The Shiba Inu token has experienced a massive price increase and has rapidly climbed to 12th place in recent weeks. Currently, the token ranks 17th by market cap, but its trading volumes are at $6.82 billion, which represents an 89% increase. The market value of the currency also increased by 13%.
Shiba Inu vs Dogecoin price comparison
When we compare the trading volumes of the two cryptocurrencies, Dogecoin’s trading volume today stands at $1.58 billion, up 34% over the last 24-hour period. However, the coin’s market cap dropped by 3.7%. Shiba Inu dominates Doge with 3x trading volume, continues its upward trend.
The data in question proves that Dogecoin is massively behind in trading volume compared to the Shiba Inu. There are multiple reasons for this scenario. This could also indicate that SHIB’s popularity is growing among various investors.
In addition, the highly anticipated bullish boom of Bitcoin after the start of October made investors smile. While most altcoins are losing value, there are some prank-based cryptos that continue to break through all resistance. Given the recent Shiba Inu prices for SHIB/USDT, here are the October earnings for the Shiba Inu:
Although the market cap of the Shina Inu is almost half that of Dogecoin, the popularity of the Shiba Inu soared after Elon Musk shared a photo of a Shiba Inu dog.
Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf
— Elon Musk (@elonmusk) October 4, 2021
In the first quarter of 2021, Musk’s tweets boosted Dogecoin’s price by 692% in January, followed by another 527% price increase in April. Although Dogecoin’s dominance did not last as long as now, Shiba Inu dominates the altcoin market.
And whether it’s their popularity or the ‘Elon Musk Effect’, prank-based cryptos continue to rise. Other cryptocurrencies like Floki Inu also gained more than 17% today. According to Coinecko, in the past 14 days, Floki Inu has increased by 69.9%, while in the past 30 days, Floki has gained 389.9%. Another prank token, Ryoshi, is up 193.9% in the last 7 days.
Finally, according to Google Trends, Dogecoin, called ‘real money’ by Elon Musk, seems less popular compared to the Shiba Inu.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.