Shiba Inu is winning the crypto meme coin Dogecoin race in 2023 with over 23% gains

By Selena 03/11/23 4:38 PM

With more than 23% increases, Shiba Inu is leading the cryptocurrency meme coin race in 2023. Yet, Shiba Inu has distinguished itself from its rival based on the tokens’ success on the market this year.

SHIB’s price has increased by 23% this year, while DOGE’s has decreased by 4%. This analysis spans January 1 to the date this article was written, March 11, 2023. Shiba Inu has increased from $0.000081 to $0.00001 per unit, whereas Dogecoin has decreased from 0.07024 to its present price of $0.066. Both cryptocurrencies displayed similar patterns in January, with SHIB outpacing DOGE’s growth by a 45% to 33% margin.

Shiba Inu yearly performance: Shib is up 23% | Source: CoinMarketCap

However, Shiba Inu’s odds improved in February, when the token increased to a yearly high of $0.000014 before experiencing a minor decline. Dogecoin followed suit as well, but on February 13 saw a sharp decline. Since then, the top meme coin has found it difficult to regain its prior levels, and the most recent cryptocurrency crash has left it with a negative balance for the year.

Shiba Inus declined in March as well, falling 7% this week. Nonetheless, despite the price decline, wallet owners still made a profit of 23% for the year.

Both cryptocurrencies’ trade volumes over the previous 30 days have been comparable. In both instances, traders have exchanged nearly $28 billion worth of tokens on exchanges.

In contrast to the bustling Shiba Inu ecosystem, the Dogecoin ecosystem has been quiet while it waits for some advancements.

Shiba Inu’s imminent release of its layer-2 blockchain, Shibarium, has allowed it to maintain its leadership position in the cryptocurrency industry. Shibarium’s Public Beta will go live this week, according to the Shiba Inu team’s announcement.

The much-awaited release is intended to improve the Shiba Inu ecosystem by enabling users to conduct transactions at a reduced gas cost than the Ethereum blockchain’s current model. On February 27, Shiba Inu unveiled a new website, a Twitter account, and an application for Shibarium to draw consumers to test the public beta.

The intake system aims to broaden Shibarium’s reach among knowledgeable companies and find capable validators for the Layer 2 solution. Shibarium’s native token, SHIB, will be used to buy gas and provide rewards for validators. Since more whales have recently accumulated the token, this element is a key contributor to the strong demand for the token.

Join us on Telegram