Shiba Inu (SHIB) leads the meme token race in 2023 with a gain of over 23%. The competition between Shiba Inu and Dogecoin (DOGE) is fierce in the cryptocurrency industry. But judging from the market performance of tokens this year, Shiba Inu stands out.
Year-to-date, SHIB is up 23 percent, while DOGE is down 4 percent, according to CoinMarketCap. This analysis was prepared from January 1, 2023 to March 11, 2023, the date of writing. During the given period, Shiba Inu rose from $0.000081 to $0.00001 per token, while Dogecoin fell from $0.07024 to its current price of $0.066. Both cryptocurrencies followed a similar trend in January, with SHIB outperforming DOGE by 33% and 45% during the period.
However, the balance among meme tokens shifted in favor of Shiba Inu in February, with the token falling slightly after rising to a yearly high of $0.000014. Dogecoin also rose, but fell sharply on February 13. Since then, the cryptocurrency at the top of the game has struggled to reclaim its previous highs. But the recent cryptocurrency crash has left it in negative balance throughout the year.
Shiba Inu fell 7% this week. The decline in crypto has not affected its overall profits, with wallet owners gaining 23% for the year. Additionally, the trading volumes of the two cryptocurrencies have trended similarly over the past 30 days. In both cases, investors traded about $28 billion per token on exchanges, according to CoinMarketCap.
The Dogecoin ecosystem is relatively quiet compared to the active Shiba Inu space, which has seen little development. Shiba Inu has managed to stay at the forefront of the cryptocurrency space thanks to the imminent launch of the Layer-2 blockchain Shibarium. The Shiba Inu team has announced that the public beta of Shibarium will begin this week. The highly anticipated launch is expected to strengthen the Shiba Inu ecosystem. Because users can conduct transactions with lower gas fees than the existing Ethereum blockchain. Shiba Inu launched a new website, Twitter account, and Shibarium login form on February 27 to entice users to test the public beta.
Information source: compiled from COIN-TURK by 0x information.Copyright belongs to the author Mehmet Çağrı Tunç, without permission, may not be reproduced