Dogecoin finally saw its own price spike today after surging some 25% in under an hour, reclaiming its spot in the top 10 cryptocurrencies from a falling Shiba Inu Coin.
DOGE ended yesterday at $0.237 following a wider cryptocurrency dip that hit most coins (aside from SHIB). It has now recovered $0.06 to a price of $0.295 following a high of $0.306 (via CoinGecko).
Many DOGE hodlers were left frustrated yesterday after SHIB overtook the original memecoin on the back of a 78% increase as it rose to an All-Time High (ATH) of $0.00008616. At the time of writing, it has dropped 15% to $0.0000736, slipping back below Dogecoin.
Dogecoin Re-Flips Shiba Inu
The immediate cause of Doge's rapid growth does not seem as obvious as past memecoin pumps from Elon Musk tweets. However, initial indications suggest whale activity may have first kickstarted the increase.
As for the Shib drop, it appears some hodlers are finally taking a profit. With Coinbase temporarily going offline overnight, many were left unable to transfer.
SHIB's market cap has since decreased to $36bn, with the brief flip coming to an end as Doge regains a cap of $39bn.
On the back of this inverse correlation between SHIB and DOGE, hodlers took to social media to celebrate their rewards for 'Diamond Hands'.
Dogecoin still remains some 59% below its ATH of 0.73, first set in May 2021. It is up 47% in the past 30 days.
After Shiba overtook Dogecoin last night, Billy Markus, the founder of Dogecoin, told his followers not to alienate SHIB hodlers, noting the similarities to when Dogecoin first broke out.
Indeed, the overall memecoin share of the global market has now grown to $83bn. This would make a combined memecoin the third-largest cryptocurrency behind Bitcoin and Ethereum.