The bulls were back in the market and the meme coins, Dogecoin [DOGE], and Shiba Inu [SHIB] were making the most of it. Shiba Inu was on a roll. The altcoin was practically back from the dead. With a 38% surge in the last 24-hours, SHIB found itself at $0.00005373.
The battle between the meme coins was on. The market cap of SHIB followed the footsteps of its price and began to surge. Shiba Inu rose to fame just a couple of months ago, whereas Dogecoin has been under the limelight for the longest time. With the disparity between both these assets at a dot, it was rather difficult to judge who would take over as the tenth-largest cryptocurrency.
During the time of writing, the market cap of DOGE was $29.15 billion. Shiba Inu wasn’t too far off as its market cap was at $28.97 billion. As there were barely any hurdles between the two, several speculated that Shiba Inu [SHIB] would soon overshadow DOGE. For a brief moment, SHIB actually did so.
Dogecoin was having a great day in terms of price as it rose by 9.51% in the last 24-hours. At press time, DOGE was trading for $0.224.
Besides the meme coins, other altcoins like Ethereum [ETH], Terra [LUNA], and Litecoin [LTC] were bagging notable gains. Bitcoin, however, was stagnant at $57K.
Dogecoin [DOGE] one-hour price chart on Coinbase
The short-term price chart of DOGE on Coinbase exhibited a vivid notion. Even though it seemed like the bulls were still in the market, the indicators used in the one-hour chart noted that they were slowly moving out. The Parabolic SAR indicator for instance chose to layout dotted lines over the price candles registering a bearish sentiment. The MACD indicator revealed a similar predilection with its bearish crossover.
Despite this bearish invasion, Dogecoin investors were on a buying spree. The Relative Strength Index [RSI] indicator affirmed that there was immense buying activity in the DOGE market.