Shiba Inu(SHIB) To Follow Dogecoin(DOGE) Behavior Next Week?

In the midst of Dogecoin (DOGE) rally, investors are wondering whether to take position in rival memecoin Shiba Inu (SHIB). In comparison to the DOGE rally, SHIB is lagging behind a bit in terms of the percentage daily jump. However, traders are optimistic of a potential memecoin rally by next week. Over the past one week, DOGE has more than doubled in value.

Thanks to Elon Musk’s official taking control of Twitter earlier in the week, DOGE price jumped massively. Its rival emecoin SHIB is also on a price jump momentum, with potential scope for further growth. As of writing, DOGE price stands at $0.1367, up 57.50% in the last 24 hours, according to price tracking platform CoinMarketCap. Shiba Inu’s (SHIB) price stands at $0.00001361, up 17.36% in the last 24 hours.

DOGE Swifts Past Cardano In Market Cap

Dogecoin, currently ranked 8th, has already surpassed Cardano (ADA) in terms of market capitalization. DOGE’s total market cap currently stands at $17.95 billion. If SHIB continues to gain momentum over the weekend, there is likelihood that it could storm its way into the top 10. Currently, SHIB, ranked 12th, has a market cap of $7.54 billion. Meanwhile, David Gokhshtein, a popular crypto personality, wondered if SHIB will be in top 10 soon.

“Won’t be surprised to see both $DOGE and $SHIB be in the Top 10 by the end of this weekend.”

Twitter’s Official Cryptocurrency

He also asked if Dogecoin would go on to become Twitter’s official currency after Musk’s takeover. “Damn, will $DOGE be the official crypto of Twitter?” he said. Earlier this month, speculation was rife that Dogecoin (DOGE) could potentially become Twitter’s official native currency. Reports suggested this after Musk proposed to buy Twitter for the original offer price of $54.20 a share in first week of October. It is widely known that DOGE is Musk’s favorite cryptocurrency.

In this context, it remains to be seen if SHIB continues to build on the momentum and gain a top 10 place. Over the past 7 days, SHIB is up by a staggering 35.73%. Also, a section traders believe that memecoins will be the first to break out in case of a bull run. However, in long term, it remains to be seen which memecoin will be more successful.

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @AnveshReddyBTC and reach him out at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.