At the time of publication, the total market capitalization of all cryptocurrencies was $837.59 billion, up 1.97% over the previous 24 hours. According to CoinMarketCap, a service that tracks the cryptocurrency market,
The values of the two most well-known meme tokens, Dogecoin (DOGE) and Shiba Inu (SHIB), have also increased during the past 24 hours.
Related: The price of Dogecoin (DOGE) has gone up by more than 20% in just 24 hours.
With a daily gain of 1.24% and a price increase to $0.08241, DOGE has outperformed SHIB to become the 9th largest cryptocurrency by market cap. In addition, the price of DOGE has increased by 0.18% in comparison to Bitcoin (BTC) and decreased by 2.10% in comparison to Ethereum (ETH).
When looking at SHIB, its price increased 0.26% over the previous day. Its price now stands at $0.00000904. SHIB’s price has declined versus both Bitcoin (BTC) and Ethereum (ETH), the two crypto market leaders, by 0.85% and 3.10 percent, respectively.
As a result of repeated interest rate increases and the failure of several crypto firms, including Celsius, Terra Luna, and FTX, this year has been disastrous for both the cryptocurrency markets and the conventional financial markets.
Therefore, 2023 is a chance for investors to rebalance their portfolios and buy cryptocurrencies at a reduced price. B and DOGE may outperform each other in 2023, with DOGE outperforming SHIB.
Related: Dogecoin’s price falls after a huge rise, and trading volume goes through the roof.
This is because Elon Musk, sometimes known as the “together,” has ties to DOGE and his endeavors. The recent purchase of Twitter by Musk will probably increase the price of DOGE in the upcoming months. In the meantime, SHIB’s low utility levels might be the key factor in the meme token’s poor performance in 2023.
