SHIB Drops 1.2% to $0.00000776 – How Does It Compare to AVAX?

Shiba Inu's SHIB token has seen its price dip 1.2% over the last 24 hours to around $0.00000776. This comes as the overall crypto market trades sideways. But how does SHIB's recent price activity compare to Avalanche's AVAX?

SHIB Outpacing AVAX Over Shorter Timeframes

Looking at the past week, SHIB has outgained AVAX 2.9% to 5.2%. SHIB has also slightly edged out AVAX over the past 14 days, up 1% compared to AVAX's 6.3% return.

However, over the past 30 days, AVAX has strongly outperformed SHIB, surging 22.1% versus SHIB's more modest 8.1% advance.

So over shorter timeframes, SHIB has shown greater relative strength. But over the past month, AVAX has handily outpaced SHIB.

Vastly Different Market Caps

It is important to note the huge gap in market capitalization between the two assets. AVAX has a market cap of $4.9 billion, dwarfing SHIB's market cap of $4.6 billion.

AVAX is also ranked 15th overall while SHIB sits at 19th, highlighting AVAX's standing as a major crypto versus SHIB's more speculative status.

SHIB Showing Longer-Term Weakness

Despite bouncing off its lows, SHIB remains down sharply from its all-time highs, currently 91% below its peak from October 2021. AVAX is also far below its record highs but by a smaller margin at 90% down.

Over the past year, SHIB has plunged 31.4% versus AVAX's milder 41% losses over the same period.

So in the longer-term view, SHIB has shown more persistent weakness compared to AVAX.

Is Now the Time to Buy the SHIB Dip at $0.00000776?

With SHIB pulling back 1.2% but holding recent gains, is now a good opportunity to buy? While SHIB has outperformed AVAX slightly over the past 2 weeks, its long-term downtrend remains intact. Waiting for a clear break above resistance at $0.00000838 could provide a better risk/reward scenario for traders.

Can SHIB Regain Momentum in 2023 Despite the Crypto Bear Market?

As a purely speculative, meme-driven asset, SHIB saw a parabolic surge in 2021 followed by equally aggressive selling. Now down 91%, it faces immense resistance to recover significantly absent afrothy crypto bull market. While further meme coin manias are possible, sustainable gains for SHIB beyond short-term spikes will likely require fundamental development and real-world utility for the ecosystem. Until then, major gains seem unlikely in the current macro environment.

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