Dogecoin (DOGE) on the verge of losing its spot to Shiba Inu (SHIB)

According to data from cryptocurrency market analytics website CoinGecko, the meme token Shiba Inu (SHIB) reached 11th position in the ranking of cryptocurrencies by market cap yesterday, having surpassed Luna briefly to sit one position below Dogecoin.

The surge in the dog-themed meme token that has been called the “DOGE killer” has market observers speculating that it is positioning to challenge Dogecoin, the current leader of the dog pack. However, there is still some distance between them as Dogecoin still has a higher market cap. The market cap of SHIB at the moment is around $14 billion. Dogecoin’s market capitalization stands at around $29 billion

SHIB, which was created last year as a joke based just like Dogecoin, has seen its value rise meteorically this year. Last week, it gained over 350% in value. However, it then experienced the largest retracement in its history, dropping around 40%. This week, it is trading at around $0.000028 having added another 31.3% in the last seven days, it is also currently sitting at the 12th spot.

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