In an all-out memetic offensive new Dogebonk banner advertisements have appeared throughout the week in Australia, Germany, India, and also in Dubai. The price of Dogebonk (DOBO) has surged an astonishing 7000 percent in the last 30 days, as the majority of coins in the rest of the cryptocurrency market have slumped. On Friday 5 November Bitcoin dropped from an all-time high of $68,000 to fall 6 percent in value to a present value of $59,000.
Throughout the week major meme coins have fared even worse, with Shiba Inu haemorrhaging value as holders liquidated positions amid fears of an early onset bear cycle.
Based on data from BSC scan, there has been an increase in the amount of Dogebonk holders and a decrease in the amount of Shiba Inu holder addresses in the last week.
Shiba Inu investors are aware that the value increases of SHIB will be more contained in the future because of the volume already held up in the coin, which has a market capitalisation of $24billion, and is ranked number 11th out of all cryptocurrencies.
Whereas, Dogebonk has much more room to manoeuvre having a current market capitalisation of $191million.
On Tuesday, Shiba Inu investors were rattled by the news that a major holder moved $632 million worth of the memecoin into a different address.
This vast amount of SHIB has not yet been sold, simply moved between addresses, but there now exists an atmosphere of uncertainty over whether there will be a sudden dump of the position onto the market.
Recent Reddit activity shows late-stage Shiba Inu investors see Dogebonk as an alternative that could replicate the huge SHIB price spike witnessed throughout October.
In October, Shiba Inu’s market capitalisation increased from $3billion to $43billion.
READ MORE: Outrage over £20,000 state pension rise
The Reddit user added: “I’m a loyal hodler.
“I’m talking about these guys discussing stuff like Freudian psychology and Deep Learning with memes.
“I’m not really worried I just think people should know what they are doing.”
However, another Shib holder, called Timely_Inflation1000, tried to calm the panic and stated: “Yes these coins might come out and slow Shib down a little and try to steal some Shib holders or make Shib investors invest some of their money in these coins for a quick buck.
“But, at the end of the day Shib is already so far ahead of these coins.
“Gemini just added Shib to their platform and Shibs hype hasn’t really slowed down one bit.
“This is just the beginning I really feel like Shib is gonna surpass a lot of people’s expectations.”
But, in this bitter online ‘dogfight’, another user, Matt1144, came to the defence of Dogebonk and stated: “Do you even understand the concept of market cap?
“Dobo will do a 50x before Shib even has a crack at a 2x from now.”
Speaking to Express.co.uk about the current fervour amongst memecoins, Ryan Wilkinson, co-founder of Blockasset.co said: “Shiba Inu took many market participants by surprise when it rallied helped in no small part by a coveted Coinbase listing.
“Cryptocurrencies tend to jump on the news of a Coinbase listing as appearing on the exchange gives the assets exposure to a big retail market.
“Data from Santiment shows that crowd hype could have been a major contributing factor: mentions of SHIB and Shiba Inu surged around the time it started to run.
“Moreover, several TikTok ‘influencers’ with large followings have shared price targets for the coin, giving it further exposure to Gen Z investors.
“This year’s events – from GameStop to Dogecoin – have shown us that younger investors are happy to invest in a meme, and they’re interested in having fun when they invest.”