The crypto market started the week with a good record with the likes of Dogecoin and Shiba Inu along with Bitcoin. However, both meme coins have failed to follow the growth pattern of the biggest assets in the crypto market and are worse compared to some of their altcoin counterparts, but this may not be all bad for digital assets.
Dogecoin, Shiba Inu Fails to Make Big Profits
Over the last 24 hours, the price of Bitcoin has risen sharply to give the cryptocurrency pioneer a double-digit gain. As expected, the Bitcoin rally pulled the rest of the crypto market back into the green with Dogecoin and Shiba Inu included. However, despite the explosive rally, DOGE and SHIB made only conservative gains during the period.
To put this into perspective, the price of Bitcoin has risen by more than 11% in the last day to put BTC above $24,400. But in contrast, Dogecoin only saw 4.4% gains during this period with Shiba Inu trending lower with only 4.3% gains.
Moreover, unlike Bitcoin, these two digital assets are still recording losses on the weekly chart, while BTC is back in the green after rising more than 9%. On the 7-day chart, DOGE and SHIB experienced losses of 3.02% and 0.67% respectively. This makes them 50% less efficient when compared to Bitcoin.
DOGE rises above $0.075 | Source: DOGEUSD on TradingView.com
All Hope Is Not Lost For DOGE And SHIB
Currently, Dogecoin and Shiba Inu continue to underperform compared to some of their counterparts, but this could be a good thing for these assets. Sometimes it takes a while before the general market catches up with Bitcoin in terms of performance.
DOGE and SHIB maintain single-digit gains | Source: Coinmarketcap
Once Bitcoin has met a comfortable level and settled, altcoins usually tend to play catch-up at a later time. A similar trend was seen in 2020 when BTC rallied after stimulus checks came out, but altcoins will catch up later.
If that happens, then there may be a higher rally for DOGE and SHIB. Historically, such a catch-up rally would see digital assets record rallies of no less than 10%. This means that DOGE can effectively remove the resistance of $0.08 with SHIB being able to reclaim the 14th place in the list of the largest cryptocurrencies, beating out TRX Tron.
At the time of writing, DOGE was changing hands at $0.072, with trading volume down 1.21% to $482 million. SHIB, on the other hand, is trending at $0.00001105, while trading volume rose 10% in the last day to $372.4 million.