A few days ago we looked at some cryptocurrency movements, mainly fousing on the top dozen coins by market cap.
Over the weekend we added some more to the analysis and one of the first things of note was the saturation at the top. Did you know that the top 25 coins by market cap make up 85% of that market cap?
Adding another 5 to get top 30 and this dials up the coverage to 86%.
When you consider the hundreds of coins out in the market, this puts into perspective just how big the top players. Bitcoin/Ethereum dominate followed by Binance Coin, Dogecoin, XRP, Cardano and Tether.
Looking at the top performers since the start of the year (using a baseline of 100) we highlighted how Dogecoin dominated amongst this high market cap group. We showed that behind Dogecoin, Binance Coin was also quite the dominant force in terms of returns YTD coming in 2nd.
Adding the top 30 coins by market cap and Dogecoin still dominates but it’s not Binance Coin that comes in straight after. Rather it is Polygon, Solana and Ethereum Classic that come in before Binance Coin. Below we can see the comparison between these latter coins.
Bringing Dogecoin into the picture and we can see how it dominates the chart with its performance since the start of the year.
So, it comes as a surprise to see that even Dogecoin has its master (or should that be, every doge has its master?). Enter Shiba Inu.
Shiba Inu's dominating performance should not come as a surprise. It's nicknamed the Dogecoin Killer and its success can be read more about in the news with Ethereum cofounder Vitalik Buterin donating $1bn worth of the coin to Covid-19 relief in India (https://www.9news.com.au/technology/ethereum-cofounder-donates-1-billion-of-shiba-inu-coin-to-india-covid-relief/762c526e-5322-4aa8-aef3-7c58dd35553e) or on its website (https://www.shibatoken.com/).
It has grown a whopping 23,977,717% (or 23 million percent) since the start of the year and makes the outsized growth we saw in other coins look like a literal flatline (as per chart above).
Growth like this is certainly possible when fractions of a cent are involved which you can see directly on show from downloading the pricing data for it (4 zero’s after the decimal before you get to a figure).
The above chart shows the most recent prices too. At the start of the year on 1 January 2021, it's price was 0.0000000000772951 according to CoinGecko. That's 10 zero's before you get to a figure, no wonder growth was so strong. The Dogecoin difference was big but not as stark, going from a price of 0.0047 on 1 January 2021 to 0.5649 on 15 May 2021.
Back to Shiba and looking at it's price and volume, it’s had quite a quick run up so you might be hard pressed to find the right entry point just yet. Whatever happens, here’s hoping for some more interesting data that we can chart.
