Dogecoin, the “joke” bitcoin rival that’s exploded in popularity earlier this year, has recently lost its meme crown to upstart shiba inu.
The dogecoin price, up over 11,000% since this time last year, has struggled in recent months even as the price of bitcoin and ethereum have returned to near their all-time highs. Bitcoin and ethereum have been heavily sold off this week, however, with the bitcoin price crashing under $60,000.
Now, amid wild speculation popular trading app Robinhood could add support for shiba inu, the “dogecoin killer” has rocketed up the bitcoin and crypto price charts—climbing as high as 8th and jostling with dogecoin for memecoin dominance even as Tesla
billionaire Elon Musk continues to signal his support for dogecoin.
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“If I send you two doge, will you promise to send me one doge,” Musk said via Twitter last night, replying to dogecoin co-creator Billy Markus and referencing common bitcoin and crypto scammers that flood Twitter and other social media networks with promises of free coins.
Markus had tweeted a warning to those piling into the crypto market, cautioning it’s “all about risk.”
“There are no promises in crypto, except from scammers,” said Markus. “The people telling the truth will tell you that it’s just all about risk. Your profits only come from other people taking their own risk. If you lose money, you paid for someone else’s risk. Ultimately, that is your choice.”
The dogecoin price has surged almost 20% over the last few hours, with the market capitalization of it and shib inu now both over $40 billion. Many in the bitcoin and crypto community expect both the price of both dogecoin and shiba inu to eventually give up their blistering gains, but influencers like Musk could mean prices climb far higher before receding.
“This is turning into a real dogfight now,” veteran crypto trader and author Glen Goodman said via Twitter DM, pointing to Musk’s apparent plans to help upgrade dogecoin and “beat bitcoin hands down.”
Musk has this year adopted dogecoin as something as a pet project, appearing to sour on bitcoin even has Tesla continues to hold billions of dollars worth of bitcoin on its books. Musk revealed on April 1, in what was at the time widely believed to be an April fool’s day joke, that his rocket company SpaceX plans to next year launch a dogecoin-funded satellite to the Moon.
“Elon Musk could be the one to settle this, if he tweets to remind us he will soon be sending ‘a literal doge to the literal moon’, with his planned DOGE-1 satellite launch,” added Goodman. “Shib doesn’t have the might of Musk behind it but it’s currently the gamblers’ favorite. Let’s be honest, this isn’t investing, it’s barely even trading, this is gambling. By all means, have fun, but also be ready for a crash that will go down in crypto history.”
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However, some do think there are legitimate reasons for investors to buy both the dogecoin and shiba inu cryptocurrencies. Dogecoin, a fork of bitcoin that dates back to 2014, is currently less sophisticated in its smart contract capabilities than shiba inu—launched just this year.
“Bitcoin is designed to be scarce whereas shib is intentionally made in a way that is abundant in nature,” Nirmal Ranga, chief revenue officer at bitcoin and crypto platform ZebPay, said in emailed comments, looking to shiba inu’s total circulating supply of 1 quadrillion.
“The shiba inu token system supports innovative and artistic projects like non-fungible token (NFT) art incubators. The development of its own decentralized exchange called the ShibaSwap is also in the pipeline, all factors which have been driving the tokens value and interest among traders.”