Dogecoin and Shiba Inu compete for 12th largest crypto position as SHIB continues to receive a lot of support
It’s been a wild month for the coin meme. Before that, there was so much hype that affected their prices. Among them, Shiba Inu and Dogecoin are the most mentioned names. Both DOGE and SHIB are currently vying to become the 12th largest cryptocurrency. As of press time, Dogecoin was ranking 12th, while SHIB ranked 13th on CoinMarketCap.
Dogecoin and Shiba Inu in a duel for 12th largest crypto, who wins?
Their market performance against other cryptos partly supports the fascination with these coins. DOGE and SHIB have grabbed positions among the top 20 cryptos in the charts. At this writing, DOGE is at position 12 on CoinMarketCap, while SHIB follows closely at position 13. DOGE posts $23 billion in market cap compared to SHIB’s $18.1 billion.
Dogecoin and Shiba Inu both have significant similarities. Both have loyal fanbases, as seen in their active social media channels and growing acceptance of payments and transactions. Dogecoin was still the first meme coin to be launched in 2013, while SHIB appeared in 2020.
On December 14, as AZCoin News reported, Tesla CEO Elon Musk said that the electric car maker’s plans to make some merchandise buyable with DOGE. This came after Musk stated that Dogecoin was better suited for transactions than Bitcoin. Consequently, the price rose nearly 48% to highs around $0.228 as investors dashed to buy the meme coin.
SHIB has not received such enthusiastic support. But Shiba Inu developer Shytoshi Kusama, in response to Tesla’s Dogecoin acceptance, tweeted about its growing acceptance through BitPay, Newegg, and hundreds of other retailers.
Flexa, a crypto payments company backed by the Winklevoss twins, recently added support for SHIB. This allows Shiba Inu to be accepted at GameStop, Lowe’s, Nordstrom, and other supported merchants through Gemini-powered Flexa.
As AZCoin News reported, according to exchange BitPay, Shiba Inu has now been accepted by the largest virtual reality club in North and South America. And also, BitoEX, the leading cryptocurrency exchange in Taiwan, has announced that SHIB is now available for trading on its platform. BitoEX was launched in 2014, becoming one of the pioneers on the island during the early days of crypto. In May 2018, the exchange held an ICO, raising $10 million within minutes.
Payments in Dogecoin and Shiba Inu can be seen becoming more widely accepted, showing that the dog meme culture still exists here. There is no end to this fight as both are competing hour by hour.
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