Shiba Inu (SHIB) surpassed Avalanche (AVAX) in market capitalization on April 18, making it the 14th largest cryptocurrency. This surge was due to a 24-hour high of $0.0000116, indicating growing investor interest and confidence in the token. Currently, SHIB trades at $0.00001097 with a 30.01% 24-hour trading volume, indicating significant trading activity and liquidity.
Despite SHIB’s recent gains, its valuation is still relatively low compared to other tokens of similar market size. This consolidation period may represent an excellent opportunity for investors seeking future gains.
The launch of Shibarium, Shiba Inu’s new Layer 2 network, has generated significant buzz within the cryptocurrency community. The platform has already gained widespread attention, with many investors eagerly anticipating its public release. As a result, market analysts predict that SHIB will likely experience further gains in the short term.
Experts suggest that SHIB could potentially reach a short-term target of $0.000015, with Shibarium playing a critical role in helping the coin achieve and surpass this level. Shibarium has already seen impressive adoption rates, with over eleven million wallet addresses registered on its network and more than three million transactions processed.
11M wallet addresses!!!
This is impressive!!!#ShibariumBETA #Shibarium #ShibTheMetaverse #SHIBARMYSTRONG #SHIBARMY #bone #leash #shib #crypto #dex #ShibaSwap pic.twitter.com/ClChr3NxeL— SHIBKIND 🔥 (@SHIBKIND) April 17, 2023
Shibarium’s potential size upon its public mainnet launch highlights the significant benefits it could bring to the Shiba Inu ecosystem. Currently, the ecosystem heavily relies on ShibSwap decentralized exchange. However, if Shibarium is designed as a platform for the development and deployment of Shiba Inu-related projects, the potential for growth within the ecosystem could increase substantially.
Shibarium’s introduction is expected to fuel SHIB token burning, a process that results in a decrease in the amount of SHIB in circulation, thus increasing its scarcity and potentially driving up its value. With increased Shibarium adoption, the burning process is poised to intensify, further strengthening the ecosystem for this digital asset.
The emergence of Shibarium is expected to generate a notable upswing in the value of SHIB, with the potential to elevate it to $0.000015 and a heightened possibility of surging to as much as $0.00003 before the conclusion of 2023. This development represents a promising opportunity for investors seeking to capitalize on the growth potential of SHIB in the current market.
Shibarium Update 🧵
While on our last post we wanted to remind everyone that BONE 🍖 serves as the required gas token for operability within Shibarium, we also would now like to formally announce that each #Shibarium transaction will burn 🔥 SHIB.
1/2 🧵 pic.twitter.com/zQRoOuL9oW
— Shibarium Network (@ShibariumNet) January 7, 2023
PEPE Token vs. Shiba Inu: Will PEPE Take Over As the New Favorite Meme Coin?
PEPE Coin, a meme-inspired token based on the iconic character Pepe the Frog, has experienced a significant surge in price over the past 24 hours, increasing by an impressive 52.89%. The value of the coin has now reached $0.0000002885 following its launch on April 16, which saw an extraordinary 1,000,000% increase in value. Despite lacking solid fundamentals, the coin’s viral nature has attracted many investors who appreciate its resilience.
However, a high trading volume does not necessarily guarantee long-term viability, as the sustainability of a token depends on multiple factors beyond transactional volume. The maximum supply of the token is reported as 420 trillion, with limited details about its origins and possible drawbacks. It is essential to note that the PEPE token is not affiliated with the creator of the popular Pepe the Frog meme, Matt Furie.
When compared to other meme tokens, PEPE Coin’s prospects may be limited due to its lack of tangible utility and value proposition. Consequently, its current upward trend may not last as long as other meme tokens that offer more significant benefits.
It is worth mentioning that PEPE Coin is primarily traded using Wrapped Ethereum (WETH) on the decentralized exchange Uniswap. Its remarkable trading volume of over $86 million serves as a testament to its popularity and market demand.
However, it is crucial to keep in mind that a high trading volume does not necessarily indicate long-term viability, as the sustainability of a token is contingent on multiple factors beyond transactional volume.
Despite limited details about its origins and possible drawbacks, according to CoinMarketCap, its maximum supply is reported as 420 trillion, although the creators remain undisclosed. Furthermore, it is essential to note that the PEPE token is not affiliated with the creator of the popular Pepe the Frog meme, Matt Furie.
The anonymous inception of the token has sparked apprehension among some market participants, who fear the possibility of a potential scam. Despite these concerns, recent data from CoinGecko shows that PEPE has skyrocketed to the forefront of the cryptocurrency market, claiming the title of the highest climber.
The token’s remarkable ascent has transpired in just four days, prompting speculation among industry experts about its future trajectory. Many are now pondering whether PEPE’s impressive surge will continue, potentially propelling it ahead of established cryptocurrencies such as Shiba Inu (SHIB).
David Gokhshtein: SHIB, DOGE Superior to PEPE, Not Replaceable
Cryptocurrency markets are rife with opinions on the future of various coins and tokens, and one notable commentator in this space is David Gokhshtein, founder of Gokhshtein Media. On April 18, Gokhshtein took to Twitter to express his disagreement with the notion that the newly launched meme coin, PEPE, has the potential to displace established cryptocurrencies like Shiba Inu and Dogecoin.
There’s no way #PEPE replaces #DOGE.
It’s not the next coming of #SHIB either.
Smells like #BONK — we know how that ended.
— David Gokhshtein (@davidgokhshtein) April 18, 2023
Shiba Inu (SHIB) and Dogecoin (DOGE), both originally considered meme coins, have gained significant traction in the cryptocurrency market over the past year as more investors and businesses have turned to them for practical use cases and tangible value. This shift in perception is evident as these coins gradually shed their meme coin labels.
In his tweet, Gokhshtein drew a comparison between PEPE and the Solana-based meme coin Bonk Inu, launched in December 2022. “Smells like BONK—we know how that ended,” he added. While he acknowledges the significance of both SHIB and DOGE, Gokhshtein remains skeptical about the potential for the newly established meme coin to successfully supplant either of its canine-themed counterparts.
Gokhshtein’s role as an unofficial leader of Shiba Inu gives him a unique perspective on the cryptocurrency market. According to him, Dogecoin is poised to regain its previous levels of success during the next bullish trend.
Dogecoin (DOGE) has been generating significant market activity as meme-inspired cryptos continue to make headlines. As of the time of writing, DOGE is trading at $0.09208, which represents a 4.43% increase in the past 24 hours. Over the past week, the coin has surged by 9%, and in the last 30 days, by 26%. It is worth noting that the coin has registered a 31% price increase since the beginning of the year.
On April 18, the coin’s trading volume for the past 24 hours reached $1.5 billion, the highest level in over a week, dating back to when the price briefly touched $0.10. This uptick in trading volume implies an influx of liquidity that could potentially aid the coin in returning to such levels.
The surge in trading volume also indicates that significant investors have been purchasing the token following its recent dip. Therefore, this influx of liquidity and investor activity suggests that the DOGE rally is likely to continue in the near term.
Disclaimer: This piece is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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