Even if Elon Musk promotes his preferred cryptocurrency, Dogecoin is lagging behind the record-breaking rise of the Shiba Inu.
Although Elon Musk gave Dogecoin a lift, the cryptocurrency is still in a battle with Shiba Inu for the title of best meme token on Thursday.
After Tesla CEO Elon Musk made a sarcastic remark about doge and scams on Twitter, the price of the cryptocurrency reversed course and rose.
On Thursday, the dogecoin offshoot outperformed Musk’s preferred cryptocurrency in terms of market value.
In October, the price of Shiba Inu surged by up to 1,000 percent, propelling it into the top ten most valuable cryptocurrencies by market size.
In the ongoing war between meme tokens for market value supremacy, Elon Musk’s support for Dogecoin was not enough to stop Shiba Inu from rising on Thursday.
Shiba Inu, dubbed the “dogecoin killer,” jumped 60 percent on Wednesday, hitting a record high of $0.00008616 on CoinMarketCap. In terms of market capitalization, it has now surpassed Dogecoin to become the 8th largest cryptocurrency.
Shaiba Inu’s historic run continued Thursday as it rose by 36 percent, while Dogecoin’s price rose by 29 percent to 30 cents after Elon Musk highlighted it in a Twitter conversation about cryptocurrency frauds.
Billy Markus, the founder of the Dogecoin, had tweeted on Wednesday that:
“There are no promises in crypto, except from scammers.”
Musk joked as follows:
“If I send you 2 Doge, will you promise to send me 1 Doge?”
After being backed by Elon Musk and a devoted following, Dogecoin has gone from obscurity to household fame in the last year. When it comes to cryptocurrency, Tesla billionaire Elon Musk has a favorite: Dogecoin.
In addition, he has claimed that he has no financial interest in Shiba Inu breeders.
Tokens based on Ethereum’s dogecoin alternative, known as “SHIBarmy,” have surged in value more than 1,000% in the last month.
As a result of an online petition asking Robinhood to include Shiba Inu on its list of tradeable cryptos, it has seen explosive growth in recent months. It’s worth noting that dogecoin has seen a 60 percent increase in the last month alone.
Shiba Inu, which was launched in August of that year, is vying for a top-10 slot in the cryptocurrency rankings after just two years of existence. As of 8:50 a.m. ET on Thursday, $SHIB has a market worth of $43 billion, surpassing $DOGE’s $40 billion.
The value of the most important cryptocurrencies rose after falling earlier in the day. The value of one bitcoin increased by 3% to $61,142. To put it another way, ether increased by 4% to $4,174, while the Cardano ADA grew by 1% to $2.00.