Dogecoin DOGE/USD Has Notably Outpaced Shiba Inu SHIB/USD Over the Past 12 Months

The apex meme coin has surged 218% over the past year, outpacing Shiba Inu's 73% gains.

Dogecoin (CRYPTO: DOGE) has notably outpaced Shiba Inu (CRYPTO: SHIB) in terms of price performance over the past 12 months, sparking a discussion on social media about the factors driving this disparity.

The apex meme coin has surged 218% over the past year, outpacing Shiba Inu’s 73% gains. Dogecoin saw its first major spike in March 2024, with bullish sentiment continuing into late 2024, especially after Elon Musk's D.O.G.E references.

On the other hand, Shiba Inu has focused on utility, with significant token burns and the launch of its metaverse to increase adoption. However, these efforts have yet to translate into price action matching DOGE's run.

Trader Notes: Javon Marks highlights that Shiba Inu is forming an inverse Head & Shoulders pattern, with a potential 399% breakout target at $0.000081.

Meanwhile, crypto trader Kevin highlighted that a weekly close above $0.28 on DOGE could trigger a move toward the highs.

Get back above the .28 cents level on #Dogecoin on a weekly close and show follow through and my thought process is we attack the highs not too long after that. I have been allocating into a spot long at .25 cents on #DOGE in the Patreon via the Trading Portfolio (separate from… pic.twitter.com/Wlf2QkGNmj

Statistics: IntoTheBlock data shows Shiba Inu large transaction volume declining by 30.3% and daily active addresses down by 19.9% in a single day. Transactions greater than $100,000 decreased from 115 to 77.

Lookonchain data highlighted a newly created wallet withdrawing 290.4 billion SHIB, worth $4.8 million, from Binance.