- Meme coins DOGE and SHIB makes it into the top 20 in the crypto market.
- SHIB token’s price spiked over 50% in the last couple of days.
- If the uptrend continues, both DOGE and SHIB can also enter the top 5 position.
Investors and traders on the crypto market never fail to be surprised. This time, the ‘DOGE Killer’ is now back on fire for the past few days. In detail, the token price spiked over 50% in the last couple of days. In fact, this aggressive movement creates huge attention from investors all around the world.
Meme king Dogecoin is an open-source digital asset. More so, Dogecoin’s creators envisaged it as a fun, light-hearted digital asset that has huge appeal. In January of this year, Dogecoin entered the top ten crypto assets for the first time since 2015.
Read Also: Dogecoin Price Prediction
Likewise, Shiba Inu entered the top 20 crypto market in the last two days. According to CoinMarketCap, Dogecoin currently ranks 9th, while Shiba Inu is 17th with a market cap of more than $32,252,438,213 and $11,850,848,607, respectively.
Why Is Shiba Inu (SHIB) Up?
Shiba Inu is the second most popular meme coin next to Dogecoin. Elon Musk made a recent tweet with an image of his new dog — Shiba Inu named Floki. Notably, Musk’s tweet has kick-started SHIB’s price surge with many SHIB holders thanking the Tesla (NASDAQ:TSLA) CEO for sending SHIB ‘to the moon’.
Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf— Elon Musk (@elonmusk) October 4, 2021
Aside from this, there are many other factors that may lead to SHIB’s price surge. SHIB is the native token of ShibaSwap, a new decentralized exchange (DEX) with $275 million locked on the platform.
Earlier this month, Planet Crypto reported on the India Crypto Covid Relief Fund converting remaining SHIB coins, first donated by Vitalik Buterin, the co-founder of Ethereum. In the wake of the final conversion, members of the SHIB community expressed hope for the token’s future stability. Users described the event as an end to a “hostage situation” for SHIB.
If this trend continues, meme coins DOGE and SHIB can also enter the top 5 position on CoinMarketCap. In its rise to the top 20, the token surpassed Polygon (MATIC), Internet Computer (ICP), and Axie Infinity (AXS). SHIB ranked fourth in terms of trading volume the past 24 hours, behind Tether (USDT), Bitcoin (BTC) and Ethereum (ETH).