Rival memecoin SHIB surpasses DOGE market cap

Shiba Inu (SHIB) has surpassed dogecoin in terms of market capitalization owing to a sharp rise in the price of the meme cryptocurrency. SHIB is now among the top ten cryptocurrencies by market capitalization, according to CoinGecko data.

The market capitalization of SHIB is around $39.3 billion, while that of DOGE is about $31.4 billion at the time of writing. As of this writing, SHIB’s current position surpasses dogecoin and USDC, the stablecoin run by the CENTRE consortium.

The battle of memecoin: SHIB vs DOGE

Similar to DOGE, the creation of SHIB was just as meaningless, with a present supply in the hundreds of trillions of coins – hence the extremely tiny price of around $0.000078 per coin.

SHIB, like Dogecoin, had previously benefited from internet buzz on social networking sites such as TikTok. Later this year, the Chinese internet conglomerate Tencent Holdings announced that it would ban paid advertisements of cryptocurrencies and initial coin offerings (ICOs) via its video creation app TikTok.

The cryptocurrency has lately gotten attention after Ethereum inventor Vitalik Buterin sold tranches of tokens he received from SHIB’s creators, donating the proceeds to charity. He also handed out some of the gifted Shiba Inu coins to a charity dedicated to a COVID-19 relief fund in India.

Robinhood users push for Shiba Inu addition 

The spectacular rise of the shiba inu coin this week is connected to growing support for a Change.org petition that calls on trading platform Robinhood to add support for the parody currency. The campaign has so far received 334,500 signatures.

The price of the Shiba Inu coin has continued to rise in recent days. However, following Tesla CEO Elon Musk‘s statement that he does not own any Dogecoin, the cryptocurrency lost some of its momentum in recent days. He subsequently clarified that he had bought “Bitcoin, Ethereum, and Doge.” Musk’s tweets are frequently responsible for major price hikes of cryptocurrencies, including DOGE.

The introduction of SHIB into services such as Coinbase, a US cryptocurrency exchange, has been greeted with enthusiasm by the cryptocurrency market, with the value of SHIB more than doubling in the previous seven days.