Shiba Inu Vs. Dogecoin And LUNA: Which One Will Survive The Crypto Carnage?

Christian Encila

Last Updated: June 11, 2024 2:19 pm

2 mins read

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Shiba Inu is proving that despite the previous weeks’ turmoil in the broader crypto market, it can stand its ground and be unfazed by what’s going on.

Following a severe selloff in the previous session, major crypto tokens recovered on Wednesday. However, the increases were modest, indicating sluggish market confidence.

Dogecoin and Shiba Inu, commonly known as “meme cryptocurrencies,” have seen the most growth in recent years, but they have also suffered significant losses as a result of this meltdown.

Except for Terra’s LUNA and the dollar-pegged Tether, other major crypto tokens saw rises. Shiba Inu was up nearly 10%, followed by Avalanche, Solana, which rose 5%. BNB and XRP both climbed by 3%.

The cryptocurrency market showed signs of life on Wednesday, following the previous day’s precipitous drop, during which many of the leading coins lost 10% or more of their value.

Shiba Inu is weathering the storm better than its rivals (The Goa Spotlight)

Shiba Inu Outperforms Dogecoin

Overall, the market is up a couple percentage points today, and when it comes to meme coins and tokens, Shiba Inu is outperforming its main competitor, Dogecoin.

Despite a 70% collapse in the first three months of 2022, which left the token severely bruised and likely on the verge of extinction, it managed to crawl back up and remain in survival mode.

According to CoinMarketCap data, SHIB is up roughly 5% in the last 24 hours as of this writing, and is currently trading at $0.00001615. Dogecoin (DOGE), on the other hand, is currently trading at $0.109833, up less than 1%.

Given the influential people behind Dogecoin, it’s likely that its drop was not as worrisome in comparison to other cryptos on the market.

In the wake of the broader crypto market upheaval, Shiba Inu struck a seven-month low yesterday, while Dogecoin is down to its lowest point in more than a year — since April 2021.

SHIB total market cap at $8.15 billion on the daily chart | Source: TradingView.com

LUNA Being Hammered

The destabilization of UST caused panic selling of heavyweights such as BTC and ETH, increasing overall market volatility.

The recent UST crisis exposed big weaknesses in the algorithm-backed stablecoin system, which will need to be addressed openly in order to regain investor trust.

The value of UST’s counterpart, LUNA, has roughly halved in the last 24 hours. It was recently trading at $32 per share.

The recovery of LUNA will be dependent on the remedial actions made by the parent network/Luna Guard Foundation, which has amassed a sizable Bitcoin reserve through a series of large-scale BTC acquisitions.

Bitcoin has lost 20% of its value in the last few days. (iStock)

… So Does Bitcoin

Meanwhile, over the previous week, Bitcoin’s value has dropped by more than 20%.

This affects everyone who has money invested in any sort of cryptocurrency, which is why many people are disposing of their holdings at an alarming rate.

The exact day and time of when or if this decrease will come to a stop is unknown.

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.