Shiba Inu or Dogecoin: Which Is Better & Likely to Outperform This Year

Shiba Inu vs Dogecoin: The Meme Coin Craze

In the realm of cryptocurrency, the meme coin sector has emerged as a formidable force, captivating the attention of traders and investors worldwide. This year has witnessed a surge in the popularity of meme coins, with Dogecoin and Shiba Inu leading the charge.

Price Movements

Dogecoin kicked off the year with fluctuations, trading both in the red and green until February 2024. However, it then embarked on a remarkable uptrend, surpassing the coveted $0.1 mark in late February. By late March, it had even briefly touched $0.2, attracting significant interest.

Shiba Inu, on the other hand, began the year on a bearish note but swiftly gained momentum, coinciding with Dogecoin's rally. It shed a zero from its value, reaching $0.00001 by late February and $0.00003 by March. This rapid ascent sparked investor enthusiasm, intensifying the rivalry between Dogecoin and Shiba Inu.

Bullish Sentiment

Shiba Inu's impressive performance, with a 139.31% gain over the past year compared to Dogecoin's 82.02%, has further fueled bullish sentiment among investors. Weekly charts show a 4.15% dip for Dogecoin, while Shiba Inu rallied 7.84%, solidifying its bullish position.

Derivatives Data

Liquidation charts reveal fewer liquidations for Shiba Inu than Dogecoin, indicating less price volatility for SHIB. This underscores the growing optimism surrounding Shiba Inu. Additionally, as more Dogecoin positions were forcefully closed, Shiba Inu emerged as a beacon of hope.

Open Interest

Dogecoin's open interest chart suggests waning momentum, while Shiba Inu's chart showcases significant spikes. This surge in open interest points to heightened and sustained interest in Shiba Inu among crypto market investors.

Conclusion

As the meme coin craze continues to grip the cryptocurrency market, Shiba Inu has emerged as a formidable contender to Dogecoin. Its impressive price performance, coupled with favorable derivatives data and strong investor sentiment, positions Shiba Inu as a promising investment opportunity in the meme coin sector.