Cryptocurrency 11 minutes ago (Nov 24, 2022 02:30AM ET)
© Reuters. Will Shiba Inu (SHIB) And Dogecoin (DOGE) Have a Great 2023?
- The global crypto market cap now stands at $837.59 billion.
- SHIB and DOGE have both seen their prices rise over the last 24 hours.
- DOGE will likely have a great 2023 following Elon’s Twitter acquisition.
The total crypto market cap has risen 1.97% over the last 24 hours to take the total to $837.59 billion at press time. This is according to the crypto market tracking website, CoinMarketCap.
Looking at the two most popular meme tokens, (DOGE) and (SHIB), the prices of both tokens have risen over the last 24 hours as well.
Currently ranked as the 9th biggest crypto in terms of market cap, DOGE has outperformed SHIB with its 1.24% daily gain, taking its price to $0.08241. DOGE’s price has also strengthened against the price of (BTC) by 0.18%, and has weakened against (ETH) by 2.10%.
Looking at SHIB, its price has risen 0.26% over the last 24 hours. This takes its price to $0.00000904. Compared to the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), SHIB’s price has weakened against both by 0.85% and 3.10% respectively.
This year has been a terrible year for both the crypto markets and the traditional financial markets following numerous interest rate hikes and the downfall of several crypto companies, such as Celsius, Luna, and FTX.
As such, 2023 is an opportunity for investors to readjust their portfolios and purchase cryptos at a discounted price. In terms of SHIB and DOGE, 2023 may be a better year for DOGE than SHIB.
The reason for this is that DOGE is tied to the activities of Elon Musk, who is also known as the DogeFather. Musk’s recent acquisition of Twitter will likely pump DOGE’s price in the coming months. Meanwhile, SHIB’s low amounts of utility could be the main contributor to a below-par 2023 for the meme token.
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