Ethereum researcher Justin Drake said the Shiba Inu (SHIB) memecoin supersedes thousands of its counterparts in terms of quality. Drake’s positive sentiment brought excitement within the community, with members hailing the memecoin as a standout performer.
Drake Compares Shiba Inu With Solana Memecoins
Drake gave the statement in a recent interview, which focused on the strengths and weaknesses of various blockchains. Drake was joined by Solana’s co-founder Anatoly Yakovenko and David Hoffman of Bankless.
The power of the #SHIBARMY shines through! 🌟
In a world full of memecoins, $SHIB rises above as a beacon of quality and unity.
We’re here to support all memecoin lovers and celebrate the diversity of our ecosystems.
Together, we build a future of innovation and prosperity.… pic.twitter.com/AEtIrcJOCW
— Shib (@Shibtoken) June 6, 2024
Drake highlighted that Solana’s thousands of memecoins are still minuscule compared to Shiba Inu. According to him, the total market value of all Solana’s memecoins is about $10 billion. This is less than that of Ethereum’s only memecoin (Shiba Inu), which has a market value of $15 billion. The Ethereum researcher claims that this comparison demonstrates Shiba Inu’s higher quality and substantial market influence as a single token among many.
Although SHIB is currently experiencing a decline in its price, its long-term performance is still noteworthy. The October 2021 top price of $0.00008616 remains the memecoin’s all-time high.
However, CoinMarketCap’s comparative analysis conducted between June 1 to June 7 shows Solana (SOL) performed better overall than SHIB. The market cap of SHIB currently stands at $14.9 billion, while that of SOL comes in at $79 billion.
SHIB, BONK, and DOGE See Declines
Amongst other memecoins in the crypto market, SHIB is second to Dogecoin (DOGE). At press time SHIB is trading at $0.00002335, demonstrating a 7.93% decrease in the past day.
In comparison, Solana’s emerging memecoins like Bonk (BONK) and Dogwifhat (WIF) also experienced notable volatility in the past 24 hours. While the value of BONK decreased by 3.64%, WIF dropped by 13.53% to $0.00002817 and $2.846 respectively.
Meanwhile, the Shiba Inu ecosystem has witnessed substantial advancements across several initiatives and projects this year. Some of the projects spotlighted by Shiba Inu’s marketing specialist Lucie include the improvement of Shibarium, and the introduction of SHEboshi (SHEB), amongst others.
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