The crypto market is an interesting place, and it’s hard to predict the value of a cryptocurrency. The Shibes, as they’re known online, were recently caught off guard by the value of their beloved coin. Although Dogecoin was created as a parody of bitcoin, that didn’t stop Shibes from taking Dogecoin seriously in its own right. Now that the price is dropping again, Shibes are scrambling to find answers for why this happened in the first place.
While dogecoin’s token price has fluctuated over the last seven days, shiba inu (SHIB) has moved up the ranks in terms of weekly gains.
Shiba inu has spiked 21.3% during the last week, and 21.1% in the last 24 hours, while Dogecoin has shed 5.8%.
Gains of 21% in 24 hours for Shiba Inu
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.
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.
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