Dogecoin, the meme-based cryptocurrency that’s seen huge price gains since the beginning of the year, is losing ground to bubbly new pretenders to its memecoin crown.
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The dogecoin price, up around 10,000% on this time last year, has struggled in recent months due to Tesla billionaire Elon Musk, who had championed the Shiba Inu dog-based bitcoin rival earlier this year, falling relatively silent.
Now, the soaring price of memecoin rival shiba inu, branded as the “dogecoin killer,” has sparked a flurry of interest in even smaller dogecoin rivals—with some of them surging up the crypto price charts.
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Shiba inu, launched in May and designed to capitalize on the massive dogecoin and cryptocurrency rally that had propelled the crypto market far beyond its previous all-time highs, began climbing over the weekend when Musk tweeted a picture of his puppy, a Shiba Inu dog named Floki—the breed of dog used by both the “dogecoin killer” and of dogecoin itself.
While dogecoin, currently the ninth largest cryptocurrency by value with a market capitalization of $32 billion, according to Coingecko data, saw a slight uptick to its price following Musk’s tweet, shiba inu has seen its price soar over 300%. Shiba inu is now the 12th-biggest cryptocurrency by market value—putting it ahead of established cryptocurrencies litecoin, chainlink and Binance’s stablecoin BUSD.
Some other dogecoin spinoffs that are making big moves include the cryptocurrencies flokinomics, up 1,800% over the last 24 hours, baby shiba inu, up 400%, and a coin directly named after Musk’s dog, flokifrunkpuppy, now up 50%.
The price of most other major cryptocurrencies have also soared over the last few days, with bitcoin climbing to highs not seen since May. The bitcoin and ethereum price have both added around 30% since this time last week.
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Earlier this year, dogecoin climbed as high as fourth on the cryptocurrency rankings, behind only bitcoin, ethereum and the stablecoin tether. It’s since dropped down the charts, falling as upgrades and tie-ups between the memecoin and ethereum have so far failed to materialized.
Dogecoin reached a peak of 70 cents per doge token in May ahead of Musk’s hyped appearance on the comedy sketch show Saturday Night Live. Since then, Musk has proposed upgrading dogecoin to lower transaction fees and speed up the network via ethereum in order to “beat bitcoin hands down.”