As the token price of dogecoin has plummeted over the past seven days, meme-coin rival shiba inu (SHIB) has moved up the ranks in terms of weekly earnings. Dogecoin has lost 5.8% over the past week, but shiba inu is up 21.3% over the week and 21.1% over the past 24 hours.
Shiba Inu gains 21% in 24 hours
Two days ago, Bitcoin.com News covered DOGE market action regarding dogecoin’s crawling fall of late. Weekly statistics show dogecoin (DOGE) is still down 5.8% over the past seven days, but it is still the largest memes-based crypto asset in terms of market cap. The second leader in this category is shiba inu (SHIB), an ERC20 token that has moved north in terms of price in recent times. SHIB is currently trading for $ 0.00000824 per unit, but has lost 8% in the last 30 days.
Today, there are 657,335 SHIB holders according to Etherscan data and 3,540,457 Lifetime SHIB transfers. As the second largest meme currency after DOGE, SHIB has a market cap of $ 3.6 billion. Compared to the market valuation of dogecoin, the coin represents over 11% of the overall dogecoin market cap. Sending SHIB can be expensive as Ethereum (ETH) moving cost is currently $ 5.66 per transaction according to l2fees.info. Sending a token transfer can cost $ 12.93 per transfer using the Ethereum chain.
Dogecoin fees are cheaper, Tether is SHIB’s best trading pair on central exchanges
Meanwhile, the cost of sending DOGE, according to statistics from bitinfocharts.com, is approximately 2.38 DOGE ($ 0.573) or 0.0045 DOGE per byte. It’s still 887.78% cheaper to send compared to sending SHIB ERC20, unless SHIB users are using L2 platforms like Arbitrum One, Loopring, Optimism, and Zksync. The SHIB-focused Shibaswap decentralized exchange (dex) platform currently has a total value of $ 246 million locked on the platform. SHIB sister tokens like LEASH ($ 792) and BONE ($ 1.05) are mined on the platform for cash pools and incentives.
Metrics show that SHIB generated around $ 316 million in global trade volume in the past 24 hours. While SHIB offers a wide range of pairs on dex platforms like Uniswap, Sushiswap and Shibaswap, on centralized tether exchanges (USDT) orders 79% of all trades according to cryptocompare.com analysis. Next come BUSD (9.77%), TRY (6.03%), WETH (1.82%), EUR (1.74%), and USD (0.77%). The main SHIB exchange is Binance with a 61.14% share of ERC20 token transactions. Next come Huobipro, Okex, Bitmart and Gateio respectively.
What do you think of dogecoin rival SHIB moving up the ranks in terms of weekly earnings? Let us know what you think of this topic in the comments section below.
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