The memecoins Shiba Inu and Dogecoin are both looking to end the month in green, but SHIB’s gains have been significantly higher than DOGE’s so far.
Shiba Inu Looking To End July With 18% Profits While Dogecoin Observes 2% Uplift
After going through months of downtrend, holders of the two largest memecoins in the market may finally find relief as the cryptos are about to register gains for the month.
First, let’s look at DOGE’s data. Currently, the original memecoin’s price is floating around $0.0704, up 4% in the last seven days. The below chart shows the trend in the crypto’s value over the past month.
Looks like the price of the coin hasn't changed much during this period | Source: DOGEUSD on TradingView
As you can see from the graph, while Dogecoin did observe some significant volatility during the month of July, it’s still ending the month being only 2% above the initial price.
When checking on a bigger scale, like the past three months, the cryptocurrency is found to be almost 50% into the red.
As for Shiba Inu, its price is about $0.00001208 at the time of writing. Weekly gains for the DOGE-cousin memecoin stand at 3% currently.
Now, here is a chart that shows the trend in the value of SHIB during the last month:
The value of the crypto seems to have enjoyed some growth in July | Source: SHIBUSD on TradingView
Unlike Dogecoin, Shiba Inu has made some significant recovery over the last month as the coin has accumulated 18% in gains during the period.
But when looking over the larger timespan of the last three months, SHIB is similarly in loss as its value is now over 45% less.
SHIB Vs DOGE In Terms Of Market Cap
As for the market caps of the two cryptos, Dogecoin still has its cousin handily beat in this department as the memecoin is currently sitting 10th on the entire crypto cap list.
Below is a table that shows how Shiba Inu compares against the original memecoin in market capitalization.
DOGE currently has a market cap of over $9 billion | Source: CoinMarketCap
It looks like SHIB’s market cap is the 16th largest in the overall crypto market at the moment, six spots behind DOGE’s.
Back in October of last year, Shiba Inu observed an unprecedented rally where the coin was up 1000% over the span of 30 days at one point. Then, the memecoin also found its way into the top ten list and constantly battled with Dogecoin for the 9th position.
However, since exiting the top ten places a while after that, the crypto hasn’t come near competing for a spot there yet. Another large rally will likely need to be seen before SHIB can challenge DOGE again.
Featured image from Quantitatives on Unsplash.com, charts from TradingView.com
The Bitcoin price rebounded off the low of its current range and retraced its weekend loss…