Dogecoin Rival Shiba Inu Rises in Value as DOGE Prices Fluctuate, SHIB Rises 21% in 24 Hours – Market Updates

While Dogecoin's token price has stalled over the past seven days, coin's rival Shiba Inu (SHIB) has risen in terms of weekly gains. Dogecoin has lost 5.8% in the last week, but Shiba Inu is up 21.3% over the week and 21.1% in the last 24 hours.

Shiba Inu gains 21% in 24 hours

Two days ago, Bitcoin.com News reported on the DOGE market action regarding Dogecoins four-legged fall recently. Weekly statistics show that Dogecoin (DOGE) is still down 5.8% in the last seven days, but it is still the largest meme-based crypto asset in terms of market capitalization. The second leader in this category is Shiba Inu (SHIB), an ERC20 token that has been moving north in price recently. SHIB is currently trading at $0.00000824 per unit but has lost 8% in the last 30 days.

Today, according to Etherscan data, there are 657,335 SHIB holders and 3,540,457 lifetime SHIB transfers. As the second largest meme currency after DOGE, SHIB has a market capitalization of $3.6 billion. Compared to Dogecoin's market valuation, the coin represents more than 11% of Dogecoin's total market capitalization. Sending SHIB can be costly due to the cost of transporting Ethereum ( ETH ) is currently $5.66 per transaction according to l2fees.info. Sending a token transfer can cost $12.93 per transfer over the Ethereum chain.

Dogecoin fees are cheaper, Tether is SHIB's top trading pair on centralized exchanges

Meanwhile, according to bitinfocharts.com statistics, the cost of sending DOGE is around 2.38 DOGE ($0.573) or 0.0045 DOGE per byte. This is still 887.78% cheaper compared to sending the ERC20 SHIB, unless the SHIB users use L2 platforms such as Arbitrum One, Loopring, Optimism and Zksync. SHIB-focused decentralized exchange (Dex) platform Shibaswap currently has a total value of $246 million on the platform. SHIB sister tokens such as LEASH ($792) and BONE ($1.05) are used on the platform for liquidity pools and incentives.

Metrics show that SHIB had a global trading volume of around $316 million in the last 24 hours. While SHIB offers a wide range of pairs on Dex platforms such as Uniswap, Sushiswap and Shibaswap, on centralized exchanges Tether ( USDT ) controls 79% of all trades according to a cryptocompare.com Analysis. This is followed by BUSD (9.77%), TRY (6.03%), WETH (1.82%), EUR (1.74%) and USD (0.77%). The leading SHIB exchange is Binance with a share of 61.14% of ERC20 token trades. This is followed by Huobipro, Okex, Bitmart and Gateio.

What do you think about Dogecoin rival SHIB climbing the ladder in terms of weekly gains? Let us know your thoughts on this topic in the comments below.

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