In a possible sign of froth, SHIB overtakes DOGE as the top dog, while Bitcoin retreats: Markets wrap

As evidence of market froth emerges, SHIB and DOGE compete for 'top dog' title, while BTC retreats. DOGE and SHIB are battling it out for the title of best memecoin. Before investing large sums of money in memecoins, it is critical to evaluate hash rate as a proxy for network security.

Due to the huge activity surrounding the memecoin, SHIB is burning a significant quantity of ETH. When compared to DOGE, SHIB looks to have a more evenly distributed token distribution.

Due to the history of dog coin rallies leading to larger market selloffs, prudence is advised. While BTC may have a short-term correction owing to general market froth, permanent financing rates have decreased, while long-term funding rates have increased.

Highlights of DOGE

Dogecoin (DOGE) is a proof-of-work technology created by Billy Markus and Jackson Palmer in 2013 after a fork from Litecoin (LTC). The project was originally designed as a joke and is based on a Dog meme.

“I just made it up as I went along, with no expectations or plans. In a reddit post, Billy Markus stated, "It took around 3 hours to build."

DOGE now has a market valuation of around $32 billion. Mark Cuban and Elon Musk, both billionaires, have expressed interest in the project. The Dallas Mavericks, a Mark Cuban-owned NBA club, stated in March that they will begin taking DOGE as a form of payment.

DOGE presently lacks smart contract features and has no ecosystem developed around it, hence there are only a few use cases in its current state. Elon Musk has already said that he is working with DOGE engineers to assist solve this, but no new information has been released since then.

According to CNBC, DOGE accounted for 62 percent of the $30 billion corporation Robinhood's (HOOD) crypto trading income in Q2 2021.

Highlights from the SHIB

Shiba Inu (SHIB) is a self-described "DOGECOIN KILLER" who began as a joke based on the Shiba Inu dog meme. Because it's an ERC-20 token, it's now protected using the proof-of-work protocol, but if Ethereum merges, it'll switch to proof-of-stake. It was established in 2020 by a person or people using the alias "Ryoshi."

The designers brought a lot of attention to SHIB by giving Vitalik Buterin, the co-founder of Ethereum, 410 trillion of the 1 quadrillion supply of the cryptocurrency for free. According to Yahoo, Vitalik transmitted 90% of the remaining amount to a dead address, thereby removing the coins from circulation forever, and the remainder to a charity. Today, there are 410 trillion S$ in circulation.

SHIB offers a lot more use cases than DOGE because it is built on top of Ethereum and includes smart contract capabilities. Shibaswap is a website that has around $400 million in total value locked (TVL) and allows users to interact with NFTs, a decentralized exchange, liquidity mining, and other features. As a result, there is no doubt that SHIB has more applications than DOGE at current time.

Despite being a major admirer of DOGE and memes in general, Elon Musk stated on Twitter on Sunday that he has no SHIB. SHIB has officially eclipsed DOGE as 'the top dog' and the 9th largest coin by market cap in the previous 24 hours, with the 3rd highest traded volume among digital assets.

Comparison of Holder Base and Hash Rate

When considering to invest in digital assets, it's vital to consider the hash rate to get a sense of how secure a network is. The hash rate is the amount of computational power committed to network security and transaction processing.

On a logarithmic scale, the hash rates of BTC, ETH, and DOGE are shown in the graph below. The ETH and DOGE hash rates would not be seen if a logarithmic scale was not utilized since the hash rate on the BTC network is astronomically greater.

Non-Fungible Tokens (NFTs)

A notable sale took place earlier today, with CryptoPunk #1422 selling for 500 ETH.

Trading data from OpenSea and Solanalysis of some of the top Solana and Ethereum projects can be found in the photos below:


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