SHIB Meme Token Flips Dogecoin As Bitcoin Falters: Analysis

The SHIB meme token flips Dogecoin as the coin entered the top 10 positions while Bitcoin started crashing again overnight so let’s take a closer look at today’s price analysis in our crypto news.

the SHIB meme token flips Dogecoin as it surged in value 45% overnight and its market cap is now bigger than the one of DOGE. The wider crypto market is down 4% and BTC slumped below $60,000. Shiba Inu was pegged by some as the DOGE knockoff when it first caught fire this past summer but now the token could become the leader as it launched into the top 10 coins by market cap and overtook DOGE on the list. In the meantime, BTC and most of the wider market started declining.

Following a huge 45% spike in value over the past day, Shiba Inu is at a new all-time high price of $0.00006856 per token while SHIB climbed nearly 144%. right now, that puts SHIB’s market cap above $32.7 billion and surpassed USD Coin stablecoin for 9^th place on the coinGecko list. This Is the first time that Shib aInu entered the top 10 coins ranked by total market cap but the market is not showing a wider meme coin surge right now as DOGE is down by more than 8% over the past day with a price below $0.24 which puts the market cap around $31.1 billion.

If Shiba Inu continues rising the way it did over the past day and DOGE can’t match it, then the meme token could cement its position above DOGE by total market cap and can make it the premier meme crypto on the market. If this happens, it will be a surprising change in fortune for DOGE which has been one of the most talked-about cryptos all year long. It soared from a price of $0.005 to a high of $0.73 but then crashed with most of the market following and not being able to recapture most of the value as the market recovered as of late.

Shiba Inu saw a dramatic uptick in demand and value since October as it increased 828% over the past 30 days per CoinGecko and the coin launched on Coinbase in September but then didn’t quite see the expected gains. The wider crypto market is down about 4% today and made the coin a real anomaly amidst the slumps from the top coins like ETH and BTC. Overnight, BTC fell below $60,000 for the first time in 10 days and dropped below that which was seen as a key resistance level for the leading cryptocurrency and it is down by 5% over the past day at a price of $59,212. ETH is down by 4% and dipped below the $4000 mark, sitting at $4018.