In comparison to its enduring adversary, Dogecoin (DOGE), Shiba Inu (SHIB) is having its worst weekly performance in more than a year. SHIB has lost an incredible 16% of its value versus DOGE in the last seven days, which is a dramatic decline for the well-known meme token.
Shiba Inu has had significant growth recently, with its value versus DOGE rising by almost 110% since the end of February and hitting a high of 0.000235, its highest level since November 2021. This decline follows a period of noteworthy rise. Still, there are a number of important reasons for the value of SHIB to have declined recently.
First off, DOGE has performed well, showing what experts refer to as “alpha behaviour” with an 11.5% price gain in the last week. By the end of the week, however, SHIB had dropped 6%, suggesting a change in momentum in favour of DOGE.
Second, there are indications that the difference between SHIB and DOGE, which grew during the recent surge in meme cryptocurrencies—especially during SHIB’s remarkable 400% growth—is starting to close. This convergence shows that the two tokens’ relative advantages are beginning to equalise, with DOGE regaining some of its lost position.
Analysts have observed in recent evaluations that Dogecoin has historically had a good month in April. In light of this, it remains to be seen if SHIB and DOGE will continue to depreciate at different rates, or if SHIB will continue to decline relative to DOGE, maybe as part of a larger revaluation of DOGE.
