Why Dogecoin holders may care less about the Shiba Inu [SHIB] expansion
Over the years, Dogecoin [DOGE] and Shiba Inu [SHIB] have remained kings of the memes with no other solid competitor. However, both do not seem to be on the same page as investors might wonder which might be worth holding and which is not.
Realistic or not, here’s SHIB’s market cap in DOGE’s terms
IntoTheBlock data, as of 2 March, revealed that holders of the Elon Musk-admired cryptocurrency had barely had their assets drop below 40% in value.
The blockchain insight platform went further, highlighting that the stride was not a recent one. Instead, DOGE has been consistent with its performance.
<p lang=«en» dir=«ltr» xml:lang=«en»>Hold onto your seats #DogeArmy! DYK that $Doge holders in profit rarely drop below 40%? In fact, the last time @dogecoin saw over 60% of holders at a loss was in 2015. Impressive, given other altcoins often suffer 90%+ losses in bear markets. #Doge #HODL pic.twitter.com/xKn4YDRwmM— IntoTheBlock (@intotheblock) March 2, 2023
On the contrary, SHIB did not maintain its performance close to DOGE’s level. According to CryptoQuan t, SHIB’s 365–day performance was a 53.49% decrease. Even though it could not improve price, the token had been able to make up with improvements in its ecosystem.
Since the downturn of the market in 2022, the Shiba Inu team focused on several developments. This included having its own ecosystem tokens like Doge Killer [LEASH] and Bone ShibaSwap [BONE] , which recently found its way into the top 100 in terms of market capitalization, only to go back to 104th rank, at press time.
Also worthy of mention is the project’s exploit in the metaverse and the long-trending Shibarium , the upcoming Layer two (L2) blockchain of the Shiba Inu ecosystem. Its mission is to
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