Study: Shiba Inu (SHIB) Is More Of A Successful Memecoin Than PEPE and DOGE
06 May 2023 - 7:30AM
NEWSBTC
Regarding meme coins, there is no denying that Shiba Inu (SHIB) has
been one of the most talked-about tokens in recent times. Its
success is partly due to its captivating name and adorable mascot,
which has been a hit with social media users. However, beyond
the hype, how does SHIB compare to other meme coins such as PEPE
and DOGE? PEPE is the newly hyped memecoin in the crypto market.
With the token doing over 20x since its creation, it has attracted
many traders and investors. Dogecoin (DOGE), on the other hand, is
known as Elon Musk’s favorite. Related Reading: BREAKING:
Binance Lists PEPE And FLOKI In Innovation Zone SHIB, PEPE, And
DOGE: The Comparison On May 5, Coingecko released a study that
analyzed the price returns of meme coins over a period, utilizing
data from CoinGecko. The study considered the start of data
availability as the hypothetical date of purchase, while the
all-time high price, as of May 4, 2023, was taken as the selling
point to achieve profits. According to the data from Coingecko,
SHIB required an initial investment of just $12 to reach $1M in
2021, making it one of the most affordable meme coins in the
market. In contrast, DOGE required an initial investment of $820 in
2013, which is significantly higher. Other meme coins, such
as PEPE and WOJAK, require an initial investment of $158,312 and
$175,330, respectively, making them far less accessible to the
average investor in 2023. Regarding price gains, SHIB was the most
successful meme coin, with an incredible 8,424,202.3% increase at
its peak compared to its starting price on August 1, 2020. This is
a testament to the popularity of SHIB and its ability to attract
investors worldwide. On the other hand, DOGE has been a successful
meme coin over the long run, having been a pioneer in the category
since 2013. DOGE’s price performance has been impressive and
consistently in the top 10 cryptocurrencies by market
capitalization. Meanwhile, Shiba Inu has struggled to reach
the top 10 while still ranking 16th in the global crypto
market. Related Reading: Is It Too Late To Buy Shiba Inu
(SHIB)? Shiba Inu Downtrend Price Action Notably, SHIB has recently
experienced significant price volatility, leading to downward price
action. This has been attributed to several factors, including
profit-taking, a broader market downturn, and investors moving to a
more attractive memecoin currently PEPE. According to CoinGecko
data, SHIB’s price was $0.00000001 on August 1, 2020, and it
reached an all-time high of $0.00008616 on October 28, 2021. At the
time of writing, SHIB trades at $0.00001000, representing an 88.43%
decline from its all-time high. SHIB’s market capitalization has
gradually plummeted in the past 7 days, moving from a high of $6.1
billion on April 29 to as low as $5.8 billion. Interestingly, its
daily trading volume has since surged over the same period from
$91.8 million to $144 million in the past 24 hours. Featured image
from iStock, Chart from TradingView
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024