Dogecoin (DOGE) Price Rises to Compete with Shiba Inu (SHIB)
2024-12-01
Bittime - Dogecoin (DOGE) and Shiba Inu (SHIB) prices, these two dog-themed tokens are showing positive performance in the market.
The price of Shiba Inu recorded a sharp increase to reach its highest level in the last 8 months, while the price of Dogecoin recorded a more stable increase and rose to compete with Shiba Inu.
Price Shiba Inu Highest in 8 Months
Shiba Inu (SHIB), an Ethereum-based token, recorded a significant price spike on Saturday evening, November 31.
Shiba Inu price peaked at $0.00002969 before dropping slightly to $0.00002897. Despite experiencing a slight correction, this price still reflects an increase of more than 12% in a day.
This increase makes Shiba Inu the asset with the highest growth among the top 50 cryptocurrencies by market capitalization.
This spike is the first since April 1 eight months ago, further strengthening Shiba Inu's position as one of the most popular meme coins.
Read Also: Top 5 Meme Coins Worth Buying at the End of 2024
Price Weekly Top Dogecoin
Meanwhile, the price of Dogecoin (DOGE) also showed a fairly stable increase. DOGE price is currently above $0.43, up about 3% in the last 24 hours. Even though it is not as aggressive as SHIB, DOGE still attracts attention because of its increase of 164% in the last month.
Last week, DOGE had reached its highest price in three years at $0.475. This indicates that Dogecoin has great appeal among investors, especially as the first meme coin to gain widespread attention.
Other Meme Coin Performance
Not only Dogecoin and Shiba Inu, several other meme coins also showed interesting performance. Floki (FLOKI), an Ethereum-based meme coin, recorded a gain of nearly 6% in a day.
Meanwhile, other meme coins such as Bonk (BONK) and Dogwifhat (WIF) only experienced an increase of around 1%.
Besides that, the Base-based meme coin Brett token (BRETT), printed ATH at $0.2032. The 17% increase in the last 24 hours shows that meme coins are still a popular trend.
Causes of Dogecoin and Shiba Inu Price Rises
The rise in Dogecoin and Shiba Inu prices was largely driven by positive sentiment in the crypto market and investor interest in meme coins.
Dogecoin gets a boost from a strong community and often gets attention from public figures like Elon Musk.
Meanwhile, Shiba Inu takes advantage of the ever-growing Ethereum-based ecosystem. The project also frequently announces new initiatives that attract investor attention, including integration into the world of DeFi and NFTs.
With significant price increases, both Dogecoin ($DOGE) and Shiba Inu (SHIB) show that meme coins still have great appeal in the crypto market.
Read Also: 10 Best and Top 2024 Moonbag Potential Meme Coins
Meme Coin FAQ
What is Meme Coin?
Meme coins are a type of crypto asset inspired by viral memes on the internet.
Is Meme Coin a Good Investment?
Meme coin is a crypto asset with high volatility so it is suitable or good for investors who hope for short-term profits.
Which Meme Coins Have Reached $1?
There are several meme coins that have now reached the $1 level, such as Popcat (POPCAT), Dogwifhat (WIF), and Peanut the Squirrel (PNUT).
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Reference
Andrew Hayward, Dogecoin Price Climbs as Shiba Inu Spikes to 8-Month High, accessed on December 1, 2024.
Decrypt, Decrypt Price Shiba Inu, accessed on December 1, 2024.
Author: IPR
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