In seven days, dogecoin’s price took a downward spiral as it lost its weekly market price by 5.8% in a week. While this was ongoing, Shiba Inu (SHIB)—dogecoin’s rival—rose over the curves by 21% in about 24 hours.
Shiba Inu’s Price Increases with 21% over 24 Hours
About six days ago, the crypto market experienced a sudden spike in the price of Shiba Inu (SHIB) against the fall Dogecoin experienced; from the weekly statistics as revealed by Bitcoin.com. Despite having the largest community support as a meme-based crypto-token, Dogecoin experienced a 5.8% price slash in seven days.
Meanwhile, the next ranking crypto asset in this category is Shiba Inu (SHIB), which moves towards the upper curve based on price. SHIB is an ERC20 token that swaps for $0.00000824/unit while losing 8% in the last 30 days.
Based on the Etherscan report, there are about 650,000 SHIB holders as of the day of the price spike. Despite being the second-largest meme-crypto asset, it has a market cap of 3.6 billion dollars. This market valuation equates to about 11% of DOGE’s market capitalization.
Meanwhile, it may cost more to send SHIB than sending Ethereum (ETH) for a crypto transaction. For instance, it costs about $12.93 to transfer SHIB on the Ethereum chain against moving Ethereum for a $5.66 fee-based on l2fees.info.
DOGE Exchanges for Cheaper Rate Compared to SHIB Fees
When you compare the cost of sending DOGE to SHIB, it is cheaper compared to SHIB’s exchange fees. Based on statistics published by Bitinfocharts, it would require a $0.573 transaction fee per byte. This is considered to be cheaper than sending SHIB ERC20 tokens.
However, the transaction fee can be reduced if users maximize L2 platforms such as Arbitrum One, Zksync, and Loopring. There are about 246 million dollars locked on Shibaswap, a SHIB-focused decentralized platform. Likewise, sister tokens such as LEASH and BONE utilize the same platform to obtain incentives and acquire more liquidity pools.
Statistics revealed that Shiba Inu had recorded about 316 million U.S. dollars transactions made globally in 24-hour duration while the spike happened. Cryptocompare revealed that despite SHIB being traded against pairs across different Uniswap, Shibaswap, and other decentralized exchange platforms, Tether (USDT) has the largest share of pairs traded against SHIB. USDT has about 79% of the trades.
Meanwhile, Binance has the most significant volume of SHIB trading taking place out of all other exchange platforms.
Will SHIB Beat DOGE to the Race?
While no absolute data is referencing this possibility, it is essential to understand that market behavior is dependent on various factors. It is necessary to stay on top of the crypto market charts not to miss the subsequent market development. Also, be aware that crypto market volatility and liquidation are beyond individual control. As such, you can only bank on informed market behavior and analysis to make appropriate trading decisions.