Although the Shiba Inu community has put in much work to create an L2 network, a metaverse, and blockchain games, DOGE has surpassed SHIB by outperforming it this year. Intotheblock’s data unveils fascinating outcomes, with the majority of DOGE holders (54%) currently making profits at its current cost of $0.07; conversely, 43% are in losses and 3% breaking even.
ITB’s findings are based on recognizing the typical cost of token purchases in its monitored wallets and evaluating it to the current value of the specified coin. When looking at other assets, ITB data suggests that 46% of Bitcoin holders and 47% of Ethereum holders are presently making a profit as this is written, indicating that despite its unsteady past, meme coin has been successful.
Despite the lack of any noteworthy progress for Dogecoin, its performance has been nothing short of impressive. The only thing driving excitement thus far is a rumor that DOGE could eventually be linked to Elon Musk’s Twitter account – yet this speculation alone has been enough to keep prices high and investors interested.
Ethereum reduced its energy consumption by an incredible 99%, with a variety of layer 2 projects contributing to the scaling. In spite of this, DOGE is still the eighth-largest crypto asset in terms of market cap at $10.1 billion while SHIB sits at number 17 with a market capitalization worth $4.8 billion according to CoinGecko data. It seems that fundamentals don’t have nearly as impactful power as meme-based tokens do!
Could exciting news be in the works for SHIB token holders? Lead developer Shytoshi Kusama hinted that a new partnership related to Shibarium is on the horizon. This Ethereum Layer 2 scaling solution would provide users with an expansive metaverse platform, games, and a decentralized exchange. If these developments come to fruition, it could mean great things are ahead of us!