The race for pupcoin superiority is more heated than ever. While Dogecoin (CCC:DOGE-USD) has long held the crown, today marks a change of pace. Dogecoin is stepping to the side as Shiba Inu (CCC:SHIB-USD) surges to the front of the pack. As the year comes to a close, this altcoin battle is turning out to be one of the most lucrative ventures any investor could have embarked on in 2021. And as it surges upward throughout this morning, Shiba Inu prices are still on their way toward the moon.
In January, nobody would have believed Dogecoin or Shiba Inu would be in the places they are now. However, the gains are as real as ever; early investments in either currency would have provided one with the potential to make millions of dollars. But the real story for SHIB bulls isn’t just in the gains to be had, it’s in today’s news of SHIB passing DOGE in market capitalization.
DOGE seemed untouchable just a couple of months ago. In August, SHIB held only around $2 billion in market capitalization. But fueled by frenzied bulls and weeks-on-end of multibillion-dollar transaction volumes, SHIB is gathering enough capital to be one of the largest cryptocurrencies in the world. Early today, SHIB reached a capitalization of over $45 billion. As DOGE slipped to a cap of $40 billion, this is allowing SHIB to be the first pupcoin token to overtake the infamous DOGE.
Shiba Inu Prices Rocket as Investors Celebrate Taking the Pupcoin Crown
Shiba Inu investors are certainly wagging their tails at the news; indeed, while SHIB gets to celebrate overtaking Dogecoin — a feat the crypto had set out to reach upon its launch — it also is moving into the top 10 cryptos in the world by size. SHIB currently stands as the eighth-largest digital currency. In addition to passing DOGE, the token also happened to pass Polkadot (CCC:DOT-USD).
As this celebration wears on, SHIB prices are not taking a breather. After an early morning surge of 30%, SHIB gains today are contributing to an impressive 175% upswing on the last seven days. Transaction volume is also up hugely, with over $45 billion in SHIB trading hands.
On the date of publication, Brenden Rearick 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 InvestorPlace.com Publishing Guidelines.