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- The value of the Shiba Inu coin has risen while the value of DogeCoin has fallen
- The Shiba Inu coin’s value has increased by 21.3 percent this week and 21.1 percent in the last 24 hours
- Meanwhile, Dogecoin, the parody cryptocurrency, has dropped 5.8% in the last week
While the token price of the dogecoin has fluctuated over the last seven days, the meme-rival coin’s Shiba Inu (SHIB) has risen in the weekly gains rankings. Dogecoin has lost 5.8% in the previous week, whereas Shiba Inu has increased by 21.3 percent in the last week and 21.1 percent in the last 24 hours.
In just 24 hours, the Shiba Inu has increased by 21%
The news highlighted the DOGE market movement surrounding dogecoin’s recent four-legged fall two days ago. Dogecoin (DOGE) is still down 5.8% in the last seven days, according to weekly statistics, but it is still the largest meme-based cryptocurrency in terms of market value. Shiba Inu (SHIB), an ERC20 token that has recently been heading north in price, is the second leader in that category. SHIB is presently trading at $0.00000824 a unit, but it has dropped 8% in the previous 30 days.
According to Etherscan data, there are 657,335 SHIB holders today, with 3,540,457 lifetime SHIB transfers. SHIB, the second-largest meme-currency after DOGE, with a market valuation of $3.6 billion. When compared to the market capitalization of dogecoin, the coin accounts for more than 11% of the total market capitalization. According to l2fees.info, the cost of moving ethereum (ETH) is currently $5.66 per transaction, making sending SHIB expensive. Using the Ethereum blockchain, sending a token transfer can cost $12.93 per transfer.
Tether Is SHIB’s Top Trading Pair on Centralized Exchanges, and Dogecoin Fees Are Lower
Meanwhile, according to bitinfocharts.com statistics, the cost of sending DOGE is roughly 2.38 DOGE ($0.573), or 0.0045 DOGE per byte. Unless SHIB users are using L2 platforms like Arbitrum One, Loopring, Optimism, or Zksync, this is still 887.78 percent cheaper to send than the ERC20 SHIB. Shibaswap, a SHIB-focused decentralized exchange (dex), currently has a total value of $246 million locked on the platform. On the platform, SHIB sibling tokens like LEASH ($792) and BONE ($1.05) are used for liquidity pools and incentives.
SHIB had a global transaction volume of roughly $316 million in the last 24 hours, according to metrics. Tether (USDT) commands 79 percent of all trades on centralized exchanges, according to a cryptocompare.com analysis. While SHIB has a wide range of pairs on dex platforms like Uniswap, Sushiswap, and Shibaswap, tether (USDT) commands 79 percent of all trades on centralized exchanges, according to a cryptocompare.com analysis. BUSD (9.77%), TRY (6.03%), WETH (1.82%), EUR (1.74%), and USD (1.74%) are the next most popular currencies (0.77 percent ). Binance is the most popular SHIB exchange, accounting for 61.14 percent of all ERC20 token trades. Huobipro, Okex, Bitmart, and Gateio come in second, third, and fourth, respectively.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
