Dogecoin Hits Two-Month High as Shiba Inu Lags in Crypto Rankings

Diverging price trends is helping DOGE consolidate its position as the ninth largest crypto coin. But SHIB isn’t far behind.

AccessTimeIconOct 28, 2021 at 6:19 p.m. UTC
Updated May 11, 2023 at 6:42 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

It’s an intense crypto dogfight as dogecoin (DOGE) and shiba inu (SHIB), two of the most popular meme coins, battle it out for the ninth spot on the list of top digital assets by market capitalization. Some traders are profiting from the action by taking spread trades.

DOGE has come alive after lagging SHIB by a significant margin earlier this month. The joke cryptocurrency surged to $0.335 on Coinbase on Thursday, hitting the highest level since Aug. 20. It was last trading near $0.30, representing a 22% gain on the day.

Meanwhile, SHIB crashed as much as 30% to $0.00006 earlier today, having chalked out a rally to $0.00009 in the seven days to Oct. 27.

Crypto rankings as per Market capitalization (CoinGecko)

Diverging price trends are helping DOGE consolidate its position as the ninth-biggest coin. However, with a market capitalization of $34 billion, SHIB doesn’t appear to be far behind DOGE’s $39 billion market cap. The self-proclaimed dogecoin-killer briefly topped its rival in the rankings on Wednesday.

The price action observed in the past several hours is perhaps reflective of the rotation of money out of SHIB and into the relatively undervalued DOGE. The latter is still down over 60% from its all-time high of $0.74 in May.

“It’s hard to deny that money could be moving to DOGE,” pseudonymous trader and self-proclaimed JPEG collector Kano The Giga Chad said, while revealing his position to CoinDesk in a Twitter chat.

“Being short SHIB and long DOGE feels nice,” the trader said. “I took the position about two hours.”

Retail investors account for almost the entire volume in meme coins. A surge in activity in this crypto market sub-sector is often taken to represent excess greed often observed at market tops.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about