Shiba Inu Outshines With 25% Gains but DOGE Still Rules Social Media

With the global crypto market cap above $1.71 trillion on the back of Bitcoin’s move above the $42,000 mark, most of the top altcoins noted decent gains. Meme coins, however, still had the crypto crowds’ hearts as Shiba Inu noted the highest market gains while the top dog coin Dogecoin remained the most talked about crypto in social media after BTC. 

Dog Coins Still Standing Out

At press time while most of the top 20 cryptocurrencies by market cap presented gains on their daily chart, Shiba Inu noted the highest gains trading at $0.00002804. The meme token and supposed Doge-killer noted high daily gains close to 25% and weekly gains above 36%. 

Dogecoin (DOGE) on the other hand traded at $0.157 noting 6.30% daily gains and 14.36% weekly gains which were less in comparison to SHIB. That said, SHIB also saw a staggering rise in trading volumes noting a 244% increase in volume, topping over $2.8 billion at press time. On the contrary, DOGE’s trading volume was around $1.1 billion, almost 60% less than SHIB’s. 

At press time SHIB was the sixth most traded cryptocurrency as per Coin Market Cap after Tether, Bitcoin, Ethereum, Bitcoin Cash, and Binance USD. 

Dogecoin Still Ruling Social Media

Meme tokens have had a very special relationship with social media attention which also shows in the correlation between meme token price rallies and rise in their positive social sentiment. By market cap, Dogecoin continues to remain the top meme token even though the coin’s price action and trade volumes have maintained relatively low levels in comparison to SHIB. 

Thus, while looking at trade volumes SHIB may have a decent chance of flipping DOGE (which it has done in the past too), but with DOGE’s social media sentiment maintaining good levels seems like the flipping might have to wait. 

Notably, in comparison to SHIB, DOGE seems to have fallen down the popularity scale but relatively Dogecoin still takes the top spot on social media, second only to the king coin BTC. For one, the number of followers of the Dogecoin official Twitter account recently surpassed 3 million. Dogecoin is the cryptocurrency with the most followers, after Bitcoin with 4.5 million followers. Shiba Inu comes right behind with 2.7 million followers but Dogecoin still takes the top spot. 

For now, retail euphoria and decent trade volumes alongside market-driven gains fueled Shiba Inu’s price. However, in the past, Dogecoin rallies have been aided by Elon Musk-driven price pumps as well as external news such as Tesla accepting the coin for payment of some Tesla-branded items. 

So, as the meme token battle continues, with Dogecoin still taking the higher spot it remains to be seen if Shiba Inu could take DOGE’s spot in the near term.