Shiba Inu (SHIB) has surpassed Dogecoin (DOGE) after a massive 800% price rally in October.
It has been reported that SHIB rallied by more than 25% to an all-time high of $0.00005959, crossing above its previous all-time high of 0.00005000, according to data from Binance. The latest move upside pushed the token’s month-to-date (MTD) returns to approximately 726%, making it the fifth-highest grossing cryptocurrency entering the final quarter of 2021.
However, SHIB’s October gains had slipped to near 606% following a price correction from its record high, still higher than the rest of the top-cap crypto rivals, including Bitcoin (BTC), Ether (ETH), Cardano (ADA) and Solana (SOL).
The report said that still, SHIB’s superior performance particularly stands out against its meme coin rival, Dogecoin (DOGE), whose MTD gains are currently only about 8%. Moreover, Shiba Inu’s market capitalization has now reached $22.1 billion, the 11th-largest, putting it right behind Dogecoin’s $31.53 billion in 10th place.
Likewise, Shiba Inu was launched in 2020 after taking heavy inspiration from Dogecoin, a 2013-born joke cryptocurrency fashioned after the Japanese dog breed.
Eight years since its introduction, Dogecoin’s popularity emerged with its use as payments by sports teams, AMC theaters and as a speculative investment vehicle as Tesla CEO Elon Musk’s social media endorsements of the token. DOGE’s price underwent an incredible upside boom in the first five months of 2021, rising more than 15,000% amid a retail-led frenzy.
In doing so, the king meme token reached its record high of $0.76 on May 8, only to correct by over 68% to trade around $0.23 at press time. Overall, Dogecoin went through extreme trends in the previous 12 months, starting with a long period of consolidation, eventually following it up with an extended bullish breakout and further by a massive price correction.
Joe Wiesenthal, the editor at Bloomberg Markets, noted that Shiba Inu has “advanced smart-contracting capabilities,” making it better than Dogecoin.
Thus, he added:
“You can check out Shibaswap, a Uniswap-like decentralized exchange for the SHIB community. It’s got NFT, liquidity mining. All of it. Meanwhile, Dogecoin doesn’t have any of this right now.”
Source: Cointelegraph