Anyone who dismissed the Dogecoin and Shiba Inu cryptocurrencies as nothing more than memes might be kicking themselves now, as both have skyrocketed recently in an intense race.
Spooky season has proved fruitful for SHIB investors as the currency has had a record-setting October, surging roughly 30% this week to an all-time high of $0.000067 by midday on Wednesday, October 27.
The increase in value brought SHIB’s monthly rise to roughly 830% and its yearly rise to a whopping 91,000,000%, CoinGecko reports, per Fast Company. Yep, that’s six zeros, in case you happen to be a SHIB investor who can’t believe their eyes.
However, SHIB’s surge appeared to hit a roadblock today, October 28, as CoinDesk reports it crashed as much as 30% to $0.00006. It comes as DOGE proved that it wasn’t going to be left behind by surging to $0.335 on Coinbase, marking its highest level since August 20.
The increase could indicate a rotation of money out of SHIB and into DOGE, which is still down more than 60% from its all-time high of $0.74 in May.
One Twitter user told CoinDesk it’s ‘hard to deny that money could be moving to DOGE’, though another reason for the surge could be down to Elon Musk’s support for the crypto, which he presented again on Twitter last night.
In response to a tweet from Dogecoin co-creator Billy Markus, who cautioned new investors it’s ‘all about risk’, Musk wrote, ‘If I send you two doge, will you promise to send me one doge.’
The comment references common Bitcoin and crypto scammers who flood social media with the promise they can secure free coins.
Markus wrote, ‘There are no promises in crypto, except from scammers. The people telling the truth will tell you that it’s just all about risk. Your profits only come from other people taking their own risk. If you lose money, you paid for someone else’s risk. Ultimately, that is your choice.’
Thanks to the recent support, the market capitalisation of both Dogecoin and Shiba Inu are now both more than $40 billion.
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