Shiba Inu ($SHIB) has confirmed its dominance in the meme currency market over last week, overtaking Dogecoin in market capitalization. The meme coins seem to switch their rankings. For now, Shiba Inu ranks 10th under DOGE. However, the narrative might shift as the market cap difference is under one billion.
Shiba Inu seems to have confirmed its Dogecoin-killer hype, and it appears ready to erase another zero (0) from its value before displaying retracements emerge. Shiba Inu has gained more than 950% this month, mimicking what DOGE showed during May’s sessions. The meme coin made multiple records over last week. For instance, it achieved the top-three spot as far as trading volume is concerned, overtaking ETH.
Shiba Inu attained a new all-time high at $0.00008845 before plunging by 50%, exploring price levels near $0.00005. However, it recovered quickly, forming massive support of around $0.000067. The meme asset recorded similar movements early on the month, losing 70% after surging over 350%. That was when 31 billion SHIB whales dumped their coins.
DOGE and SHIB Dominate Social Media
It is undeniable that SHIB ruled the meme coin market this month. However, Dogecoin also saw bullish actions yesterday, rising by nearly 45% to hit another multi-month peak past $0.35. Crypto experts believe a rise beyond $0.40 will catalyze upward movements helping the original dog crypto regain its glory.
For now, SHIB and DOGE dominate social media as crypto enthusiasts talk about the ongoing meme coin battle. Data from Santiment suggest the same as Shiba Inu claimed the first two positions, followed by Dogecoin.
Elon Musk, the Dogecoin father, still prefers Dogecoin as he confirmed not owning $SHIB in his holdings. Such comments had Shiba Inu losing some of its value. However, Shiba Inu proved community loyalty as it overpowered the Musk effect, increasing its value times four to overtake Dogecoin by market capitalization.
With the tight battle, it might be challenging to predict who will win the meme coin race. Meanwhile, Shiba Inu seems to lose momentum at the moment as DOGE sees upticks. If the same persists in the upcoming sessions, expect the original meme coin, Dogecoin, to take the race. If Shiba Inu repeats the previous pressure, climbing past XRP, it will dominate the meme space in the up-and-coming sessions.
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