Amid the dogecoin (DOGE) rally, investors are wondering if they should take a Shiba Inu (SHIB) position. Compared to the growth of DOGE, SHIB is slightly behind in percentage of daily growth. However, traders are optimistic about a potential memcoin rally next week. Over the past week, the value of DOGE has more than doubled.
Thanks to the official takeover of Twitter by Elon Musk earlier this week, the price of DOGE has skyrocketed. Its competitor SHIB is also in an uptrend with further upside potential. According to price tracking platform CoinMarketCap, at the time of writing, the price of DOGE is $0.1367, up 57.50% in the last 24 hours. Shiba Inu (SHIB) price is $0.00001361, up 17.36% in the last 24 hours.
DOGE overtakes Cardano in market capitalization
Dogecoin, currently ranked 8th, has already overtaken Cardano (ADA) in terms of market capitalization. The total market capitalization of DOGE is currently $17.95 billion. If SHIB continues to gain momentum over the weekend, it is likely that he will be able to break into the top 10. Currently ranked 12th, SHIB has a market capitalization of $7.54 billion. Meanwhile, David Gokhshtein, a popular crypto personality, is wondering if SHIB will hit the top 10 soon.
“I wouldn’t be surprised to see both $DOGE and $SHIB in the top 10 at the end of this weekend.”
Twitter Official Cryptocurrency
He also asked if Dogecoin would become Twitter’s official currency after the takeover by Musk. “Hell, is $DOGE going to be Twitter’s official cryptocurrency?” he said. Earlier this month, there were rumors that Dogecoin could potentially become Twitter’s official currency. The reports suggested this after Musk offered to buy Twitter at a starting price of $54.20 per share in the first week of October. It is well known that DOGE is Musk’s favorite cryptocurrency.
Man, is $DOGE going to be Twitter’s official cryptocurrency?
— David Gokhshtein (@davidgokhshtein) October 27, 2022
Against this backdrop, it remains to be seen if SHIB will maintain its momentum and earn a place in the top 10. Over the past seven days, SHIB has recorded a staggering 35.73% gain. Moreover, some traders believe that in case of growth, memcoins will be the first to exit. However, in the long term, it remains to be seen which memcoin will be the most successful.
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