Although the price of Dogecoin’s token has been struggling for the past 7 days, Memecoin’s competitor shiba inu (SHIB) ranks higher in terms of weekly earnings. Dogecoin fell by 5.8% last week, but Shiba Inu has gained 21.3% this week and has gained 21.1% in the past 24 hours.
Shiba Inu rose 21% in 24 hours
Two days ago, Bitcoin.com News reported on the recent four-legged decline in the DOGE market behavior of Dogecoin. Weekly statistics show that Dogecoin (DOGE) is still down 5.8% in the past 7 days, but in terms of market value, it is still the largest memetic-based crypto asset. The second leader in this category is shiba inu (SHIB), an ERC20 token that has been moving north in terms of price recently. SHIB is currently earning $0.00000824 per unit, but it has fallen by 8% in the past 30 days.
According to Etherscan data, there are 657,335 SHIB holders and 3,540,457 lifetime SHIB transfers today. As the second largest memetic currency after DOGE, SHIB has a market value of 3.6 billion U.S. dollars. Compared with the market valuation of Dogecoin, this coin accounts for more than 11% of the overall market value of Dogecoin. According to l2fees.info, the cost of sending SHIB may be high, because now the cost of mobile Ethereum (ETH) is $5.66 per transaction. The fee for sending token transfers using the Ethereum chain is $12.93.
Dogecoin fees are cheaper, and Tether is SHIB’s top trading pair on centralized exchanges
At the same time, according to the statistics of bitinfocharts.com, the cost of sending DOGE is about 2.38 DOGE ($0.573) or 0.0045 DOGE per byte. Compared with sending ERC20 SHIB, sending is still 887.78% cheaper, unless SHIB users are using L2 platforms such as Arbitrum One, Loopring, Optimism and Zksync. Shibaswap, a decentralized exchange (dex) platform focused on SHIB, currently has a total value of US$246 million locked on the platform. Sister SHIB tokens like LEASH ($792) and BONE ($1.05) are used for liquidity pools and incentives on the platform.
Indicators show that SHIB’s global trade volume in the past 24 hours is approximately US$316 million. Although SHIB has a wide range of currency pairs on dex platforms such as Uniswap, Sushiswap and Shibaswap, according to cryptocompare.com’s analysis, it controls 79% of transactions on the Centralized Exchange Tether (USDT). Followed by BUSD (9.77%), TRY (6.03%), WETH (1.82%), EUR (1.74%) and USD (0.77%). The largest SHIB exchange is Binance, which accounts for 61.14% of ERC20 token transactions. Close behind are Huobipro, Okex, Bitmart and Gateio.
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