Why Dogecoin Killers Make Huge Price Gains, Leaving Bitcoin, Ethereum, BNB, XRP, and Cardano in the Dust

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Dogecoin, the memecoin-based cryptocurrency that has seen huge price gains since the start of the year, is losing ground to sparkling new contenders for its memecoin crown.

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The price of dogecoin, up about 10,000% from the same period last year, has struggled in recent months due to Tesla billionaire Elon Musk, who defended the bitcoin-based rival. the Shiba Inu dog earlier this year, which had gone relatively silent.

Now, the surge in prices of memecoin rival Shiba Inu, referred to as a ‘dogecoin killer’, has sparked a lot of interest among even smaller dogecoin rivals, with some of them pushing up the crypto price charts. .

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Wall Street Giants Suddenly Crowd In Bitcoin And Crypto Amid $ 500 Billion Price PumpBy Billy Bambrough

Tesla CEO Elon Musk adopted bitcoin rival dogecoin this year as a kind of pet project, … [+] helping its price to skyrocket by several thousand percent.

AFP via Getty Images

Shiba inu, launched in May and designed to capitalize on the massive dogecoin and cryptocurrency rally that had propelled the crypto market far beyond its previous all-time highs, began to climb over the weekend when Musk tweeted a photo of his puppy, a Shiba Inu dog named Flokithe dog breed used by both the “dogecoin killer” and the dogecoin itself.

“Floki Frunkpuppy,” Musk tweeted alongside the photo. Musk’s tweet sparked the usual wave of responses, with a popular crypto meme account responding: “Dogecoin to the mooooooon.”

While dogecoin, currently the ninth largest cryptocurrency by value with a market cap of $ 32 billion, according to Coingecko data, saw its price increase slightly as a result of Musk’s tweet, shiba inu saw its price. climb more than 300%. Shiba inu is now the 12th largest cryptocurrency by market value, placing it ahead of established cryptocurrencies litecoin, chainlink, and Binance’s BUSD stablecoin. However, some bitcoin and crypto market watchers have warned that the shiba inu rally is likely unsustainable.

While a huge driver of its growth, shib’s status as a memecoin could very well be its bane as well, “said Don Guo, managing director of trading technology firm Broctagon, in comments sent via email, adding that he thought it was “impossible” that shiba inu could ever reach $ 1.

“As with all memecoins, the price activity of shib is highly dependent on the opinion of influencers. We have seen this happen when many price shifts from Elon Musk’s dogea single tweet can change the markets almost daily. overnight. While this has worked favorably for shib so far, it is no exaggeration to imagine a world where the reverse happens. This uncertainty, combined with the fact that shib investors are also largely speculative, contributes greatly to its volatility and, in turn, to the mistrust of the markets. “

Other dogecoin spinoffs making great strides include flokinomics cryptocurrencies, up 1,800% in the past 24 hours, baby shiba inu, up 400%, and a coin directly named after Musk’s dog, flokifrunkpuppy, now up 50%.

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Billy Bambrough’s ‘SPAC King’ Billionaire Reveals Huge Bitcoin Bet, Predicts Bitcoin Price Will Rise By Replacing Gold

The price of shiba inu has climbed more than 300% in the last week, rising after Tesla … [+] Billionaire Elon Musk shared a photo of his shiba inu puppy on Twitter.

Coinbase

The price of most other major cryptocurrencies has also skyrocketed over the past few days, with bitcoin reaching new heights since May. Both bitcoin and ethereum prices have both increased by around 30% since last week.

Earlier this year, dogecoin climbed to fourth place in the cryptocurrency rankings, behind only bitcoin, ethereum, and stablecoin tether. It has since fallen off the charts, dropping as upgrades and mergers between memecoin and ethereum have yet to materialize.

Dogecoin peaked at 70 cents per doge token in May before Musk’s frenzied appearance on the Saturday Night Live comedy show. Since then, Musk has offered to upgrade dogecoin to lower transaction fees and speed up the network via ethereum in order to “beat bitcoin hands down.”

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