Although SHIB is actively operating, the meme coin has performed much better than SHIB this year.
SHIB lagged behind this meme coin
The Shiba community is actively working on the L2 network, metadata warehouse and blockchain games. However, DOGE has outperformed SHIB this year. In the midst of the severe crypto fall of 2022, Dogecoin’s price is holding up better than most of the top assets in the market. DOGE is the third-best performer in the top ten, down “only” 58% this year. It outstrips XRP and BNB, which saw only 57.2% and 53% declines.
Looking at the top 10 assets by market cap, according to Crypto Bubbles data, Bitcoin, Ether, Cardano, and Polygon have lost significantly more in the last 12 months, by 65.1%, 67.8%, 80.9% and 68.8%, respectively. . DOGE is also well ahead of other big names in the top 20, such as Polkadot, Solana, Uniswap and Avalanche, which fell 84%, 93.8%, 70.3% and 89.9% respectively.
Powerful performance from DOGE
Data from Intotheblock (ITB) also has interesting insights, with the majority of DOGE owners (54%) in the green at the current $0.07 price. Also, 3% are at par and 43% are in the red. ITB’s figures determine the average cost of token purchases in monitored wallets. It also relies on comparing it to the current price of the given asset. Looking at other assets, ITB data indicates that 46% of BTC holders and 47% of ETH holders are currently green. It also shows that the meme is performing well despite the coin’s volatile history.
The strong performance comes despite no major news for the Dogecoin network or anything to justify the excitement going forward. There has been some recent speculation that DOGE could be integrated into Elon Musk’s Twitter. By comparison, Ethereum has reduced its energy consumption rates by 99% this year with the Layer-2 project that helped it scale. It seems the basics don’t have the power of memes.
SHIBA INU vs DOGE
DOGE’s meme coin rival, Shiba INU, has struggled this year despite the community’s efforts to build a full-fledged ecosystem of blockchain games, NFTs, and a metaverse platform. According to ITB, the token has dropped 76.1% in the last 12 months. Only 14% of Hodlers are in green, 4% are head-to-head and 82% are in red. According to the data, DOGE is the eighth largest crypto asset by market cap, with $10.1 billion. However cryptocoin.com As we have also reported, SHIB ranks 17th with $4.8 billion. However, in some potential bullish news for the SHIB community, lead developer Shytoshi Kusama, nicknamed, hinted that there might be a new partnership in the works on the Shibarium project.
Shibarium is an upcoming Ethereum Layer-2 scaling solution that will host the ecosystem’s metaverse platform. Shytoshi Kusama’s biography has been recently updated with “We are not alone”. Also, their location is “With a new friend… guess who?” was determined as. Kusama said in his statements:
“Wen Shibarium? Please know that this is coming very soon*, but it won’t be a very important time for people to spend with their families (or, as a result, New Year’s Eve party time). Enjoy the days ahead, next year is an important year for humanity.”