cryptocoin.com As you can follow from the news, the altcoin market is quite active these days. DOGE and SHIB, two of the most popular meme coins, are fighting for the ninth place by market cap, with an intense dogfight in the crypto skies. Some traders also profit from this by making spreads in the meantime.
DOGE and SHIB duel continues in altcoin arena
DOGE revived earlier this month, outpacing SHIB by a substantial margin. The altcoin rallied to $0.335 on Coinbase on Thursday, reaching its highest level since August 20, and was most recently trading around $0.30, which represents a 23% gain for the day. Meanwhile, SHIB fell 5.55% daily at press time to $0.00066 after rallying three times in the seven days to October 27 at $0.0009.
Changing price trends help DOGE consolidate its position as the ninth largest cryptocurrency. However, with a market cap of $35 billion, SHIB doesn’t look far behind DOGE’s $40 billion market cap. The self-proclaimed Dogecoin killer briefly surpassed its rival in the rankings on Wednesday. The price action observed over the last few hours perhaps reflects the coin’s return from SHIB to the relatively low-value DOGE. DOGE is still more than 60% away from its May ATH of $0.74.
The trader, who introduces himself as JPEG collector Kano The Giga Chad, explained his position in a Twitter chat.
It’s hard to deny that money can be moved to DOGE. It feels good to be short SHIB and long DOGE. I took the position for about two hours.
Individual investors make up almost all the volume in meme coins. The increase in activity in this cryptomarket sub-sector is often thought to represent the extreme greed often observed at market tops.
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