cryptonews.com
The market capitalizations of shiba inu (SHIB), the Ethereum-based token promoted as “the dogecoin killer”, is rising fast and closing in on that of the original dogecoin (DOGE).
SHIB even briefly surpassed DOGE, before the original dog-themed token rallied, leaving its "killer" behind. In either case, SHIB is now (16:02 UTC) the 10th largest cryptoaset by market capitalization (USD 32.46bn), while DOGE is 9th (USD 33.29bn).
Looking at its performance over the past 24 hours, shiba inu’s rally was unlike anything else in the crypto market today, rising by more than 42% for the past 24 hours at the time of writing, to a price of USD 0.0000658. The massive gains made SHIB today’s best performer among the top 100 most valuable cryptoassets by a very wide margin.
Meanwhile, DOGE was down by 9% over the same time period, trading at USD 0.24, after having fallen earlier in the day along with crypto blue chips like bitcoin (BTC) and ethereum (ETH).
But although dogecoin started off the day with rather lackluster performance, DOGE fans quickly came to pump the price of their favorite crypto as the shiba inu crowd stepped up their buying on Wednesday afternoon UTC time.
A major comeback was staged by dogecoin traders starting at 14:00 UTC, with traders bidding the price of the original meme coin up by over 8% in a matter of just 15 minutes.
Sadly for DOGE fans, however, the effort was not enough to fend off SHIB buyers, who had already been pumping the price of their favorite dog coin up in a parabolic move throughout the entire day. And although DOGE still led the market capitalization race at press time, SHIB seems poised to overtake it any time.
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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