Study: Shiba Inu (SHIB) Is More Of A Successful Memecoin Than PEPE and DOGE
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.
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.
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
Read more: https://www.newsbtc.com/shiba-inu/shiba-inu-shib-is-successful-memecoin-than-pepe-and-doge/
Text source: NewsBTC
