Avalanche (AVAX): Analyzing Crypto Performance Compared to PEPE and Shiba Inu
When it comes to the crypto markets, Bitcoin and Ethereum aren’t the only options. Let’s take a look at the performance of three specific cryptocurrencies: Avalanche (AVAX), PEPE, and Shiba Inu (SHIB).
AVAX is the native cryptocurrency of the Avalanche crypto ecosystem, which is gaining significant attention alongside Bitcoin and Ethereum.
The Rise of Avalanche (AVAX)
AVAX currently holds a spot in the top 10 cryptocurrencies with the highest market capitalization, surpassing Dogecoin and Tron. Although it hasn’t reached ADA’s market capitalization yet, it has the potential to do so during a bull run.
While AVAX’s current price of around $35 is still far from its all-time high of $146 in November 2021, it experienced a major price jump from $4 to over $40 in just over a month at the beginning of 2021. Despite a terrible 2022 due to the implosion of the Terra/Luna ecosystem, AVAX has been steadily rising since November.
PEPE: A Memecoin with Volatility
In contrast to AVAX, PEPE is a memecoin that experienced an incredible debut on the markets. It reached its all-time high of 0.04 millionths of a dollar shortly after its launch but quickly saw its price drop back to 0.009 millionths. Since then, PEPE has been trading within a range of 0.006 to 0.016 millionths of a dollar.
While PEPE’s market capitalization is relatively low compared to others, its price is easily influenced by community sentiment due to its memecoin nature.
The Journey of Shiba Inu (SHIB)
Shiba Inu, originally a memecoin, has attempted to transform into a real crypto project. However, it currently ranks 17th in terms of market capitalization, falling behind other cryptocurrencies like Toncoin, Polygon, and Chainlink.
Shiba Inu experienced a significant price surge in early 2021 but has since fallen from its historical peak. It has been moving sideways within a range of 7 to 14 millionths of a dollar since the implosion of the Terra/Luna ecosystem in May 2022.
While Shiba Inu is striving to become more than just a memecoin, it has yet to achieve its goal. However, there is still potential for future growth.
Hot Take: AVAX, PEPE, and SHIB in the Crypto Markets
AVAX, PEPE, and SHIB have each had their own unique journey in the crypto markets. AVAX shows promise as it rises from a bear market and aims to surpass its previous all-time high. PEPE remains volatile but is influenced by community sentiment due to its memecoin status. Meanwhile, Shiba Inu struggles to solidify itself as more than just a memecoin project but may still have potential for growth. Keep an eye on these cryptocurrencies as they continue to navigate the ever-changing crypto landscape.
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