Shiba Inu vs Dogecoin: The meme coin sector appears to have piqued notable interest among crypto market traders and investors globally, as this year kicked off on an optimistic note for this particular crypto sector. Amidst a flurry of price rallies witnessed in meme coins, the prominent rivals Dogecoin and Shiba Inu have nabbed substantial investor attention, as these dog-themed meme tokens showcased immense potential for offering investors gains. 

Here’s a closer look into why these coins have injected a colossal shot of market optimism among crypto market enthusiasts this year and which one is likely to outperform.

SHIB & DOGE Price Movements

Notably, Dogecoin started the year with quite a volatile price movement, as its chart illustrated trading in both red and green territories simultaneously until February 2024. However, DOGE subsequently embarked upon a substantial rising price trajectory, topping the much-awaited $0.1 mark as of late February. Further, the token even briefly topped the $0.2 mark as of late March of the same year, garnering notable 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.

 

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.

Further, the Open interest chart for Dogecoin illustrated a waning momentum, whereas SHIB’s chart illustrated considerable spikes, flagging heightened and constant interest in Shiba Inu among crypto market investors. 

A plethora of developments surrounding the tokens’ cryptographic ventures further propel the wave of optimistic market sentiments on Dogecoin & Shiba Inu.

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Community Developments

Shiba Inu’s community appears to be marking a storm of breakthroughs this year, whereas Dogecoin’s recent advancements have faded in comparison.

Notably, Shiba Inu’s burn mechanism continues to kill SHIB’s excessive supply in the market, bolstering the token. Whereas, in tandem, the Shiba crypto community continues to bring a stockpile of upgrades to the token’s ecosystem, with recent endeavors including a hard fork, DAMN & PIKA token launch, strategic partnership with Zama for a Layer 3, and many others. This has sparked immense bullishness in SHIB’s endeavors.

On the other hand, DOGE’s most significant development recently was advancing operations surrounding the meme coin’s mining. Bitmain extended support for DOGE mining, further streamlining Dogecoin’s cryptographic venture. However, Shiba Inu’s developments weigh on the scale far more heavily than Dogecoin’s, pushing the token to potentially outweigh DOGE this year.

As of writing, Shiba Inu (SHIB) rested at $0.00002426, with a 5.05% dip in the past 24 hours. Dogecoin (DOGE) stood at $0.1438, with a 3.99% fall over the past 24 hours. It’s worth noting that today’s bearish movements primarily align with the crypto market’s broader trend. 

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The post Shiba Inu or Dogecoin: Which Is Better & Likely to Outperform This Year appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am