Dogecoin Prices Surge 30% as Musk, Meme Fans Bet on DOGE’s Crypto Dominance

October 2021 has marked several milestones in the history of crypto that have led to unprecedented gains within the sector. After the launch of the ProShares Bitcoin Strategy ETF (NYSE:BITO), Bitcoin (CCC:BTC-USD) saw its prices rise to all-time highs, creating a ripple effect that sent other major cryptos up as well. While Bitcoin prices would come down a few days later, smaller tokens regained their momentum. This was aided by a Twitter (NYSE:TWTR) frenzy that occurred last weekend when a tweet from Elon Musk inadvertently helped Dogecoin (CCC:DOGE-USD), Shiba Inu (CCC:SHIB-USD) and Floki Inu (CCC:FLOKI-USD) ride the wave. Some more recent events, though, have Dogecoin prices surging amid the current price war.

Concept art for Dogecoin (DOGE).
Source: Shutterstock

What’s Happening With Dogecoin Prices?

Yesterday, InvestorPlace’s Brenden Rearick investigated the question of if Shiba Inu was going to overtake Dogecoin by the end of the day. As we now know, the answer was yes. The altcoin would go on to soar by 30% and overtake the mighty crypto it was created to dethrone.

In his follow-up article, Rearick asked who was top dog in the crypto race. At the time, Shiba was still holding onto that title, but in the short period since then, the meme coin puppy pack already has a new — or old — leader. As of this writing, Dogecoin is ahead of Shiba in terms of price rankings by market capitalization, currently up 32.5% for the day opposite Shiba’s gain of just over 7%.

How the Meme Coin Frenzy Started

Why have Dogecoin prices risen in this way? Some point to Elon Muk’s recent admission of the fact that his personal crypto portfolio contains only Bitcoin, Ethereum (CCC:ETH-USD) and Dogecoin.

It goes without saying that for the most influential voice in crypto to tell the world what he owns is of monumental importance. That type of affirmation gives skeptics the reassurance they need to invest and helps assure current investors that the crypto has staying power. We’ve certainly seen that from Doge so far. Additionally, earlier this week saw Musk admit that he was drawn to Dogecoin because it felt like “the people’s currency.”

Musk isn’t the only influencer with the power to help move Dogecoin, though. YouTube personality influencer Matt Wallace has been pushing hard for a bullish play on Dogecoin for a long time but he’s redoubled his efforts this week. The past few days have seen a series of aggressive tweets calling for investors to go all in on Dogecoin.

One thing of which Wallace seems certain is that Shiba Inu’s rise will only prove beneficial to Dogecoin prices. As he tweeted:

Wallace’s tweets are garnering considerable engagement, mostly from dedicated members of the Dogecoin and Shiba online armies who want to see both succeed.

How It’s Going

As of now, Dogecoin prices are moving in a positive direction. Although Shiba may have cooled off since the spike of yesterday, it hasn’t killed Dogecoin yet. What we do know is that the power of meme coins has never been stronger. One crypto adviser noted this yesterday.

He’s right that we shouldn’t forget the recent gains of Cardano (CCC:ADA-USD) and XRP (CCC:XRP-USD), both of which have also been mostly rising since the recent meme-coin frenzy began catching fire. Despite the recent claim from Gargets360 that Musk’s recent endorsement of Doge would snub Shiba’s momentum, that clearly hasn’t happened. The power of both coins is clear. Investors should be mindful of it as they calculate the best ways to cash in.

On the date of publication, Samuel O’Brient did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

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