Shiba Inu Enters Top 10 and Flips Dogecoin
The market capitalization of shiba inu (SHIB), the Ethereum-based token promoted as “the dogecoin killer,” has surpassed the capitalization of dogecoin (DOGE), making SHIB the 9th largest cryptoasset by market capitalization.
After a close race, SHIB increased its dominance over DOGE, reaching a market capitalization of USD 33.43bn. Meanwhile, DOGE left the top 10 club with a market capitalization of USD 31.9bn.
At 16:46 UTC, SHIB trades at USD 0.00006825 and is up by 44% in a day and 143 in a week. The price exploded by 80787246% in a year, per Coingecko data. At the same time, DOGE trades at USD 0.242175 and is down by 9% in a day and 2% in a week. It jumped by 8988% in a year.
SHIB price chart:
Discussing the action in the two meme coins on Twitter, the crypto community appeared to agree that it is just a matter of time before a flippening of DOGE by SHIB happens.
“How dogecoin became the boomer memecoin” Joe Weisenthal, co-host of the Bloomberg's Odd Lots podcast, started off one of his tweets by saying, explaining that unlike DOGE, SHIB actually has “a fast moving development roadmap, its own decentralized exchange, NFTs, and advanced smart contracting capabilities.”
Also sharing his thoughts on the potential flippening was Arcane Crypto’s Eric Wall, who made the case for why “SHIB is better than DOGE” in a detailed Twitter thread, before finally admitting “This is a comedy thread people.”
Lastly, Erik Voorhees, CEO of the open-source crypto platform ShapeShift, joked “A world in which SHIB flips DOGE is not a world in which I wish to live.”
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(Updated at 16:49 UTC with the latest market data).