The market capitalization of Shiba Inu (SHIB), an Ethereum-based token advertised as a “Dogecoin killer”, has surpassed that of Dogecoin (DOGE), making SHIB the ninth largest cryptocurrency by capital marketization.

Shiba Inu enters the top 10 and outperforms Dogecoin capitalization

Despite the withdrawal of Bitcoin, Shiba Inu has kept its uptrend intact, rising above $ 0.0005 for the first time in its existence. The meme-based coin became a favorite with investors after Dogecoin slowed.

At 16:46 UTC, SHIB was trading at $ 0.00006825, up 44% in one day and 143% in a week. According to Coingecko data, the price has exploded by 80,787,246% within one year. At the same time, DOGE is trading at $ 0.242175, down 9% in one day and 2% in a week. It grew 8988% in one year.

The market capitalization of Shiba Inu (SHIB), an Ethereum-based token advertised as a “Dogecoin killer”, is growing rapidly and approaching the original Dogecoin (DOGE).

Meanwhile, DOGE is down 9% year-over-year, trading at $ 0.24 after falling alongside crypto blue chips like Bitcoin (BTC) and Ethereum (ETH) earlier in the day.

SHIB even overtook DOGE for a short time before the original dog-themed token collected and left its “killer” behind. SHIB quickly became the 9th cryptocurrency by market cap, overtaking Doge to push Dogecoin to 10th place.

Massive profits have made SHIB the best performer of the 100 most valuable cryptocurrencies with very large margins today.

Race between SHIBA INU and DOGE

But even though Dogecoin started the day with a rather lackluster performance, DOGE fans were quick to raise the price of their favorite cryptocurrency when the Shiba-Inu crowd bought UTC on Wednesday afternoon.

Dogecoin traders made a massive comeback from 14:00 UTC, with traders bidding on the original meme coin increasing by over 8% in just 15 minutes.

For DOGE fans, however, the effort was unfortunately not enough against SHIB buyers, who drove the price of their favorite dog coin up in a parabolic motion all day long.

The trend speaks for the bulls, with the Moving Average Convergence (MACD) moving above average. The buy signal has lasted since the beginning of October and shows that the bulls have the upper hand. After a close race, SHIB expanded its dominance over DOGE and achieved a market capitalization of $ 33.43 billion. DOGE has since left the top 10 club with a market capitalization of $ 31.9 billion.

When asked “How did Dogecoin become an explosive memecoin? , its own decentralized exchange, NFT and advanced smart contract functions. “

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