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Dogecoin and Shiba Inu are the pioneers of the memecoin market. Both projects have inspired the creation of thousands of memecoins and continue to push the market to new highs. However, both their utility has been called into question over the past year. Due to a lack of applications and use cases, Shiba Inu and Dogecoin risk being overtaken by new presales like Meme Moguls, which offers greater utility than both projects.

Shiba Inu Crashes 12% In January

Shiba Inu is one of the world’s most sought-after memecoins. Initially released as a Dogecoin rival, Shiba Inu has gone on to create a unique ecosystem, recently launching Shibarium, a scalability platform.

Shibarium was a big hit among Shiba Inu holders and has increased the number of Shiba Inutransactions. Since its release, the Shiba Inu developers have hinted at several new collaborations and developments, which has created a feeling of excitement within the Shiba Inu community. However, SHIB’s value hasn’t replicated this feeling.

Over the last 30 days, Shiba Inu’s price has fallen by 12.4%, causing SHIB’s daily trading volume to crash below $150 million. At the time of writing Shiba Inu was trading at $0.000009245 and had increased in value by 2.29% over 24 hours.

Dogecoin Bear Market Continues To Frustrate Investors

Following a similar trend to Shiba Inu, Dogecoin has also decreased in value over the last 30 days. Its price has dropped by 10%, creating a sense of frustration amongst Dogecoin holders. Dogecoin is now down 5.93% over the last year and is falling short against rival memecoins.

While the memecoin market continues to boom, Dogecoin offers significantly lower returns, which has caused some investors to sell. With its recent bear run showing no signs of an upturn, Dogecoin investors will likely continue to sell to reduce their losses.

Meme Moguls Chases SHIB And DOGE

Meme Moguls (MGLS) is showing positive growth trends during its presale. This hot new project is already selling out ahead o

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Author: Crypto Daily

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