Shiba Inu price: Shiba wars IGNITE as SHIB speeds to landmark ranking against DogecoinOctober 8, 2021
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Shiba Inu took to the stage in 2021 amid a rapidly changing cryptocurrency market. Altcoins have dominated trading since early this year, starting with Dogecoin, which quickly became one of the most popular in the world. DOGE has now settled into place alongside some of the market’s best-established currencies, so much so that its younger sibling, Shiba Inu coin, has managed to take it over.
Cryptocurrency rankings currently put Dogecoin in the top 10 most popular.
They show Elon Musk’s favoured currency on $0.2454, with a seven-day average growth rate of just over 27 percent.
In 10th place, DOGE is close to the world’s most valuable cryptocurrencies, with Bitcoin in first place at $53,990.
Shiba Inu is seven places lower, ranked 17th, and has a market capitalisation of $12 billion – but its place is deceptive.
The current cryptocurrency appears as follows:
1 Bitcoin (BTC)
2 Ethereum (ETH)
3 Binance (BNB)
4 Cardano (USD)
5 Tether (USDT)
7 Solana (SOL)
8 Polkadot (DOT)
9 USD Coin (USDC)
10 Dogecoin (DOGE)
11 Terra (LUNA)
12 Uni Swap (UNI)
13 Avalanche (AVAX)
14 Binance USD (BUSD)
15 Chainlink (LINK)
16 Litecoin (LTC)
17 Shiba Inu (SHIB)
18 Bitcoin Cash (BCH)
19 Algorand (ALGO)
20 Wrapped Bitcoin (WBTC)
Despite its ranking, Shiba Inu coin is performing better than DOGE.
Seven-day averages show it has increased in value by 350 percent this week, more than Bitcoin has all year.
Experts believe favourable market conditions have propelled it forward over the last few days.
Further analysis shows SHIB managed to reach its current success far faster than its competition.
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SHIB managed to crack the top 20 in 14 months, 74 fewer than Dogecoin.
The token didn’t manage to make it to the same position until 88 months following its inception.
Shiba Inu, on the other hand, was created by developers in August 2020.
The two coins now face competition from a third; another Shiba token created in honour of Elon Musk.
The Tesla CEO has long anticipated the arrival of his dog, which he has named Floki Frunkpuppy.
He posted a picture of his new arrival on Twitter on Monday, helping to boost the value of SHIB, as investors took this as a sign.
Others took it a step further by creating FlokiFrunkPuppy, a new altcoin that has quickly gained popularity.
The fledgling token currently has a comparatively minuscule value of $0.0000001413, but has already compiled a market cap of $1,412,587.
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