Beyond the hype, how does SHIB compare to other meme coins like PEPE and DOGE?
Regarding meme coins, there is no denying that Shiba Inu (SHIB) has been one of the most talked about tokens of late. Its success is due in part to its captivating name and adorable pet, which has been a hit with social media users.
PEPE is the recently hyped memecoin on the cryptocurrency market. Since the token has multiplied by 20 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 Compared
On May 5, CoinGecko released a study that looked at the price performance of meme coins over a period, using data from CoinGecko. The study considered the beginning of the data availability as the hypothetical purchase date, while the historical maximum price, as of May 4 was taken as the selling point to achieve profit.
According to CoinGecko data, SHIB required an initial investment of just $12 to hit $1 million by 2021, making it one of the most affordable meme coins on the market. By 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 much less accessible for the average investor in 2023.
In terms of price gains, SHIB was the most successful meme coin, with an incredible 8,424,202.3%. increase at its peak compared to its initial price on August 1, 2020. This is evidence of SHIB’s popularity and ability to attract investors from around the world.
On the other hand, DOGE has been a long-term successful meme coin, having been a pioneer in the category since 2013. DOGE’s price performance has been impressive and it consistently ranks in the top 10 cryptocurrencies by market capitalization. Shiba Inu has struggled to break into the top 10, while still ranking 16th in the global crypto market.
Shiba Inu Downtrend Price Action
SHIB has recently experienced significant price volatility, leading to bearish price action. This has been attributed to several factors, including profit taking, a broader market downturn, and investors shifting to a more attractive memecoin, currently PEPE.
In the last 24 hours, Pepe Coin’s turnover reached $670 million, making it the first meme cryptocurrency by volume. For comparison, Dogecoin’s turnover is $252 million. The official Pepe Coin Twitter account claims that it is the “most memeable memecoin out there” and jokes that the era of dog-themed meme cryptocurrencies is over.
As the hype for the meme token grows, some early investors have started selling their tokens.
Recently, according to Benzinga Pro, PEPE was trading at $0.0000021. In contrast, data from CoinGecko shows that the price of SHIB was $0.00000001 on Aug 1, 2020, and hit an all-time high of $0.00008616 on Oct 28, 2021. SHIB is currently trading at $0.00001000, representing a decrease of 88.43% of its total high-time value.
By Audy Castaneda
