When it comes to meme coins, there is no denying that Shiba Inu (SHIB) has been one of the most talked about tokens in recent times. Its success is due in part to its catchy name and adorable mascot, which is a hit with social media users.
But hype aside, how does SHIB compare to other meme coins like PEPE and DOGE? PEPE is the newly hyped memecoin in the crypto market. Since the token has done more than 20x since its inception, it has attracted many traders and investors. Dogecoin (DOGE), on the other hand, is known as Elon Musk’s favorite.
SHIB, PEPE and DOGE: The Comparison
On May 5 Coingecko issued a study who analyzed meme coin price returns over time, using data from CoinGecko. The study considered the start of data availability as the hypothetical date of purchase, while taking the all-time high price, as of May 4, 2023, as the selling point to gain profit.
According to Coingecko’s data, SHIB required an initial investment of just $12 to reach $1 million by 2021, making it one of the most affordable meme coins on the market. DOGE, on the other hand, required an initial investment of $820 in 2013, which is significantly higher.
Other meme coins, such as PEPE and WOJAK, require an initial investment of $158,312 and $175,330, respectively, making them much less accessible to the average investor by 2023.
In terms of price gains, SHIB was the most successful meme coin, with an incredible increase of 8,424,202.3% at its peak compared to its starting price on August 1, 2020. This is a testament to SHIB’s popularity and its ability to attract investors attract worldwide.
On the other hand, DOGE has been a successful meme coin in the long run, pioneering the category since 2013. DOGE’s price performance has been impressive and consistent among the top 10 cryptocurrencies by market cap.
Meanwhile, Shiba Inu struggles to make it to the top 10 while still ranking 16th in the global crypto market.
Shiba Inu Downward Price Action
SHIB, in particular, has recently experienced significant price volatility, leading to downward price action. This has been attributed to several factors including profit taking, a broader market downturn and investors moving to a more attractive memecoin which is currently PEPE.
According to CoinGecko data, the price of SHIB was $0.00000001 on August 1, 2020 and reached an all-time high of $0.00008616 on October 28, 2021. At the time of writing, SHIB is trading at $0.00001000, representing a decline of 88.43% over all-time high.
SHIB’s market cap has gradually plummeted over the past 7 days, from a high of $6.1 billion on April 29 to just $5.8 billion. Interestingly, the daily trading volume has since increased from $91.8 million to $144 million in the last 24 hours over the same period.
Featured image from iStock, chart from TradingView