Dogefight: Shiba Inu, Dogecoin Rally Hard

After standing in the shadow of Shiba Inu SHIB/USD for much of last week, Dogecoin DOGE/USD is stepping out. 

What Happened: From a low of under 24 cents at around 11:30 p.m. Wednesday, Doge began rallying just after midnight and into Thursday.

The meme currency hit a high of 32.65 cents at 2:02 a.m. and pulled back slightly, only to push further higher with increased momentum.

Doge touched 33.16 cents around 4 a.m. and was seen consolidating the gains subsequently. Notwithstanding the retreat from the recent peak, the meme currency is still holding around the 30-cent level.

Related Link: Clamor For Adding Shiba Inu To Robinhood Grows Louder As The Meme Crypto Shoots For The Moon

What's Driving The Doge Rally? Doge has been late to the crypto rally party. Bitcoin BTC/USD and Ethereum ETH/USD both rose to all-time highs last week but have come off their peaks since then.

Shiba Inu also had its fair share of glory, as it hit new highs on Sunday. On Monday, the crypto could not break above Sunday's intraday high, but it has since then regained its mojo and has been hitting new highs in consecutive sessions.

The crypto hit an intraday high of $0.000088 Thursday before pulling back.

Shiba Inu's rally stretched its valuation so much so that it moved above Doge's market cap. With both dog theme-based cryptos rallying hard, it looks like a neck-to-neck race for supremacy in terms of valuation.

As of now, Doge's market cap of $40.408 billion is below Shiba Inu's $41.537 billion.

The rally in Doge and Shiba Inu is apparently due to buying by their loyal followers, who are going all out to prove the superiority of their respective cryptos. When Shiba Inu began rallying in the weekend, it was expected that the momentum picked up by the currency could lead to a rotation out of Doge and into the currency.

Shiba Inu is now the eight most-valued crypto, according to data from CoinMarketCap.

At last check, Doge was rallying 25.15% over 24 hours to 31 cents.

Shiba Inu was down 10.91% at $0.000066.

Related Link: How to Buy Shiba Inu Coin (SHIB)