Dogecoin outpaces 'killer' Shiba Inu to climb 32%, gears up to rise higher

Dogecoin has once again claimed its peak as the most valuable meme cryptocurrency with nearly 38 percent rise, outpacing Shiba Inu.

The price of Dogecoin touched $0.3298, the highest since August, and has now reclaimed its rank at eighth from tenth, according to CoinmMrketCap, at the time of writing this article. The meme token has formed a W-pattern, indicating two lows. This double bottom in technical analysis of a stock in markets signals the beginning of potential uptrend.

Dogecoin price trend displaying a W. [Image: WazirX]The market capitalisation of Dogecoin has shot past $42 billion, up nearly 30 percent in the last 24 hours.

While Dogecoin was overtaken by its arch-rival, Shiba Inu, dubbed as the 'Dogecoin killer', this might be the time when it reverses the course. While both the meme currencies have the face of a canine, Dogecoin operates on its own blockchain and Shiba Inu is hosted on the Ethereum blockchain.