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Dogecoin recovered 25%, regaining its position from the falling Shiba Inu coin

After Dogecoin surged by about 25% in less than an hour, it finally saw its price surge today, regaining its position among the top 10 cryptocurrencies from the falling Shiba Inu coins.

DOGE closed at $0.237 yesterday, after the decline in cryptocurrencies hit most tokens (except SHIB). After a high of $0.306 (via CoinGecko), it has now recovered from $0.06 to $0.295.

Many DOGE hodlers were frustrated yesterday after SHIB surpassed the original memecoin by 78%, as it rose to an all-time high (ATH) of $0.00008616. At the time of writing, it has fallen 15% to $0.0000736, falling below Dogecoin.

Dogecoin re-flip Shiba Inu

The direct cause of Doge’s rapid growth does not seem to be as obvious as the past memecoin pump in Elon Musk’s tweets. However, Initial indications It indicates that whale activity may have initiated the increase first.

As for the decline of Shib, it seems that some currency holders have finally made a profit. Since Coinbase was temporarily offline overnight, many people were unable to transfer.

The market value of SHIB has since dropped to 36 billion U.S. dollars, and as the Governor regained a market value of 39 billion U.S. dollars, the short-term flip is about to end.

Behind this anti-correlation between SHIB and DOGE, hodlers began to use social media to celebrate their reward for the “Hand of Diamonds.”

Dogecoin is still about 59% lower than the 0.73 ATH first set in May 2021. It has risen by 47% in the past 30 days.

After Shiba Inu surpassed Dogecoin last night, Billy Marcus, the founder of Dogecoin, told his followers not to alienate SHIB hodlers, and pointed out similarities with the first outbreak of Dogecoin.

In fact, the overall memecoin share of the global market has now grown to 83 billion USD. This will make hybrid memecoin the third largest cryptocurrency after Bitcoin and Ethereum.

The post Dogecoin recovered 25%, regaining its position from the falling Shiba Inu coin first appeared on Professional player strategy.

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