Dogecoin DOGE/USD gained over 26% at press time as the global cryptocurrency market cap rose 4.38% to $2.58 trillion.
What Happened: The meme cryptocurrency rose 26.96% to $0.30 over 24 hours. DOGE was the second-largest 24-hour gainer, as per CoinMarketCap data. Over a seven-day trailing period, it has risen 23.46%.
DOGE’s gains came as the rally in rival Shiba Inu SHIB/USD subsided. SHIB fell 14.54% over 24 hours to $0.00006649. For the week, it is up 144.45%.
SHIB has declined 24.27% from its intraday and an all-time high of $0.00008845.
Ethereum (CRYPTO: ETH is up 10.73% over 24 hours to $4,349.41 at the time of writing. Over a seven-day period, it has risen 5.77%.
The apex cryptocurrency, Bitcoin BTC/USD rose 4.58% to $61,047.75. Since the last seven days, it has fallen 2.69%.
The top gainer over 24 hours was Decentraland, which rose 29.62% to $0.982. Over a seven-day timeframe, it has risen 23.27%.
The MANA token, associated with a project that allows users to operate a virtual world, rose 24.15% and 17.55% respectively against BTC and ETH over 24 hours.
See Also: How To Buy Dogecoin (DOGE)
Why It Matters: The “resurgence” of DOGE spells “weakness” for SHIB, as per Delphi Digital, an independent research boutique.
“As the two dog coins faced off today, DOGE bounced upward while SHIB wound up remaining relatively flat.”
The research firm noted that the same capital is moving between the two assets.
“The two could have made a decent pair trade today (long DOGE, short SHIB), which may indicate the same capital moving to and from the two assets. If true, a SHIB rally could signal a coming DOGE dump.”
Meanwhile, ETH/BTC could see further upside as it moves towards the 0.08 level over the next few days, reported CoinDesk.
The second-largest cryptocurrency extended its outperformance against the apex coin on Wednesday. At press time, the ETH/BTC pair was trading at $0.07145, a gain of 0.95%.
ETH gas prices are also likely to “make a run higher” as demand picks up, as per Delphi Digital, which could benefit Layer 2 coins, as per the firm.
“Historically, when gas gets expensive, we’ve seen activity spike on alternative L1s. But now that Arbitrum and Optimism are live, L2s could wind up being the primary beneficiaries.”
At press time, the average transaction fee on the Ethereum network was 0.011 ETH ,or $48.76, as per BitInfoCharts data.
On the Bitcoin side, volatility is expected, as per analytics platform CryptoQuant DEO Ki Young Ju who tweeted that BTC estimated leverage ratio is about to hit a year-high. This, as per Ki is an indicator that the market is over-leveraged now.
Read Next: The War Of Meme Coins: Dogecoin Fights Back As Shiba Inu Surpasses Its Market Cap
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