Dogecoin and shiba inu price: Elon Musk pushes coin ahead of rival in crypto price wars
With his favourite cryptocurrency falling behind its biggest rival in a wild week of action, the tech billionaire got his hands dirty.
Dogecoin has rallied on the cryptocurrency charts after dropping down a position and being overtaken by a spin-off of itself.
The digital coin is now ranked ninth in the world in terms of market capitalisation in the crypto space, up from 10th position on Thursday.
It originally started out as a joke in 2013 but now has an impressive market cap of US$39 billion (A$51 billion).
However, that wasn’t enough to stop its rival, shiba inu, briefly overtaking it on Wednesday.
According to CoinDesk, doge surged to $0.335 in the past 24 hours, hitting a two month high since August 20.
That was a 22 per cent gain in a single day. The dogecoin price is up over 11,000 per cent since this time last year.
Tech billionaire and crypto enthusiast Elon Musk threw his weight behind doge, helping the coin reach its two month high and securing its position as number nine.
He has previously been called “the dogefather” because of his support for the coin.
Billy Markus, the software engineer who co-created the dogecoin and who tweets under the handle Shibetoshi Nakamoto, warned about crypto scammers to his followers on Thursday.
In response, Elon Musk replied: “If I send you 2 Doge, will you promise to send me 1 Doge?”
Doegcoin has struggled in recent weeks, with its spin-off, shiba inu, briefly overtaking it on the crypto leaderboard.
Shiba inu now sits slightly under dogecoin, with a market cap of $34 billion.
Forbes reported that Elon Musk threw his weight behind dogecoin to boost the currency in what they dubbed “meme price wars”.
In late 2013, US software engineer Billy Markus and Australian entrepreneur Jackson Palmer created dogecoin as a joke to make fun of the wild speculation in cryptocurrencies at the time.
They used a Japanese dog, a shiba inu, as a mascot for their coin.
However, in August 2020, an anonymous person who called themselves “Ryoshi” created a spin-off of dogecoin, called shiba inu or SHIB after the mascot.
It is now rivalling its predecessor.
In just over a year, SHIB has nearly caught up to doge which has been on the market for seven years.
The dog cryptocurrency shiba inu (SHIB) has continued to smash records in its best ever week where it is up more than 111 per cent and hit a new high on Thursday.
According to CoinGecko, SHIB hit US$0.00008616, which is an improvement of 114 million per cent compared to its low last year in November.
Shiba inu is surging amid rumours that it is going to be added to Robinhood’s trading exchange with other cryptocurrencies already listed on the platform.
Elon Musk momentarily scuppered SHIB’s rise on Monday, pulling it down by 10 per cent, after a savage tweet.
He told shiba inu enthusiasts that he didn’t own a single one of their coins, as can be seen in the tweet above.