In the midst of the dogecoin (DOGE) rally, investors are wondering if they should take a position in Shiba Inu (SHIB). Compared to the DOGE rally, SHIB is lagging a bit in terms of daily percentage gain. However, traders are optimistic about a potential rally in memecoin by next week. Over the past week, DOGE has more than doubled in value.
Thanks to Elon Musk’s official takeover of Twitter earlier this week, the price of DOGE has made a massive jump. Its rival SHIB is also on a price increase momentum, with potential for further growth. At the time of this writing, the price of DOGE is $0.1367, up 57.50% in the past 24 hours, according to price tracking platform CoinMarketCap. Shiba Inu (SHIB) is priced at $0.00001361, up 17.36% in the last 24 hours.
DOGE surpasses Cardano in terms of market capitalization
Dogecoin, currently ranked 8th, has already surpassed Cardano (ADA) in terms of market capitalization. DOGE’s total market capitalization currently stands at $17.95 billion. If SHIB continues to gain ground over the weekend, it is likely that it could break into the top 10. Currently, SHIB, ranked 12th, has a market cap of $7.54 billion. Meanwhile, David Gokhshtein, a popular crypto personality, wonders if SHIB will be in the top 10 anytime soon.
“I wouldn’t be surprised to see both $DOGE and $SHIB be in the top 10 by the end of this weekend.”
Twitter’s official crypto-currency
He also asked if Dogecoin would become the currency Twitter’s official currency After Musk’s buyout. “Holy crap, is $DOGE going to be Twitter’s official crypto-currency?” he said. Earlier this month, speculation was rife that Dogecoin could potentially become Twitter’s official currency. Reports suggested this after Musk offered to buy Twitter at an initial price of $54.20 per share in the first week of October. It is well known that DOGE is Musk’s favorite crypto-currency.
Damn, will $DOGE be the official crypto of Twitter?
– David Gokhshtein (@davidgokhshtein) October 27, 2022
With that in mind, it remains to be seen if SHIB continues its momentum and gains a spot in the top 10. Over the past seven days, SHIB has recorded a staggering 35.73% rise. Moreover, a portion of traders believe that memecoins will be the first to exit on a rise. However, in the long run, it remains to be seen which memecoin will be the most successful.