The crypto market is being much volatile with rapid pumps and dumps as Bitcoin price appears to have broken the crucial resistance level above $40k. Despite a massive surge in BTC’s dominance Shiba Inu outperformed the most dominant asset with 375% gains within just 3 days.
Meanwhile, its counterpart Dogecoin’s trading volume rose significantly by 300% giving a tough fight to Shib in the last few days.
Cold war Between SHIB and DOGE to Rule the Meme Space!
Dogecoin, the most popular canine-themed cryptocurrency. After managing to run hand in hand with Shiba Inu for the last two days is now facing a slight pullback. Whereas, SHIB seems to be unstoppable.
All this Cold war started on October 4th, as SHIB price took its major leg up at a crucial resistance level of $0.00000827 surging by 120%. An hour later, DOGE’s price broke out of its consolidation at $0.2157 with 90% gains on the same day.
The very next day Doge killer ruled the market with rapid gains of 146% reaching $0.00001977 mark. The meme coin faced a slight rejection at $0.00001890 which pulled back the price to $0.00001617. However, the asset recovered quickly as it drew large community interest. DOGE price on the other hand followed its fellow coin and surged by 108% skyrocketing to $0.2587.
On 6th October 2021 Shiba Inu held the upper hand in the battle. The ERC 20 token started the rally with a considerable loss of 126%. But rising bullish sentiment towards the token led the price to explode yet again at $0.00001581. Further, forming a massive bull flag the asset surged by almost 158% smashing $0.00002415.
Later, with a slight pull back the asset had some healthy consolidation around $0.00002297 the rest of the day. However, the DOGE price had no significant gains, the asset hovered around the major support zone of $0.2404.
Continuing the price rally, the Japanese meme coin is trading at $0.00003324 at the press time with 49.18% profits in the last 24 hours. Meanwhile, Dogecoin is awaiting a major breakout between $0.2338 to $0.25 levels. The asset’s price is expected to moon if it breaks here, further diminishing its counterpart’s dominance.
Collectively, as the fight is turning out to be intense, the crowd is rushing to the meme space to invest in. On the other hand, SHIB’s market cap is approaching half of DOGE’s total market cap. We have to wait and watch how these things will turn out in future.