Shiba Inu and Dogecoin compete for position of largest meme coin as SHIB flips DOGE


  • As the meme coin started an uptrend, Shiba Inu recently took over Dogecoin in market capitalization. 
  • Burger joint Welly says that the Shiba Inu community will have a stake in its business, fueling a bullish sentiment among holders. 
  • Analysts believe Shiba Inu price could continue consolidation within a triangle pattern before breaking out. 

Shiba Inu recently surpassed Dogecoin in market capitalization. Analysts believe Shiba Inu is on track to recovery from its ongoing consolidation. 

Shiba Inu and Dogecoin compete for meme coin market share

Shiba Inu and Dogecoin are neck and neck in the meme coin market, competing for a higher share. Proponents noted Shiba Inu recently surpassed Dogecoin’s market capitalization, flipping DOGE momentarily. 

This event has fueled a bullish narrative among investors. Shiba Inu has surpassed Dogecoin’s market capitalization in the past, triggering a price rally in the meme coin. Proponents have identified another critical catalyst for Shiba Inu’s price rally. 

The burger joint Welly rebranded itself to accept Shiba Inu as payment has announced that the community will have a stake in its business. Welly announced that the community would be entitled to a portion of profits from all activities. The community can then decide whether to burn Shiba Inu tokens or use them for some other purpose. 

Holders of Shiba Inu would manage their tokens with the help of BONE DAO. Analysts have evaluated the Shiba Inu price trend and predicted a continuation of the consolidation. Valeria Blokhina, a crypto analyst and trader, noted that Shiba Inu price has consolidated within a triangle for some time now. The meme coin could continue before a breakout. 

Additionally, Welly has partnered with crypto payments company NOWPayments, planning to burn a certain percentage of their revenue in SHIB tokens. @AltcoinSherpa, a pseudonymous crypto analyst and trader, does not recommend buying Shiba Inu. 

 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Crypto Today: Bitcoin gets less interest from traders, Ethereum ETF could attract $5 billion inflows

Crypto Today: Bitcoin gets less interest from traders, Ethereum ETF could attract $5 billion inflows

Bitcoin market sees a decline in volatility per on-chain data from Crypto Quant. Bitcoin ETFs saw a net inflow of $129 million on July 1; on-chain analysts predict a relief rally in BTC. 

More Cryptocurrencies News

Ripple escrow timelocks expired on Monday, one billion XRP unlocked as altcoin ranges above $0.47

Ripple escrow timelocks expired on Monday, one billion XRP unlocked as altcoin ranges above $0.47

Ripple (XRP) escrow unlocked 1 billion tokens on Monday as part of the planned unlock until January 2025. XRP hovers around $0.48 early on Tuesday, adding more than 1% to its value on the day. 

More Ripple News

Bitcoin holds above $61,000 as Daily Active Addresses is highest since mid-April

Bitcoin holds above $61,000 as Daily Active Addresses is highest since mid-April

US spot Bitcoin ETFs registered slight inflows on Monday. On-chain data shows that BTC's daily active addresses increased, signaling greater blockchain usage. German Government transferred 1,500 BTC, valued at $94.7 million, out of its wallet on Monday.

More Bitcoin News

Chainlink poised for a rally as whales buy the dips

Chainlink poised for a rally as whales buy the dips

Chainlink’s price bounced from the weekly support level at $13.15 and extends recovery on Tuesday. On-chain data shows that whales have accumulated 2.08 million LINK in the past seven days.

More Chainlink News

Bitcoin: BTC price correction could end in July, according to seasonal data

Bitcoin: BTC price correction could end in July, according to seasonal data

Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.

Read full analysis

BTC

ETH

XRP