Dogecoin Rival Shiba Inu Spikes in Value While DOGE Prices Flounder, SHIB Jumps 21% in 24 Hours

DeFi Dec 7, 2022 0 91 Add to Reading List

While the dogecoin’s token price has floundered during the last seven days, the meme-coin’s rival shiba inu (SHIB) has moved up the ranks in terms of weekly gains. Dogecoin has shed 5.8% during the last week, but shiba inu has spiked 21.3% during the course of the week and 21.1% in the last 24 hours.

Shiba Inu Gains 21% in 24 Hours

Two days ago, Bitcoin.com News covered the DOGE market action concerning dogecoin’s four-legged fall in recent times. Weekly stats show dogecoin (DOGE) is still down 5.8% during the last seven days but it is still the largest meme-based crypto asset in terms of market capitalization. The second leader in that category is shiba inu (SHIB), an ERC20 token that’s been moving northbound in terms of price in recent times. SHIB is currently swapping for $0.00000824 per unit but has lost 8% during the last 30 days.

SHIB has been trading for $0.00000720 to $0.00000824 per unit on September 16, 2021.

Today there’s 657,335 SHIB holders according to Etherscan data and 3,540,457 lifetime SHIB transfers. As the second largest meme-currency besides DOGE, SHIB has a $3.6 billion market capitalization. In comparison to dogecoin’s market valuation the coin represents more than 11% of dogecoin’s overall market cap. Sending SHIB can be costly as the cost to move ethereum (ETH) right now is $5.66 per transaction according to l2fees.info. Sending a token transfer can cost $12.93 per transfer using the Ethereum chain.

Dogecoin Fees Are Cheaper, Tether Is SHIB’s Top Trading Pair on Centralized Exchanges

Meanwhile, the cost to send DOGE according to bitinfocharts.com stats, is around 2.38 DOGE ($0.573) or 0.0045 DOGE per byte. That’s still 887.78% cheaper to send in contrast to sending the ERC20 SHIB unless the SHIB users are leveraging L2 platforms like Arbitrum One, Loopring, Optimism, and Zksync. The SHIB-focused decentralized exchange (dex) platform Shibaswap currently has $246 million total-value locked on the platform. SHIB sister tokens like LEASH ($792), and BONE ($1.05) are leveraged on the platform for liquidity pools and incentives.

Metrics show that SHIB has had around $316 million in global trade volume during the last 24 hours. While SHIB has a wide range of pairs on dex platforms like Uniswap, Sushiswap, and Shibaswap, on centralized exchanges tether (USDT) commands 79% of all trades according to a cryptocompare.com analysis. This is followed by BUSD (9.77%), TRY (6.03%), WETH (1.82%), EUR (1.74%), and USD (0.77%). The top SHIB exchange is Binance with a share of 61.14% of the ERC20 token’s trades. This is followed by Huobipro, Okex, Bitmart, and Gateio respectively.