Meme coin and dog coin flood the market as price wars intensify

Dog-themed memecoins and tokens are gaining more popularity and traction as the long-term advantage seems very limited amid the flooded market.

 Meme tokens and dogcoins have been an integral part of the current bullish trend in the entire cryptocurrency market. Among the plethora of these tokens that have been flooding the market, two of these tokens, the longest standing memecoin Dogecoin ( DOGE ) and Shiba Inu (SHIB), have gained the most traction and popularity with meme coin.

SHIB recently started to recover on Oct. 23 from trading at $0.000028 to hit an all-time high of $0.000086 on Oct. 28. Since then, the token has cooled to trade hands at $0.000052. Despite that, the token has posted gains of 195.5% in the last 30 days and an incredible 72,954,679.8% annual gains.

 

This led to the token briefly appearing in 8th place on the top 10 cryptocurrency list by market cap, but due to the price drop, the token slipped out of the top 10 to fall to 11th place with a capitalization of market of around USD 32 billion, at press time.

 Also Read: What is Hokk Finance

Such returns have put investments in the token in the running for “Best Trade Ever,” as it is revealed that a crypto wallet address bought $3,500 worth of SHIB tokens in August 2020, which multiplied to to be worth more than USD 1.55 billion at the peak of the market . Another wallet, at one point, held more than 13% of the total supply of more than 549 billion tokens. However, this whale wallet moved $2.3 billion worth of SHIB tokens on Nov. 5 in four equal transactions to four different wallets.

These returns led to a lot of widespread attention around and around the token. Following the all-time high, SHIB has also started to gain adoption for the utility of the token. Despite its extreme volatility, AMC Theaters CEO Adam Aron announced that the company is considering adding the token as payment for ticket purchases. Le Bistrot d'Eleonore et Maxence, a bistro in Paris, has started accepting SHIB as payment .

Shiba Inu could outperform Dogecoin after a 700% SHIB price rally in October

The momentum of the SHIB token was transferred to DOGE and investors began to circulate their SHIB earnings on DOGE , leading the token to gain 44% in a single day on October 28 and reach a 90-day high of $0.33. This rally propelled the token to ninth place among the top 10 cryptocurrencies by market capitalization. The token is currently trading at $0.25, almost 65% below the all-time high of $0.73 the token reached on May 8, fueled by Elon Musk's tweets promoting the coin. At the time of writing, the market capitalization is almost $35 billion.

Cointelegraph spoke with Johnny Lyu, CEO of cryptocurrency exchange KuCoin, about this phenomenon that has caught the attention of many retail investors. He said: “Popular meme coins broke into the top 10 and topped the charts for some time in terms of trading volume on exchanges, surpassing even Bitcoin. We can say that the chances of becoming a permanent member of the top 10 clubs are quite high with Hokk Finance Meme Token.

So if some of the most prominent memecoins have possibly “made it”, can the other high-stakes tokens join the feat at the top of the market cap charts, or is there only room for so many tokens?