Shiba Inu Outpaces Dogecoin With 23% Price Increase In 2023

Shiba Inu Outpaces Dogecoin With 23% Price Increase in 2023

Shiba Inu is winning the crypto meme coin race in 2023 with over 23% gains. The debate about the better meme coin, Shiba Inu or Dogecoin, is rife in the crypto industry. However, based on the market performance of the tokens this year, Shiba Inu has stood out from its competitor.

Shiba Inu More Than Doubles Dogecoin In Price Performance

So far this year, SHIB has witnessed a price increase of 23% while DOGE has regressed by 4%, according to data from CoinMarketCap. This analysis is compiled from January 1 to the time of writing this article, March 11, 2023. During this period, Shiba Inu has gone from $0.000081 to $0.00001 per unit, while Dogecoin has dipped from 0.07024 to its current price of $0.066. Both cryptocurrencies had similar trends in January, with SHIB surpassing DOGE’s rise in that period, with a 45% versus a 33% difference. 

However, the balance tilted in Shiba Inu’s favor in February, with the token rising to a yearly high of $0.000014 before suffering a slight dip. Dogecoin also followed suit but experienced a steep dip on February 13. Since then, the leading meme coin has struggled to capture its previous heights, and the latest crypto crash has placed it in a negative balance for the year. 

Shiba Inu also experienced negative movement in March, down 7% this week. However, the price dip has not affected its overall profit, with wallet holders earning a 23% profit for the year. 

Coincidentally, the trading volumes of both cryptocurrencies have been similar in the past 30 days. Traders have moved about $28 billion in each token on exchanges in both cases, according to data from CoinMarketCap. 

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The Dogecoin ecosystem has been relatively quiet compared to the active Shiba Inu sphere, anticipating a few developments. 

Shibarium Launch A Major Attraction For Shiba Inu Holders

Shiba Inu has been able to stay at the forefront of the crypto space due to the upcoming launch of its layer-2 blockchain Shibarium. The Shiba Inu team announced that the Public Beta of Shibarium would launch this week. 

The highly anticipated release is expected to enhance the Shiba Inu ecosystem as users can perform transactions at a lower gas fee than the current Ethereum blockchain. To attract users to test the public beta, Shiba Inu launched a new website, a Twitter account, and an intake form for Shibarium on February 27. 

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The intake system seeks to increase Shibarium’s exposure to expert businesses and identify qualified validators for the Layer 2 solution. SHIB is the native token of Shibarium and will be used to pay for gas and serve as incentives for validators. This factor is a major reason for the high demand for the token, as more whales have accumulated the token recently. 

Featured Image from Canva.com, charts from CoinMarketCap and TradingView