Dogecoin and Shiba Inu are still locked in a battle for dominance in the meme coin space. Both have had their time to shine this year and have brought tremendous gains to their community of supporters. Dogecoin was single-handedly responsible for the creation of the meme coin craze, from which Shiba Inu has greatly benefitted from. However, the latter remains hellbent on taking over as the frontrunner in the space.
Shiba Inu was presented by its creators, who remain anonymous to this day, as the “Doge killer”. This resonated with many who had missed out on the Dogecoin train but were looking to get on the next best thing. For a while, Shiba Inu had slid into obscurity after its first rallying upon its release. The meme token went on another rally last month, much to the surprise of the market, and has battled with Dogecoin ever since for dominance in the space.
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Dogecoin Exerts Dominance Over Shiba Inu
Dogecoin spent the better part of the last weeks of October succumbing under the pressure of Shiba Inu’s rally. The meme coin had slowly but surely crept up the ranks of top cryptocurrencies and finally made its way into the top 10. The next step for the token was coming for Dogecoin’s spot on the top ten, which it did when the meme coin hit a new all-time on October 28th.
SHIB price continues to fall | Source: SHIBUSD on TradingView.com
SHIB had surpassed Doge’s total market cap and made its way to 8th place on the crypto top 10. However, this would be short-lived as a combination of a small rally on the part of Dogecoin and numerous dips in the value of SHIB saw Doge reclaim its place above SHIB on the list.
Shiba Inu had subsequently lost its place in the top 10 after falling below the market cap of USDC. At $31 billion, SHIB now sits at 11th place on the list after massive losses in the meme coin.
Light At The End Of The Tunnel For SHIB?
Efforts to keep the value of Shiba Inu up have proved to be futile as the asset has continued to suffer losses in the past few days. The meme coin’s only reprieve seems to be an exchange listing that would create further hype around it and this seemed to be the case when top crypto exchange Kraken had teased a listing for the token on Tuesday.
Related Reading | Crypto Exchange Kraken Teases Shiba Inu (SHIB) Listing On Tuesday
This would prove to not be the case because, despite the tweet reaching the milestone specified for the listing, the exchange did not end up listing SHIB on its platform. It did however update the community on its plans for listing the meme coin and said that Shiba Inu was going through the listing process.
#SHIBArmy we’ve heard you loud & clear!
Community is an important part of our considerations for all listings, and you have clearly shown your support.
There’s more work for us to do as we move through our listing review process.
— Kraken Exchange (@krakenfx) November 2, 2021
Featured image from Bitnovo Blog, chart from TradingView.com