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Dogecoin Outshines Rival Meme Token Shiba Inu as Majority of Investors See Profits

Dogecoin Outshines Rival Meme Token Shiba Inu as Majority of Investors See Profits

A blockchain analytics company recently reported that most investors who hold Dogecoin (DOGE), a meme token, have made a profit.

However, the same cannot be said for Shiba Inu (SHIB) investors, struggling to see gains.

As per IntoTheBlock’s data, 56% of DOGE investors have profitable investments, 34% are currently experiencing losses, and 10% are breaking even. On the other hand, only 29% of SHIB investors have profitable investments, while a significant 67% are underwater.

Currently, DOGE is trading at $0.073, a decrease of over 24% from its high of $0.099 earlier in 2023. Similarly, SHIB is currently valued at $0.000011, a decrease of more than 31% from its 2023 high of $0.000016.

Recently, the Shiba Inu ecosystem launched its highly anticipated Shibarium, a layer-2 scaling solution, in beta form. Built on top of the Ethereum (ETH) smart contract platform, the layer-2 protocol is similar to Polygon (MATIC).

When the beta test concludes, Bone ShibaSwap (BONE) will be the governance token for the new ecosystem, and users will be required to pay gas fees using the digital asset.

READ MORE: Bitcoin Facing Significant Pressure Despite Recent Surge

However, Kusama, the developer behind Shibarium, has issued a warning stating that the coins in the beta form of Shibarium are not genuine. As a result, users should not spend their SHIB attempting to accumulate them.

Shibarium was first announced in May 2021 and aimed to enable developers to create highly scalable and cost-effective applications. While Kusama stated that the beta testing phase would take around two months, the testing period may extend until July.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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