Why Dogecoin holders may care less about the Shiba Inu [SHIB] expansion

DOGE holders have not felt the heat of market dumps compared to other projects. While Shiba Inu has continued to improve its ecosystem, DOGE led in market cap and active addresses.

Over the years, Dogecoin [DOGE] and Shiba Inu [SHIB] have remained kings of the memes with no other solid competitor. However, both do not seem to be on the same page as investors might wonder which might be worth holding and which is not.

IntoTheBlock data, as of 2 March, revealed that holders of the Elon Musk-admired cryptocurrency had barely had their assets drop below 40% in value.

The blockchain insight platform went further, highlighting that the stride was not a recent one. Instead, DOGE has been consistent with its performance.

Hold onto your seats #DogeArmy! DYK that $Doge holders in profit rarely drop below 40%? In fact, the last time @dogecoin saw over 60% of holders at a loss was in 2015. Impressive, given other altcoins often suffer 90%+ losses in bear markets. #Doge #HODL pic.twitter.com/xKn4YDRwmM

— IntoTheBlock (@intotheblock) March 2, 2023

Can SHIB holders take the DOGE place?

On the contrary, SHIB did not maintain its performance close to DOGE’s level. According to CryptoQuant, SHIB’s 365–day performance was a 53.49% decrease. Even though it could not improve price, the token had been able to make up with improvements in its ecosystem.

Since the downturn of the market in 2022, the Shiba Inu team focused on several developments. This included having its own ecosystem tokens like Doge Killer [LEASH] and Bone ShibaSwap [BONE], which recently found its way into the top 100 in terms of market capitalization, only to go back to 104th rank, at press time.

Also worthy of mention is the project’s exploit in the metaverse and the long-trending Shibarium, the upcoming Layer two (L2) blockchain of the Shiba Inu ecosystem. Its mission is to enhance the SHIB burn mechanism, and speed up transactions on the network.

Brothers in arms

While both have contributed in immense ways to bring liquidity to the market, Dogecoin beats Shiba Inu in market cap. While the metric also adds to the liquidity measure, it only shows a project’s growth by dominance.

At press time, Dogecoin ranked ninth with a market capitalization of $10.02 billion while Shiba Inu was number fourteen with $6.26 billion.

Source: Santiment

Whereas DOGE, despite having the backing of the Twitter CEO, continues to be overlooked as the social media’s payment currency. Although Musk had repeatedly admitted his love for the coin to the extent of teasing the community about having a DOGE-lover CEO when he steps down. Still, SHIB looks to have the edge with respect to utility.

Besides the market cap lead, DOGE also edged out SHIB with gains recorded in active addresses.

Active addresses of a project indicate the level of unique deposits in an ecosystem, therefore displaying the speculative sentiment toward it.

At the time of writing, Shiba Inu’s active addresses were 118,000. DOGE, on the other hand, was far above it at 1.02 million.

Source: Santiment

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