Shiba Inu Again Outperforms Dogecoin This Week With Double Its Gains | Bitcoinist.com
Shiba Inu has once again outperformed Dogecoin this week with around 33% in gains, more than double DOGE’s 14% growth.
Shiba Inu Outperforms Dogecoin Two To One In Last Five Days
After a while of downwards movement, both SHIB and DOGE have finally enjoyed some sharp uptrend over the past week.
While Dogecoin has registered some great gains in the period, Shiba Inu has still outperformed the original memecoin two to one.
At the time of writing, SHIB’s price floats around $0.00002775, up 33% in the last seven days. The below chart shows the trend in the price of the crypto over the past five days.
SHIB's price seems to have very sharply risen over the last few days | Source: SHIBUSD on TradingView
While Shiba Inu has shown some amazing profits in the past week, the memecoin is still down almost 10% over the last month. So the coin still has some ways to go with the recovery.
On the other hand, Dogecoin is currently up 14% over the last seven days as the crypto trades around $0.157 at the moment. These gains are less than half of what SHIB has accumulated during the same period.
However, when looking over the last month, DOGE is only down 1%. Here is a chart that shows this trend in the price of the memecoin:
DOGE's price looks to be surging up recently | Source: DOGEUSD on TradingView
What this trend means is that Dogecoin has been relatively stagnant in terms of price movement recently as the coin has mostly consolidated sideways overall.
SHIB vs DOGE Market Cap
In terms of the market cap, neither of the memecoins are in the top ten list right now. The below table shows where SHIB and DOGE stand among the wider crypto market.
Shiba Inu seems to be currently three spots behind Dogecoin in the market cap list | Source: CoinMarketCap
As you can see above, DOGE is sitting at the 11th place right now, while SHIB is 14th. Last year, there was a brief period where the two memecoins were battling each other for the 9th spot in the list.
Around then, Shiba Inu also had an unprecedented rally where the crypto was up 1000% over the month at some point. But since the market started declining, the two dog cousin coins lost their spots in the top ten list.
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Now that the crypto market is starting to show signs of recovery, perhaps the memecoins will once again find their way to the higher spots.
More adoption news is one of the things that can help propel Shiba Inu and Dogecoin. Just a couple of months back, the tech giant retailer Newegg started accepting SHIB.
Featured image from Unsplash.com, charts from TradingView.com
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