Story Highlights:
- Comparison of SHIB & Doge price movements. Shiba Inu derivatives data is inferior to Dogecoin, causing investor optimism.
- An in-depth look at community development. Shiba InuShiba Inu
: This meme coin market sector has piqued interest globally among traders and investors in the crypto markets. The year began on a positive note. Dogecoin, Shiba Inu, and other prominent meme coin rivals have attracted significant investor interest amid a frenzy of meme price rallying. These dog-themed tokens showed immense potential to offer investors gains. This year, these two coins have been a major source of optimism in the crypto markets. Let’s take a look at why and see which coin is most likely to perform better. SHIB & Doge Price Movements DOGE, however, subsequently began a significant upward price trend, surpassing the $0.1 threshold in late February. The token briefly even topped $0.2 in late March, generating significant interest.
Meanwhile, Shiba Inu started the year on a bearish note but quickly gained a phenomenal upward momentum, coinciding with DOGE’s rally. SHIB has shed a zero from its value this year, scaling the $0.00001 mark by late Feb, and topping the $0.00003 mark by March. This rapid rise has sparked significant investor interest as the rivalry between Dogecoin and Shiba Inu intensified.
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However, with Shiba Inu up 139.31% over the past year, whereas DOGE rallied only 82.02%, SHIB secured additional bullishness among investors. Meanwhile, the tokens’ weekly charts illustrated a 4.15% dip for DOGE, while SHIB rallied 7.84%, further cementing SHIB’s bullish position.
Derivatives Data Analysis
Whereas, liquidation charts for these tokens indicate fewer liquidations for SHIB compared to DOGE. This suggests that SHIB’s price witnessed a much less volatile movement than DOGE’s, underscoring further optimism for SHIB. Simultaneously, as more DOGE positions were forcefully closed, aligning with the liquidation data, SHIB in turn sparkled with optimism.
The Open Interest chart for Dogecoin showed a declining momentum whereas SHIB’s chart displayed significant spikes. This indicated a constant and heightened interest among investors in the crypto market. The positive market sentiments surrounding Dogecoin & Shiba Inu are further boosted by a plethora developments around the tokens’ cryptocurrency ventures. Also read: House Republican Proposes A Marijuana/Stablecoin Combo Bill.
Community Developments.
Shiba Inu’s community seems to have made a lot of progress this year. Dogecoin’s advancements seem to pale in comparison. Shiba’s Inu burn mechanism is a key factor in boosting the value of the SHIB token. Shiba’s crypto community has been bringing a lot of improvements to its token ecosystem. Recent endeavors include a hard fork ( ); the launch of DAMN & PIKA, a strategic partnership with Zama to create a Layer 3 tokenand more. SHIB has been able to achieve great success as a result. The most recent development in DOGE was the advancement of operations around the mining for the meme coin. Bitmain has extended its support to Doge miningfurther streamlining Dogecoin’s cryptographic venture. Shiba’s development weighs more than Dogecoin, and could push the token over DOGE in 2018. Shiba Inu’s (SHIB), was trading at $0.0002426 as of the time this article was written. This represents a drop of 5.05% in just 24 hours. Dogecoin’s (DOGE) price was $0.1438. This represents a drop of 3.99% over the last 24 hours. The trend of the crypto market is largely responsible for today’s negative movements.
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CoinGape is a team of experienced native content writers, editors and reporters who work around-the-clock to provide news coverage globally. This article was written by CoinGape reporters and writers. This content is presented as an opinion and may be subject to changes in the market. Before investing in cryptocurrency, do your research. You are not responsible for any financial losses you may suffer.