The War Of Meme Coins: Dogecoin Fights Back As Shiba Inu Surpasses Its Market Cap

Dogecoin shot up to the psychologically important $0.30 mark early Thursday morning.

What Happened: The cryptocurrency soared 14.56% over 24 hours to $0.30 at press time. For the week, DOGE has gained 18.92%.

The meme coin was the ninth-largest cryptocurrency by market cap at press time, as per CoinMarketCap. It was placed ahead of Shiba Inu SHIB/USD, which was the eleventh-largest coin by market cap at press time.

This reverses the sudden flippening of meme coins that took place on Wednesday.

DOGE has gained 4503.42% since the year began and 26.10% in the last 30 days. It touched an all-time high of $0.74 in May.

See Also: How To Buy Dogecoin (DOGE)

Why It Matters: DOGE soared even as major cryptocurrencies were trading in the red. The global cryptocurrency market cap fell 0.26% to $2.61 trillion at press time.

DOGE did not receive high interest on Twitter at press time, as per Cointrendz data. It was mentioned in 2,370 tweets. 

The highest interest was seen in Shiba Inu and BTC, which were mentioned in 38,590 and 21,769 tweets, respectively. Dogecoin topped the list of trending tickets on Stocktwits.

On Wednesday night, a spurt was seen in Decentralized Finance or DeFi coins alongside Shiba Inu but major cryptocurrencies such as Bitcoin and Ethereum declined below key levels.

In the early hours of Thursday, cryptocurrency analyst Kaleo noted Shiba Inu-Dogecoin rotation on Twitter.

Glauber Contessoto, a “dogecoin-millionaire,” laid out several catalysts yet to come in favor of the meme cryptocurrency.

YouTuber Matt Wallace noted the spike in the prices of DOGE.

Read Next: Shiba Inu Is Now Bigger Than Robinhood, Etsy And Pinterest