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Dogecoin jumps 44% in one day as traders rotate Shiba Inu profits into DOGE
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Dogecoin (DOGE) soared on Oct. 28 amid massive capital rotations out of its top meme coin rival Shiba Inu's (SHIB) market.
Notably, the DOGE price rallied by a little over 44% to reach its intraday high of $0.3449. Its gains appeared in contrast to SHIB's losses in the same period. On the other hand, the so-called Dogecoin Killer dropped almost 28% to log an intraday low at around $0.00005700—in the same hour DOGE printed its daily top.
The sudden price rally also pushed Dogecoin's market cap over $40 billion, a mettle Shiba Inu achieved hours before, with the two cryptocurrencies now neck and neck currently battling for the ninth place by market cap
Traders started flocking into Dogecoin markets hours after Elon Musk, the CEO of Tesla and
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