However, on Thursday, DOGE struck back: the token soared by 40%, again taking the 9th line in the TOP-10 of the market.
Dogecoin's growth began around 8 Moscow time on Thursday. In just a couple of hours, DOGE gained about 40%, testing a two-month high above $ 0.33.
SHIB had set a new all-time high above $ 0.000088 a few hours earlier, but then pulled back more than 30%.
For a short time, the Shiba Inu had to take the place of the largest "dog" crypto asset, writes ttrcoin. Dogecoin, the original meme cryptocurrency created in 2013, has taken the lead once again. Daily trading volumes rose 300%.
As a result, DOGE has reached a capitalization of over $ 40 billion, while SHIB remains below $ 35 billion. At the same time, SHIB rose in price by 130% over the week, and DOGE - by only 20%.
Analyst Hsaka acknowledges that traders have started to move capital after the SHIB rally into the significantly depreciated DOGE - it is trading 55% below the highs recorded in May around $ 0.74.
The head of the Three Arrows Capital crypto fund, Su Zhu, also believes that after SHIB DOGE should rise to a new high of $ 0.88.
Meme tokens are highly speculative. They are driven by rumors, gossip and artificial hype, writes beincrypto. Shiba Inu fans are counting on the Robinhood trading platform to add a coin to the available crypto assets. In this case, the popularity and trading volume of the token will increase dramatically, which will give it a new impetus for growth.
Another Floki Inu meme token, named after the dog Elon Musk, has risen in price by more than 120% in the last 24 hours. An advertisement with the slogan “Lost Doge? Invest in Floki "- appeared at London Underground stations, on trains and buses, writes the Financial Times.
On the Floki Inu blog, the project team stated that it has also entered into downtown Los Angeles ad placement agreements and plans to promote the coin in Japan, China, Russia, Vietnam and Indonesia.