Memecoins Shiba Inu and Dogecoin are both looking to end the month green, but SHIB’s gains have so far been significantly higher than DOGE’s.
Shiba Inu looks to end July up 18% while Dogecoin sees a 2% surge
After months of downtrend, holders of the two largest memecoins on the market may finally find relief as the cryptos are poised to post gains for the month.
First, let’s look at DOGE’s data. Currently, the original memecoin’s price is hovering around $0.0704, up 4% over the past seven days. The chart below shows the evolution of the crypto value over the past month.
It looks like the price of the coin has not changed much during this period | Source: DOGEUSD on TradingView
As you can see from the chart, while Dogecoin saw significant volatility in July, it still ended the month just 2% above its starting price.
A larger scale review, such as the last three months, finds that the cryptocurrency is almost 50% down.
The price of Shiba Inu is around $0.00001208 at the time of writing. Weekly gains for the DOGE cousin memecoin are currently at 3%.
Now here is a chart showing the trend of the SHIB value over the last month:
The value of the crypto seems to have grown a bit in July | Source: SHIBUSD on TradingView
Unlike Dogecoin, Shiba Inu has rallied significantly over the past month as the coin has posted 18% gains over the period.
But if you look at the larger span of the past three months, SHIB is similarly down as its value is now over 45% lower.
SHIB vs. DOGE in terms of market cap
As for the market caps of the two cryptos, Dogecoin still easily beats its cousin in this department, as the memecoin is currently ranked 10th on the overall crypto cap list.
Below is a chart showing how Shiba Inu compares to the original memecoin in terms of market cap.
DOGE currently has a market cap of over $9 billion | Source: CoinMarketCap
It looks like SHIB’s market cap is currently the 16th largest in the entire crypto market, six places behind DOGE.
Back in October of last year, Shiba Inu witnessed an unprecedented rally, with the coin surging 1000% over a 30-day period at one point. Then the memecoin also found its way into the top ten list and constantly fought with dogecoin for the 9th place.
However, since the crypto dropped out of the top ten spots a while later, it hasn’t even come close to fighting for a spot there. Another big rally will likely have to be seen before SHIB DOGE can challenge again.
Featured image from Quantitatives on Unsplash.com, charts from TradingView.com