The industry’s biggest memecoins haven’t used this weekend to settle down. Both Dogecoin and Shiba Inu have managed to book a more than decent price gain. Shiba Inu jumped more than 30 percent on Sunday, while Dogecoin posted an 8 percent gain.
Far from the all-time high
Despite Shiba Inu’s huge price gains, the project is still a long way from the all-time high of October 2021. In that month, the price shot from 0.000007911 dollars to 0.00008 dollars in one month. An increase of more than 1,000 percent in 30 days. The party did not last long, however, because Shiba Inu is now trading at 0.00001558 dollars. Shiba Inu recorded trading volume of $3.41 billion for the 24 hours of Sunday.
In the meantime, Dogecoin also managed to take a significant price gain. Dogecoin rose from $0.0771 to $0.0838 on Sunday. Good for an 8 percent increase. The last time Dogecoin traded at $0.08 was in early June. At the beginning of this year, however, Dogecoin was still trading at USD 0.18 and exactly one year ago the coin was still worth USD 0.34.
The battle of memecoins
Dogecoin has been the largest memecoin on the market for years, but Shiba Inu has been added as a major competitor since 2021. In a short time, the latter managed to build up a market cap of several billion. At the time of writing, Shiba Inu has a market cap of $8.633 billion. Dogecoin, with a market cap of $10.037 billion, is still the boss.
But it makes little difference and that makes the battle between the two memecoins so interesting to follow. In essence, they are two projects that mainly exist “as a joke”, but with a market cap of tens of billions it is difficult to continue to qualify them as jokes. The big question is, of course, to what extent the projects have the potential to surprise the market even more than the billions they have already taken. That’s a question that no one seems to be able to answer right now.
