The gap between meme giants Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) widened over the last week, with the former surging on exchange-traded fund optimism while the younger sibling battling hack-induced jitters.
DOGE Cheers ETF Optimism
Dogecoin was up nearly 12% over the week, emerging as the most successful large-cap cryptocurrency and outgaining the likes of Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). During the period, it topped $0.30, a level not seen since early February.
The coin's open interest jumped 25% over the last week to $5.32 billion, according to Coinglass, suggesting high demand for its derivatives.
The surge comes ahead of the anticipated launch of the first Dogecoin ETF, which, according to Bloomberg analyst Eric Balchunas, could debut as soon as Thursday.
The REX-Osprey Doge ETF, filed by asset managers Osprey Funds and Rex Shares, will hold a combination of DOGE and DOGE derivatives under a Cayman Islands subsidiary.
| Cryptocurrency | Weekly Gains +/- | Price (Recorded at 2:50 a.m. ET) |
| Dogecoin | +11.96% | $0.2687 |
| Shiba Inu | +1.27% | $0.00001311 |
See Also: Bitcoin Flat As Fed Policy Meet Looms; Ethereum, Dogecoin, XRP Decline: Analyst Flags Support Where They Plan To ‘Load Heavily' On ETH
SHIB Scrambles To Minimize Damage
Shiba Inu, on the other side, has been dealing with the fallout of a $2.3 million hack of its Layer-2 network, Shibarium.
The second-largest meme coin by market capitalization has dived over 10% since the hack was reported, reducing its weekly gains to only 1.27%.
SHIB's open interest has collapsed 11.6% since the hack, with the number of short positions for the coin exceeding longs as of this writing.
Over $1 million each in Ethereum (CRYPTO: ETH) and SHIB were drained in a flash loan-like attack during the weekend, after the attacker succeeded in pushing malicious software after temporarily gaining validator voting power.
Shytoshi Kusama, Shiba Inu’s lead ambassador, said that the issue is "complex and deep" and that they are working with developers in a “war room” to mitigate the impact.
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