Why Is Dogecoin Surging Today While Rival Shiba Inu Coin Slumps?

Dogecoin DOGE/USD rose 5.2% to $0.28 over 24 hours while rival Shiba Inu SHIB/USD fell 7.99% to $0.00005346 in the same period early Monday morning.

What’s Moving? DOGE has risen 1.11% over a seven-day trailing period, while SHIB has plunged 23.94% in the same time frame.

Over the last 30 days, DOGE and SHIB have risen 10.98% and 81.66%, respectively, while gains over a 90-day period stand at 6.54% and 596.18%.

With a market cap of $36 billion, DOGE was the ninth-largest cryptocurrency by market capitalization at press time. SHIB was the eleventh-largest with a market cap of $20.37 billion, as per CoinMarketCap data.

DOGE touched an all-time high of $0.74 in early May. SHIB’s all-time high of $0.00008845 was recorded on Oct. 28.  While DOGE has declined 63.02%% from its all-time high, SHIB has fallen 39.69%.

See Also: How To Buy Dogecoin (DOGE)

Why Are They Moving? DOGE moved in tandem with other major cryptocurrencies as the global cryptocurrency market cap rose 4.29% to $2.87 trillion. SHIB moved contrary to that trend.

SHIB attracted a higher amount of mentions on Twitter compared to DOGE, as per Cointrendz data. 

SHIB was mentioned in 5,315 tweets, while DOGE was mentioned in 2,355 tweets. The self-described "DOGE killer" was the third-most mentioned cryptocurrency behind BTC and ETH at press time. 

BTC and ETH were mentioned in 10,055 and 6,731 tweets, respectively. DOGE was the ninth-most mentioned coin out of the ten coins tracked by Cointrendz.

Tesla Inc TSLA CEO Elon Musk has changed his username to “Lord Edge,” which Dogecoin co-founder Billy Markus noted was an anagram for Elder Doge.

On Sunday, it was reported that Shiba Inu flipped Ethereum in terms of Twitter followers. Meanwhile, major cryptocurrencies surged as Bitcoin’s network is slated to receive the “Taproot” upgrade in the coming week.

The upgrade would boost the apex cryptocurrencies' smart contract capabilities, privacy and efficiency.

Shiba’s decline last week came as a billionaire who turned $8,000 SHIB investment into $5.7 billion began moving funds across the cryptocurrency’s blockchain fueling fears that sales by whales might exert downward pressure on SHIB price.

Even so, data indicated that a vast majority of SHIB holders are still in profit — with 78% of wallet addresses making money at token price of $0.000048, as reported by the Block.

Both DOGE and SHIB have emerged as the most traded cryptocurrencies in India as they made up 13.72% of all trading volume on crypto exchanges in the South Asian country.

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