The price performance of the crypto assets Shiba Inu (SHIB) and Zilliqa (ZIL), including in relation to the latest news.
Below is an in-depth look at market analysis and the latest news featuring the two coins.
Summary
Analysis of the Shiba Inu (SHIB) and Zilliqa (ZIL) crypto assets
It is worth recalling that Shiba Inu (SHIB) is a decentralized crypto based on Ethereum. Specifically, its success is also due to the contribution of important personalities related to the blockchain industry such as Elon Musk.
Zilliqa (ZIL), on the other hand, is software that aims to incentivize a global, distributed network of computers in order to manage a blockchain platform that aims to increase user scalability through sharding.
Could Shiba Inu surpass Dogecoin? CNBC’s opinion
A recent opinion piece by CNBC, the popular US website, explored the possibility of Shiba Inu (SHIB) overtaking Dogecoin (DOGE) in market capitalization next year. But is it really possible?
As the report also points out, DOGE is superior to SHIB in market capitalization with over $6 billion. Specifically, Dogecoin currently boasts a market capitalization of $12.59 billion.
On the other hand, Shiba Inu’s market capitalization is currently $6.42 billion. Therefore, considering the current figures, Shiba Inu would need an additional $6.17 billion in market capitalization to surpass Dogecoin.
One area of competition for the two crypto assets, as suggested by the report, is that of utility. Utility refers to the ability of an asset in addressing a need beyond its market value.
Hence, as we know, the most important utility of Dogecoin is in its use as a means of payment. Indeed, we see that DOGE is used as a direct payment by some of the world’s most important companies-Tesla, Newegg, airBaltic, and Twitch.
On the other side, Shiba Inu aims to increase its usefulness through various projects, such as the decentralized exchange Shiba Swap, Shiba Inu Metaverse, and with games such as Shiba Eternity.
In terms of on-chain metrics, we see that DOGE’s daily active addresses have been consistently higher than SHIB’s. As such, it can be concluded that the possibility of Shiba Inu overtaking Dogecoin at the moment is very remote.
Shiba Inu cornered by new memecoins: what is happening?
Although Shiba Inu (SHIB) has performed well in recent times, new memecoins have now appeared in the market with a huge spike in their price, such as PEPE, WOJAK, and CHAD, and they could lead to serious difficulties for the coin.
Emerging in the market first is PEPE, a memecoin depicting a frog that is increasing its popularity in the cryptocurrency world. In fact, it currently holds 10,000 active holders out of a total maximum supply of about 420 trillion tokens in the market.
According to CoinMarketCap, PEPE is priced at $0.0000002716 with a 130.92% increase in trading volume. Then there is WOJAK, another Ethereum-based memecoin that has been listed on the prestigious exchange Bitget.Â
Its market price started to skyrocket as soon as it was listed. Currently, the price of Wojak ranges at $0.0001388 with an 11.51% decrease in trading volume.
Finally, we see CHAD, another memecoin moving in the current cryptocurrency market, becoming extremely bullish in a short time. For now, UniSwap v2 and v3 have listed CHAD for trading.
In any case, the memecoin holds a maximum supply of about 235 billion tokens and is currently priced at $0.00001516 with a 4.45% increase in trading volume according to CoinMarketCap.
Fate or not, with the rise of various memecoins with new supports and opportunities, the price of SHIB is currently falling. In fact, according to CoinMarketCap, SHIB ranges around $0.0000109 and 8 million tokens have been transferred to a dead wallet in the last 24 hours.
Focus on the price of the crypto Zilliqa ahead of the EVM launch: comparison with Shiba Inu
Based on the data, we see that on Wednesday the price of ZIL rose to its highest point since February. Meanwhile, investors are eagerly awaiting the upcoming launch of EVM, Ethereum Virtual Machine.
Amid all this, ZIL rose to a high of $0.036, which was about 68% above the low since the beginning of the year. Hence, this jump makes it one of the best-performing crypto assets in the industry.
The Ethereum Virtual Machine, soon to be launched for Zilliqa, is software that runs smart contracts on the Ethereum network while helping to strengthen interoperability within different chains.
Hence, for Zilliqa, the launch of its EVM implementation on mainnet will take place on 25 April. The EVM integration will have numerous benefits for the Zilliqa ecosystem.
For example, users will be able to transfer their native ZIL using popular wallets such as MetaMask. In addition, developers will be able to implement Solidity smart contracts.
As expected, in the face of this important news, the price of Zilliqa has seen an unstoppable run upward. Specifically, the rally was from the year-to-date low of $0.021 to a high of $0.036, as anticipated.
Hence, ZIL has managed to break through very important key levels. Most recently, in fact, it broke through key resistance at $0.0328, the high point on 2 April. By moving above that price, the currency invalidated the double-maximum pattern that was forming.
As a result, according to various experts, it is also very likely that the currency will continue to rise as buyers target the next key resistance point at $0.037, the highest point in April this year.
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