In the past, Dogecoin and Shiba Inu Coin have seen big gains. Both meme coins have seen notable price hikes in recent weeks. 2023 could be another good year for meme coins. But which is a worthwhile choice in 2023: Dogecoin or Shiba Inu? This article is all about Dogecoin vs Shiba Inu. Let’s take a look at it in more detail.
What happened to the prices of the two meme coins?
Happy Dogetober, Shibes! What is your doge dressing up as this Dogeween? Drop your pet pawtraits below! pic.twitter.com/2seN1fYhY9— Dogecoin (@dogecoin) October 31, 2022
Dogecoin and Shiba Inu Coin, two well-known meme coins, have seen substantial price movements in recent weeks. At the end of October, there were notable price increases. On the one hand, this was due to the Bitcoin price passing $21,000. This ignited a notable altcoin rally.
However, while the Shiba Inu coin increased by more than 40%, the Dogecoin price more than massively increased. This was due to Elon Musk’s buyout of Twitter taking place at that time. The impact of the price rise was magnified as a result. Prices then fell sharply again at the start of November. This was due to the FTX crash’s consequences. Some of the most influential waste took place with meme coins. This is also a pretty standard of a meme coin. In a short period, there are high rises and deep falls.
Why might the cryptocurrency market surge again in 2023?
The year 2023 could be much more positive for a meme coin. The above-mentioned meme coins have lost 90% of their all-time highs by 2022. Only in the last few weeks have the Dogecoin and Shiba Inu Coin seen significant growth. Positive strategies may be preserved in 2023.
Past price movements focus on providing optimism for a bullish 2023. During the earlier bear market, the 2nd year, 2019, performed substantially better than the first year, 2018. In 2019, for instance, the price of Bitcoin elevated from $3,500 to $10,500.
What could be the Dogecoin price movements in 2023?
The recent short-term price doubling has indicated that Dogecoin still can appreciate substantially in worth under the right circumstances. The fact that Elon Musk, a Dogecoin advocate, now has power over Twitter should be a big plus for Dogecoin.
In the future, the meme coin could be heavily promoted on Twitter. Musk has full control over one of the most powerful platforms’ algorithms. He also has millions of followers with whom he can share widely known Shiba memes. This focus may lead to new price explosions.
What could be the Shiba Inu price in 2023?
In 2021, the Shiba Inu coin encountered a price rise that outperformed the Dogecoin. However, by 2022, the SHIB had fell out of the top ten cryptocurrencies. However, the buzz surrounding a meme coin commonly comes in cycles. As a result, the Shiba Inu Coin may yield considerable interest again in 2023.
As a younger meme coin, the Shiba Inu’s potential growth could be even greater than that of the Dogecoin. The risk with the SHIB may be significantly greater, but so may the profit potential in the coming year.
Which meme coin is worthwhile to invest in?
We would advise investors to purchase at least one meme coin, even though they should be aware that this type of cryptocurrency carries a high level of risk. Dogecoin is more established, and Elon Musk’s acquisition of Twitter could be highly beneficial in the coming year. The Shiba Inu Coin, on the other hand, could discover unique hype and price explosions.
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