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Dogecoin Overthrows Shiba Inu as Market Show Signs of Recovery

Published 02/07/2023, 08:18 AM
Updated 02/07/2023, 08:30 AM
© Reuters Dogecoin Overthrows Shiba Inu as Market Show Signs of Recovery

  • Dogecoin has outperformed Shiba Inu in percentage gains.

  • The cryptocurrency market has seen signs of recovery in the recent past.

  • Baby Dogecoin has outperformed other dog-themed cryptocurrencies.

About 63% of Dogecoin holders are still making a profit, according to statistics from a blockchain analytics firm, IntoTheBlock. The remaining 35% of Dogecoin holders are losing money.

In comparison, 45% of investors in Shiba Inu are making a profit, while just 1% are breaking even, and 54% are still losing money, even though the cryptocurrency market has recently begun to come back. However, the price of Shiba Inu has increased.

Over the last several months, the value of both cryptocurrencies has seen a steep decline, although there has been some improvement in the recent past. According to statistics provided by CryptoCompare, the performance of both cryptocurrencies over the previous year has been fairly correlated.

DOGE vs. SHIB year change chart, source: Cryptocompare

Experts predict that February will remain a pleasant memory for investors, especially those who bet on popular meme currencies like Floki, Baby Doge Coin, and Shiba Inu. This is because the…

The post Dogecoin Overthrows Shiba Inu as Market Show Signs of Recovery appeared first on Coin Edition.

See original on CoinEdition

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