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Why ‘Dogecoin Killers’ Are Making Huge Price Gains, Leaving Bitcoin, Ethereum, BNB, XRP And Cardano In The Dust

Why ‘Dogecoin Killers’ Are Making Huge Price Gains, Leaving Bitcoin, Ethereum, BNB, XRP And Cardano In The Dust
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Dogecoin, the meme-based cryptocurrency that has seen massive price gains since the start of the year, is losing ground to new protesters for its memecoin crown.

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The price of the Dogecoin, which is up about 10,000% from this time last year, has suffered in recent months due to Tesla billionaire Elon Musk, who defended the dog-based Bitcoin competitor Shiba Inu earlier this year, which has remained relatively silent .

Now, the soaring price of the memecoin competitor shiba inu, dubbed the “dogecoin killer,” has sparked a flurry of interest in smaller dogecoin competitors — some of them soaring in the cryptocurrency price charts.

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Launched in May, Shiba inu was designed to capitalize on the massive rise of digital currency and cryptocurrency that has pushed the cryptocurrency market beyond its previous all-time highs, and began climbing over the weekend when Musk tweeted a photo of his puppy, a dog from Shiba Inu type. His name is Floki – the dog breed used by the “dogecoin killer” and the dogecoin itself.

“Floki Frunkpuppy,” Musk chirp next to the picture. Musk’s tweet sparked the usual wave of responses, with one popular crypto meme account respond: “Dogecoin to mooooooon.”

While Dogecoin, which is currently the ninth largest cryptocurrency by value with a market capitalization of $32 billion, according to Coingecko data, saw a slight increase in its price after Musk’s tweet, shiba inu saw a rise of more than 300%. Shiba inu is now ranked 12th in terms of cryptocurrency market capitalization – putting it ahead of established cryptocurrencies such as Litecoin, chainlink and Binance’s stable BUSD. However, some Bitcoin and cryptocurrency market watchers have warned that the rise of the Shiba Inu is likely unsustainable.

“I honestly think we are seeing a similar rally as we saw with dogecoin,” Eric Demuth, co-founder and CEO of Vienna-based crypto exchange Bitpanda, said by email.

“These new coins are community, hype, and fun. But, on the other hand, they don’t take advantage of any new technology or solve problems like bitcoin or ethereum. However, shiba inu and others are still important in today’s market because they represent the new movement that it’s driving. The community is in the funding which is why we will also be adding some to Bitpanda in the very near future.”

“Although it is a huge driver of its growth, shib’s status as a memecoin may also be anathema to him,” Don Jo, CEO of commercial technology company Broctagon, said in comments via email, adding that he believed it was “impossible” that inu could reach At any time to 1 dollar.

“As with all memecoins, shib price action is highly dependent on the opinion of an influencer. We have seen this happen during many doge price turmoil – a simple tweet from Elon Musk can change markets almost overnight. So far, it’s not easy Imagine a world in which the opposite happens. This uncertainty combined with the fact that shib investors are also highly speculative in nature, contributes significantly to its volatility and thus the mistrust of the markets.”

Some of the other sub-coins of the coin that are making big moves include cryptocurrency Flukinomics, up 1,800% in the past 24 hours, baby shiba inu, up 400%, and a musky coin, flokifrunkpuppy, now up 50%.

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The prices of most other major cryptocurrencies have also risen over the past few days, with bitcoin hitting levels not seen since May. Both the price of Bitcoin and Ethereum have added about 30% since this time last week.

Earlier this year, Dogecoin climbed to number four in the cryptocurrency rankings, behind only Bitcoin, Ethereum and Stable Link. Dogecoin peaked at 70 cents per Doge token in May ahead of Musk’s impressive appearance on the comic show. Saturday Night Live.

The charts have since been dropped, dropping as promotions and correlations between memecoin and ethereum fail so far. Musk has suggested upgrading dogecoin to lower transaction fees and speed up the network via Ethereum in order to “beat bitcoin.”

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