Dog-themed meme coins and tokens have had a particularly busy week. In terms of overall market capitalization, Shiba Inu (SHIB) soared into the top 10 cryptocurrencies for the first time, dethroning Dogecoin (DOGE).
Notably, the market cap of SHIB is now $40.7 billion as of Saturday, October 30, when it was just $13.3 billion on October 23, showing that Shiba Inu has gained $27.2 billion in the last week alone.
The Shiba Inu token has reclaimed the ground it lost briefly on Thursday, and it is currently trading above the Dogecoin cryptocurrency. SHIB is now trading at $0.00007427 per token, a 4.13% increase over the last 24 hours but an incredible 165.41% over the last seven days, and it is currently ranked ninth on CoinMarketCap’s list of the top 100 cryptocurrencies.
On the other hand, the price of DOGE is falling, having fallen over 1.59% in the past day to a price of around $0.28 per coin. After swiftly gaining in reaction to SHIB’s news—by around 30%—it has lost some of its momentum and has dropped back below SHIB to occupy the tenth position on the index.
Growing retail adoption
Indeed, the decentralized token has now achieved what the community refers to as “the real flipping,” which is when the token’s market valuation surpasses that of Dogecoin.
The token competitor to DOGE now, amid an impressive recent price performance, has seen its number of holders continue to spike. On October 28, the number of SHIB holders had topped 800,000, with an additional 30,000 added in a single day to bring the total to 816,790. Meanwhile, as of October 30, the number of holders stands at 848,818, according to CoinMarketCap.com.
Elsewhere, Coinsquare, a Canadian cryptocurrency trading platform, via its Twitter account announced today, “Shiba Inu is available for trading on Quick Trade!” Whereas, popular crypto trading platform Crypto.com Tweeted:
“#ShibArmy should we add #SHIB as a payment option on http://Crypto.com Pay?”
The fact that meme currencies have once again caught investors’ interest and those searching for fast profits in recent weeks goes without saying.
Nonetheless, traders should exercise caution and do due diligence before investing in any meme currency, such as the Squid Game token, which traders of the crypto-based on the popular Netflix (NASDAQ: NFLX) series of the same name had issues selling on Pancakeswap.