Shiba Inu surpasses DOGE in the second quarter

Despite the cryptocurrency market is in a bullish trend for some weeks now, Shiba Inu has outperformed Dogecoin in the second quarter of this year according to reports published.

Shiba Inu (SHIB), a meme-coin inspired by Dogecoin, had a strong second quarter of 2021. Shiba Inu (SHIB) surpassed DOGE in the second quarter, according to CoinGecko's Q2 Quarterly Report, with gains of 11,566,501%.

With the following statement and accompanying graphic, the team at CoinGecko published their study on Shiba Inu (SHIB) vs. DOGE.

Despite not being in the top-5 cryptocurrency, SHIB outperformed DOGE as it ended the quarter with an 11,566,501% return.

At peak, if you were to buy Shiba Inu (SHIB) at $1 at the start of the year, you would have gotten $456,929!

The researchers at CoinGecko went on to say that on May 10th, the value of Shiba Inu (SHIB) reached an all-time high of $0.00003791.

Vitalik Buterin gave approximately 50 trillion SHIB to the India COVID Relief Fund two days later, on May 12th.

This quantity of SHIB was worth around $1 billion, and Vitalik chose to destroy 90% of his remaining SHIB holdings.

Two months later, Vitalik Buterin's chain of events culminated in Shiba Inu correcting by around 82% to its current value of $0.0000068.

In terms of technical analysis, Shiba Inu (SHIB) hasn't altered much in the crypto markets.

The 6-hour SHIB/USDT chart shows that the digital asset is in bear territory, as it continues to trade below the 50, 100, and 200 moving averages, as shown in the chart below.