- Canine-theme cryptos witness a rally, outpacing most tokens in the cryptocurrency marketplace.
- Dogecoin and Shina Inu are in a tug of war as far as market cap is concerned.
- The meme coin fight is one as Bitcoin investors pull capital to rotate it on canine coins – DOGE, SHIB, SAMO, and FLOKI.
Market analysts observed capital spin from assets to meme token overheat. The top three digital coins by market value saw drops as dog cryptocurrencies gained attention from retail investors.
Meme Assets Prints Double-Digit Surges
Recent research on 22 nations by a cryptocurrency survey agency in Australia revealed more DOGE holders in the United States than $BTC and Ether. The study suggests the DOGR’s adoption by US traders and investors is almost twice the global average.
It is not the first time the canine-themed coins see massive interest by the crypto community. Generally, capital rotation out of top cryptos by market cap flows into dog coins and suggests an ongoing bullish rally cooling off.
An economist and crypto analyst Alex Kruger commented on SHIB’s recent success. He draws three lessons. One is perseverance, and hard work means success. Secondly, Kruger posted that peoples love memes and dogs. Lastly, the analyst believes that money will follow any moving thing.
Meanwhile, 21stParadim co-founder Dylan LeClair complained about investors joining the meme coin bandwagon. He warned market players from jumping into meme coins due to targeted ads. LeClair criticized Coinbase for pushing SHIB ads on his social platform.
Shiba Inu users increased past 800,000 overnight. SHIB’s massive rally had it attracting 30,000 holders within 24 hours. Market players appear to turn onto doge tokens, pushing the SHIB vs. DOGE battle that began in 2020 August during the Shiba Inu launch.
An anonymous address bought SHIB worth $3,400 during the meme coin’s launch, and his holding is worth more than $1.55 billion now. This wallet added SHIB multiple times, its large buy is $3,400, and now, the total holding value stands at $5.63 billion.
For now, analysts watch to see whether the whale will trim its holdings and if the market has the needed liquidity to balance this sale volume. FLOKI (125%) and SAMO (113%) are the less known dog assets that printed triple-digit surges in 24 hours.