Memecoin Battle: Shiba Inu Monthly Gains 18% While Dogecoin Only Sees 2% Gains
Memecoins Shiba Inu and Dogecoin both want to end the month in the green, but SHIB’s gains have been much higher than DOGE so far.
Shiba Inu looks to end July with 18% gain while Dogecoin observes 2% uptrend
After going through months of downtrends, holders of the two biggest Memecoins in the market may finally find relief as the crypto is about to register gains for the month.
First, let’s look at DOGE’s data. Currently, native Memecoin price is trading near $0.0704, up 4% over the past seven days. The chart below shows the trend in the value of crypto over the past month.
Looks like the price of the coin hasn't changed much during this period | Source: DOGEUSD on TradingView
As you can see from the graph, while Dogecoin saw some significant volatility during the month of July, it still ended the month up only 2% above the opening price.
On a large scale check, the cryptocurrency is found to be in the red about 50% as of the last three months.
For a Shiba Inu, it costs around $0.0000120. Is8 at the time of writing. DOGE-cousin Memecoin has a weekly gain of 3% currently.
Now, here is a chart that shows the trend in the price of SHIB over the past month:
The value of the crypto seems to have enjoyed some growth in July | Source: SHIBUSD on TradingView
Unlike Dogecoin, Shiba Inu has made some significant corrections over the past month as the coin has accumulated 18% in gains during this period.
But looking at the big time of the last three months, SHIB is likewise at a loss as its value is now down 45%.
SHIB vs DOGE in terms of market capitalization
As for the market cap of the two cryptos, Dogecoin still easily beats its cousin in this department as Memecoin currently ranks 10th on the entire crypto cap list.
Below is a table that shows how the Shiba Inu compares to the original Memecoin in market capitalization.
DOGE currently has a market cap of over $9 billion | Source: CoinMarketCap
It looks like SHIB has the 16th largest market cap in the overall crypto market at the moment, which is six places behind DOGE.
Back in October last year, the Shiba Inu saw an unprecedented rally where the coin was up 1000% over a period of 30 days at a time. Then, Memecoin also found its way into the top ten list and struggled with Dogecoin for the ninth position in a row.
However, after dropping out of the top ten spots sometime after that, crypto has yet to come close to competing for a spot there. Another big rally will need to be seen before SHIB challenges DOGE again.
Featured image from Quantitatives on Unsplash.com, charts from TradingView.com