The prices of the 4-legged meme crypto coins, Dogecoin and Shiba Inu are travelling on different wave lines, with DOGE oscillating, while SHIB surges +35% in the last 24 hours.
In the last week alone, DOGE’s price has seen pumps and dumps that have moved it from $0.25 to $0.25 respectively with peaks near $0.26 and lows of $0.23.
The situation is a little different for its crypto-meme SHIB which seems to be gaining market appreciation moving from a price of $0.0000072 to $0.0000092.
Dogecoin stands still while SHIB barks
If we were talking about market cap, DOGE’s total market capitalization would be over $33 billion, compared to SHIB’s $3.5 billion. And while DOGE remains in 9th position with a 1.53% dominance in the crypto market, SHIB is in 47th position with just 0.16% dominance in crypto.
In the crypto market, anything can really happen. Even the tweets from Jack Dorsey, founder of Twitter and Square, followed by Tesla and SpaceX CEO, Elon Musk, echo this sentiment.
That’s my safe word too
— Elon Musk (@elonmusk) September 16, 2021
“That’s my safe word too.”
While Dogecoin, which at the moment is progressing more slowly, continues to be supported by the big names in the crypto industry such as Elon Musk and Vitalik Buterin, the “DOGECOIN KILLER”, Shiba Inu is beginning to bark and make itself heard in a big way.
Shiba Inu (SHIB) +35% in 24 hours thanks to airdrop on Huobi
At the time of writing, SHIB’s value has shot up by +35% in just 24 hours. Perhaps the real motivation for this price pump is also derived from SHIB’s ongoing airdrop on Huobi’s Asian crypto-exchange.
By September 20, Huobi will give away as many as 1.3 billion Shiba Inu tokens to European users. To participate, one must complete KYC and invite friends to join Huobi.
This mass adoption move by the Asian exchange to Europe, using SHIB’s airdrop, as well as boosting the price of Dogecoin’s crypto rival, aims to increase the trading volume of Huobi, which is now the third-largest crypto-exchange, after Binance and Coinbase.
Dogecoin’s fees are cheaper than Shiba Inu’s fees.
A particular concern for those who like to carry out crypto transactions and opt for four-legged memes is the price of the fees.
In practice, as SHIB is an ERC20 token, a smart contract on the Ethereum blockchain, the cost of fees is still relatively high compared to DOGE.
Specifically, a transaction in SHIB costs +887% in fees compared to transactions in DOGE. Obviously, the cost of fees on SHIB would be reduced if layer 2 platforms such as Arbitrum One, Loopring, Optimism and Zksync were used to execute transactions.