Dogecoin (DOGE) and Shiba Inu (SHIB) continue to flip each other in terms of market cap as dog coins post double-digit gains in the current rally. DOGE price hit a two-month high and gained nearly 20% overnight. Meanwhile, the Dogecoin millionaire claims that the “meme economy” has just begun with the meme coin (DOGE and SHIB) marathon. For details cryptocoin.com keep reading.
“SHIB profits will likely flow into DOGE, not BTC”
Dogecoin regained its position as the ninth-largest cryptocurrency by market capitalization after being overtaken several times by rival Shiba Inu on October 28. DOGE posted double-digit gains in the ongoing dog money rally these days. In what is believed to be a “meme coin marathon,” several dog-themed cryptocurrencies have recorded double- and triple-digit gains as leading cryptocurrencies plummet. Holders and traders noted the beginning of a “meme economy” as DeFi tokens, while mainstream cryptocurrencies took a back seat as prices of DOGE, SHIB, and FLOKI rose.
Analysts are debating whether capital inflows from earnings in meme coins will flow into Bitcoin. Scott Melker, a cryptocurrency analyst, believes that profits realized by traders on SHIB will flow into DOGE more than BTC:
The idea that SHIB profits will flow into BTC is a bit of a pipe dream. Those profits will likely flow into dollars for the few who buy them. These are individual traders, not crypto enthusiasts. If they’re into crypto, those profits are likely to DOGE.
The notion that $SHIB profits will flow into $BTC is a bit of a pipe dream.
Those profits, for the few who take them, will most likely flow into… dollars. These are retail traders, not crypto enthusiasts.
If they are into crypto, those profits would probably go into… $DOGE
— The Wolf Of All Streets (@scottmelker) October 28, 2021
Dogecoin millionaire calls DOGE price rally a meme marathon
Currently, DOGE has a market cap of $42.7 billion and the price of meme coin is $0.3262. Analysts predict that the DOGE price rally will most likely continue, with the Shiba Inu-themed cryptocurrency reaching its previous all-time high of $0.73. Snowman Crypto, a crypto analyst by the pseudonym, shared his prediction for DOGE price:
Nice exit from the DOGE triangle and retest. Let’s get back to $0.7 again soon.
The term “flippening”, popularly associated with Ethereum and surpassing Bitcoin’s market cap, has become a reality for meme coins. Shiba Inu flipped Dogecoin to dominate dog-themed cryptocurrencies.
Glauber Contessoto, widely regarded as the “Dogecoin Millionaire,” expects the “breast economy” to gain more traction as the DOGE price continues to rise. Investors are now awaiting the announcement of the launch of the DOGE-ETH bridge, which is considered the key to increasing the price of DOGE. Evaluating the DOGE price trend, FXStreet analysts predict that Dogecoin will explode.
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