By Samuel Indyk, David Pichodo & Robert Zach
Investing.com – Dog-based cryptocurrencies Shiba Inu and Dogecoin were trading places as the 9th and 10th largest cryptocurrencies by market cap on Friday morning.
Shiba Inu rally
At the beginning of the month, Shiba Inu’s market cap was less than $3 billion but a rise of over 800% in October has seen that hit over $50 billion. The retreat from the record high seen yesterday has seen Shiba Inu’s market cap drop back below $40 billion, although at the time of writing it is still larger than Dogecoin.
Dogecoin
Dogecoin remains well below its all-time high hit in May this year. During that time, huge interest from traders on social media - such as Reddit, Twitter, and Telegram - attempted to push the price to $1, however, the squeeze failed and the cryptocurrency reached just shy of $0.74. At that price, the coin had a market cap of almost $90 billion. At its current price, Dogecoin’s market cap is similar to Shiba Inu’s at just below $40 billion.
Where next?
Some analysts are calling for a correction in Shiba Inu, indeed the coin already trades 30% below its all-time high hit yesterday. However, it will take a brave trader to bet against an asset that has risen over 800% in less than a month.
From a technical perspective, there is strong support around $ 0.00006000 on the hourly chart, while analysts note several uptrend lines that would need to be broken for the tide to turn.
Shiba Inu currently trades at $0.00007029.
What could be the next Doge or Shiba Inu?
Many are now speculating what the next Shiba Inu or Dogecoin might be. Some are looking at other Dog- or Cat-based coins, such as Kitty Inu or Kishu Inu. Investing.com has received a number of inquiries via email in the last few days as to whether the site could add the Kitty Inu coin, which has already posted gains of over 80% on Friday morning.