Dogecoin Vs. Shiba Inu: How The Meme Coin Rivalry Pans Out In Recent Crypto Market Recovery

Dogecoin Vs. Shiba Inu: How The Meme Coin Rivalry Pans Out In Recent Crypto Market Recovery

Cryptocurrencies staged a recovery last week after an extended lean patch that started late last year. The turnaround came about as these digital currencies locked step up with Big Techs, which capitalized on some strong earnings reports.

Here's a look at how two of the most popular dog-themed meme coins fared during the recent uptrend:

Doge In Slumber: Dogecoin DOGE/USD broke above the $0.15 barrier for the first time since Jan. 26 on Feb. 5. The uptrend took the meme coin to a peak of $0.171586 on Feb. 7 before selling kicked in.

With the rally lacking enough momentum to lift Doge higher, the coin moved sideways between $0.15 and $0.16. On Friday, the doge-themed crypto broke below the range and is currently seen languishing in the familiar $0.14 range.

For the year-to-date period, Doge is in the red. It has declined 14.9% thus far this year, while trading in a range of $0.122816-$0.203232.

On a positive note, from the Jan. 14 low of $0.122816, Doge is up about 18%. Breaching the $0.20 level is key for Doge to find its footing.

Related Link: Shiba Inu Edges Out Bitcoin, Becomes The Most Popular Crypto On CoinMarketCap In January

Shiba Inu Vibrant: Shiba Inu SHIB/USD, which peaked at $0.000088 on Oct. 28, has pulled back since then. It went down along with the rest of the cryptos in an across-the-board sell-off, which began in early November. The new year brought no respite for the cryptos, and Shiba Inu moved lower along with its peers before beginning to turnaround on Feb. 5.

Thanks to the rally that followed, Shiba Inu peaked at $0.000035, up 75% from the year-to-date low of $0.000020. Since Feb. 4, the meme coin is up about 32% but is down about 12% for the year-to-date period.

Source: CoinMarketCap

Clearly, the two memecoins have shown divergence in the recent uptrend, and Shiba Inu is clearly winning the race. The crypto has a few things going for it. The SHIB ecosystem announced the Shibverse, which marks its foray into metaverse. Ryoshi, the anonymous developer behind Shiba Inu, announced in a blog that "Shiba Lands," will be available for purchase/auction soon.

Another positive influence is the loyal backing of the Shiba community, which stands behind the meme coin like a bulwark. Of late, the community has been calling for the addition of SHIB to Robinhood Markets, Inc. HOOD.

Despite SHIB's outperformance vis-à-vis Doge, its market capitalization of $16.28 billion trails Doge's at $19.5 billion, according to cryptocurrency price compilation website CoinMarketCap.

At last check, Doge was slipping 3.21% to $ $0.147 and Shiba Inu was retreating 4.98% to $ $0.00002977.

Related Link: Why Elon Musk Thinks Dogecoin Is Better For Transactions Than Bitcoin

Posted In: CryptocurrencyMarketsTrading Ideas

Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month