Memecoin Price Wars: As Elon Musk Signals Dogecoin Support, Shiba Inu Coin Has Suddenly Crashed 50%—Here’s Why
The Memecoin Price Wars have begun. Memecoin is a popular cryptocurrency that has skyrocketed in popularity earlier this year. However, the Shiba Inu coin has recently replaced Dogecoin as the top meme. This cryptic currency has been up more than 11,000% since the start of the year. While the price of Dogecoin has been on a downward spiral over the last couple of months, it has been on a tear recently. In a Tweet on Oct. 23, Elon Musk signaled his support for the Shiba Inu coin. As a result, the Shiba Inu coin is surging, and the Shiba Inu has been hailed as a crypto “dogecoin killer.”
Extra Boost
Memecoin is gaining in popularity, but its price has recently been struggling. Its popularity has increased by over 11,000% over the past year, but it has struggled to hold its value in the last couple of months. The Shiba Inu coin is currently listed on more exchanges than Dogecoin, and this could be an extra boost to its prices.
Pure Speculation
As Elon Musk Signals DogeCoin Support, Memecoin Prices Have Simmered! Shiba Inu’s price is still up more than 500% from last month but has declined by 50 percent in just one week. Memecoin’s price surged by 91% within 24 hours after Musk tweeted a picture of his pet Shiba Inu in his Tesla. Meanwhile, hundreds of other cryptocurrencies saw incredible gains based on pure speculation.
Cryptocurrency Users
The Shiba Inu Coin’s price is a popular meme among cryptocurrency users. As the two coins race in price, the Shiba Inu’s price is a close second. Its rise is mainly due to the popularity of the latter. But the Memecoin Price Wars: As Eldon Musk Signals Dogecoin Support
Despite the Memecoin Price Wars, Dogecoin continues to gain momentum. With the recent support of Elon Musk, Shiba Inu’s price is up more than 500% from last month’s low. Although Shiba Inu’s value has fallen 50% in the previous week, the speculations have been unfounded.
Most Popular Coin
Both Dogecoin is the leader in the meme price wars, but the Dogecoin Price War has been winning in the Memecoin Price War. Both of the coins have jumped to the 8th spot on the bitcoin charts, indicating that both cryptocurrencies have strong support from Elon. Even though the Memecoin is the most popular coin, its popularity has increased over the past few days.
Social Media
Memecoin is a cryptocurrency inspired by memes and jokes on social media. Its popularity soared earlier this year and has risen over eleven thousand percent. The dogecoin Price Wars have continued to be fueled by the rising number of new businesses and investors, including Tesla. Unlike bitcoin, it is a more popular cryptocurrency than the Shiba Inu, and this trend is unlikely to die down anytime soon.
As Elon Musk Signals DogeCoin Support, the Shiba Inu Coin follows suit. It has recently gained nearly 300% and is up 7% daily. This could be a long-term boost for the currency, which currently has a market cap of over $40 billion. With its plentiful supply and large market cap, the price of Shiba Inu could eventually surpass Dogecoin.
Final Words:
Memecoin price is rising despite Elon Musk’s tweets. The cryptocurrency has been up by more than 11,000% since the start of the year, but it has been a struggle in recent months. The shift in sentiment may be due to a recent Tweet by Elon Musk’s pet dog. Thousands of cryptocurrencies have risen in price based on his recent admission that he has three crypto coins in his portfolio.
