Shiba Inu flipped Dogecoin today to become the ninth-largest crypto by market capitalization. This action induced a price rally for DOGE that saw traders rotate capital gains out of SHIB’s market into Dogecoin. DOGE’s price rally was a little over 44% and enough to see the canine-themed token to an intraday high of $0.3449. Furthermore, its gains notably appeared in contrast to SHIB’s losses during the same period. The latter slumped by approximately 28% to an intraday low of around $0.000057.
In addition, Dogecoin’s instantaneous price rally propelled its market capitalization to more than $40 billion. Only hours before, Shiba Inu achieved that feat. As it stands, both canine-themed digital currencies are currently tussling for the ninth spot by market cap.
Furthermore, Tesla CEO Elon Musk was once again in the thick of things. Musk earlier tweeted, “If I send you 2 Doge, will you promise to send me 1 Doge?” This statement was enough to send traders flocking into Dogecoin markets hours later. The Tesla CEO is no stranger to Dogecoin, having tweeted countless times about crypto in the past. In fact, his earlier tweets supporting the token may have caused the token to jump over 1,500% in the first five months of 2021.
Dogecoin’s recent rally also caught derivatives traders unawares. They lost $20.8 million in total liquidations within the previous 24 hours.
Image Credits: Pixabay
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
