Dogecoin (DOGE) doubles its market value, is Shiba Inu (SHIB) going to start "crazy flying" mode?
If the market value of the original meme coin Dogecoin (DOGE) doubles, the price of Shiba Inu coin (SHIB) will most likely rise sharply.
At present, new members such as Pepe (PEPE) of Ethereum, dogwifhat (WIF) and Bonk (BONK) native to Solana have entered the market, making the topic of meme coins soar. Even so, the leading position of the two major meme assets DOGE and SHIB remains stable.
The combined valuation of Dogecoin and Shiba Inu coin accounts for almost 62% of the total meme coin market value, and Dogecoin is leading the way. As the "ancestor" of meme coins, Dogecoin currently has a market value of US$46.5 billion, accounting for more than 48% of the meme coin market with a scale of US$95.54 billion. As the seventh largest crypto asset, Dogecoin’s valuation leaves behind a number of mainstream tokens, such as stablecoin USDC, and risk assets Cardano (ADA) and Tron (TRX).
Interestingly, given the inextricable connection between Dogecoin and Shiba Inucoin, some people speculate that Dogecoin’s rise will be transmitted to the Shiba Inucoin market.
The meme coin craze in March this year is an example. At that time, the price of Shiba Inucoin soared by more than 300%, reaching an annual peak of $0.000045.
Market data also confirms the close relationship between the two. IntoTheBlock pointed out that the price correlation between SHIB and DOGE is as high as 89%, and only Bitcoin (BTC) has a stronger correlation with them.
