid for someone else's risk. Ultimately, that is your choice."
The dogecoin price has surged almost 20% over the last few hours, with the market capitalization of it and shib inu now both over $40 billion.
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"Bitcoin is designed to be scarce whereas shib is intentionally made in a way that is abundant in nature," Nirmal Ranga, chief revenue officer at bitcoin and crypto platform ZebPay, pointing to shiba inu's total circulating supply of 1 quadrillion.
"The shiba inu token system supports innovative and artistic projects like non-fungible art (NFT) art incubators. The development of its own decentralized exchange called the ShibaSwap is also in the pipeline, all factors which have been driving the tokens value and interest among traders."Source