The Shiba Inu (SHIB) and Dogecoin (DOGE) memecoins both ended the month in the green, but SHIB’s gains are significantly higher than DOGE’s so far.
After experiencing months of price declines, holders of the two largest memecoins on the market are finally breathing a sigh of relief with their monthly gains.
First, let’s evaluate DOGE’s data. Currently, the price of the top memecoin is around $0.067, up 4% over the past seven days.
As can be seen from the chart, although DOGE fluctuated significantly in July, the month ended 2% above the open price.
Tested on a larger scale, prices are almost 50% lower than they were three months ago.
For SHIB, the price is around $0.00001193 at press time, up 5.89% over the past seven days.
Unlike Dogecoin, Shiba Inu recovered significantly for the month with an 18% increase in profits during this time period.
But when looking at the last three months’ time frame, SHIB also suffered similar losses as its value is now 45% lower.
As for market capitalization, DOGE still easily beats SHIB as the 10th largest cryptocurrency at press time, while SHIB is in 15th place.
Back in October of last year, SHIB achieved unprecedented price momentum because, at one point, it recorded a 1000% increase in a 30-day period. After that, it also made the top 10 list and continuously competed with DOGE for 9th place.
However, since falling out of the top 10, SHIB has yet to reach that position again. Therefore, the price needs to bounce strongly to create momentum for SHIB to challenge DOGE.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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