Dogecoin reclaimed its position as the ninth-largest cryptocurrency by market capitalization after being flipped by rival Shiba Inu a few times on October 28. DOGE has posted double-digit gains in the ongoing dog coin rally.
In what is believed to be a “meme coin marathon,” several dog-themed coins posted two and three-digit gains as top cryptocurrencies plunged. Holders and traders noted the beginning of a “meme economy” as Defi tokens, and mainstream cryptocurrencies took a backseat while DOGE, SHIB, and FLOKI prices climbed higher.
Analysts are debating whether capital inflow from gains in meme coins will flow into Bitcoin. Scott Melker, a cryptocurrency analyst, believes that profits booked by traders in SHIB are more likely to flow into DOGE than BTC.
Currently, DOGE market capitalization is $41.6 billion, and the meme coins price is $0.31. Analysts have predicted that the DOGE price rally will likely continue, and the Shiba-Inu-themed cryptocurrency will hit its previous all-time high of $0.73.
The term “flippening,” popularly associated with Ethereum surpassing Bitcoin’s market capitalization, became real for meme coins. Shiba Inu flipped Dogecoin in an attempt to dominate Shiba-Inu-themed cryptocurrencies.
Glauber Contessoto, widely regarded as “The Dogecoin Millionaire,” expects the “meme economy” to gain further traction as the price of DOGE continues to rally. Investors are now awaiting the announcement of the launch of the DOGE-ETH bridge, considered key to boosting the utility of DOGE.
analysts have evaluated the DOGE price trend and predicted that Dogecoin would break out.
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