Despite the sheer uptick that both Dogecoin and Shiba Inu have experienced in the past few days, both are still trading far below their respective All-Time Highs (ATH).
Weekends are known for bearish corrections in the digital currency ecosystem, but this past one, the two top memecoins, Dogecoin (DOGE) and Shiba Inu (SHIB) recorded unprecedented bullish price swings. Shiba Inu recorded one of the most significant jumps and is currently trading at a price of $0.00001559, up 2.71% over the past 24 hours per data from CoinMarketCap.
The growth momentum of Shiba Inu was quite bullish on Sunday as the memecoin recorded as much as $3.41 billion in daily trading volume. Despite these impressive growth leaps and trading activities, the current momentum has not slowed down the pace of SHIB trading and as such, the daily trading volume is now pegged at $4.015 billion.
Dogecoin on the other hand is currently tapering off the growth trend it picked up over the weekend and is now down 3.10% to $0.07562. While known as one of the most popular and highly ranked digital currencies, Dogecoin seems to have lost its popularity compared to Shiba Inu in recent times.
This assumption is predicated upon the coin’s recorded trading volume over the past 24 hours which is pegged at $1.496 billion, less than half what Shiba Inu reported.
Despite the sheer uptick that both Dogecoin and Shiba Inu have experienced in the past few days, both are still trading far below their respective All-Time Highs (ATH). Shiba Inu is currently 82.44% below the ATH of $0.00008845 which it recorded more than 10 months ago. Dogecoin is 89.73% below its ATH of $0.7376, confirming that many of the digital currencies around today, irrespective of their volatility and retail embrace are still far from their pre-crypto winter price levels.
Good Omen for SHIB and DOGE
The recently observed growth uptick from the duo of Shiba Inu and Dogecoin lends credence to the fact that both memecoins are decoupling from the influence of hype tweets from Elon Musk.
Previous bullish runs that both of the altcoins records are often based on a comment from the iconic and massively followed billionaire. The latest upshoot in the price for both digital currencies is based on a healthy retail buy-up that is being fueled in part by the growing utility that surrounds the Shiba Inu token.
More than ever, more retail and consumer goods outlets have started accepting payments in SHIB and DOGE, returning more utilities to holders of those memecoins. The healthy potential being nursed by both the Shib army is also being fueled by the metaverse project that the Shiba Inu developers are debuting.
Unlike Dogecoin which only serves utility as a payment and tipping token, SHIB is being built around an economy that is more robust and aligned with the current trends in the Web3.0 ecosystem. While the journey to $1 may be unrealistic, the potential return to profitable days is more or less new as projected by some industry optimists.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
