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An overview of the current state of the crypto market, with a focus on Dogecoin, Shiba Inu, Cardano, Solana, and Cronos.
Following the numerous black swans of 2022, many investors have initiated sudden capital shifts, resulting in an even more volatile market for meme coins in particular.
Price analysis of Dogecoin, Shiba Inu, Cardano, Solana, and Cronos
Let’s analyze the prices and situation of the most beloved meme coins and then widen our gaze to the more emblazoned Cardano, Solano, and Cronos.
Dogecoin (DOGE)
DOGE (Dogecoin) born now 10 years ago from the energies of Billy Markus and engineer Jackson Palmer, is nothing more than a fork of Litecoin (LTC), itself a fork of Bitcoin (BTC).
In the plans of the two engineers, the coin was to be a fast and likeable payment method (Meme Coin) with classic payment fees totally absent.
In addition to taking on these features, the token was used for the social Reddit and Twitter, the latter belonging to the now no longer richest man in the world, Elon Musk.
The crypto is named after the famous “Doge” meme with the Shiba Inu puppy that is also used as the logo.
Within the crypto community, it is considered the quintessential meme coin characterized as all those digital coins belonging to this highly volatile group.
Today the value of Dogecoin is €0.06866754 and registers an increase of 0.55% compared to yesterday while the volume is €436,392,338.
The cryptocurrency’s price reaches eighth place in the special market capitalization ranking with €9,439,455.225.
Shiba Inu (SHIB)
Dogecoin’s twin is Shiba Inu, same little dog to inspire the coin but different logo and name.
Its price to date is €0.00000766 and is characterized by ever-volatile sessions.
The crypto was born as a main competitor to Dogecoin and unlike the latter which is based on Scrypt, Shiba Inu (SHIB) is based on Ethereum’s mining algorithm.
In total there are six dog-inspired meme coins and they complete the “family” Baby Dogecoin (BabyDoge), JINDO INU (JIND), Alaska Inu (LAS), and Alaskan Malamute Token (LASM).
After losing the Dogecoin train in 2013, other fans and careful investors poured right into SHIB, which as of today has a value of €0.000008 with a daily trading volume of €141,750,743.
The currency dropped 30% in the last day, slipping to the 16th position by market capitalization with €4,331,305,837 and a circulating volume of SHIB 549,063,278,876,302.
Cardano (ADA)
Cardano touched the price $0.27 again with +0.24% today and a recovery of almost 9% in the last week (8.75%).
The new bundles in the altcoin furnace bring Cardano back above Polkadot and it has been a while since this has occurred.
If one takes into consideration the ratio of market value to realized value (MVRV) one will notice how it has been rising significantly in the last 5 days which bodes well for a continuation of the digital currency’s bullish trend.
The EMA (Exponential Moving Average), shows us that the bearish players dominate in the market while the On Balance Volume (OBV) and the Relative Strength Index (RSI) bring to light a downward trend in stark contrast to what was said at the beginning.
The initial theory, however, finds fertile ground in the CMF (Chaikin Money Flow) which gives hope to those who feel bullish.
According to most analysts in 2023 Cardano might even touch $0.200.
Solana (SOL)
Solana shares 12.43 euros down 5.01% from the last day after it had risen 37% in the last 7 days.
The current price is 94.93% away from the all-time high of €244.95 Euro with a circulating amount of 367,932,019.513 SOL.
Solana is aiming for greater scalability of the blockchain through proof-of-stake and proof of history i.e., a definite record of transactions in chronological order, essentially SOL can support 50,000 transactions per second while remaining decentralized.
Cronos (CRO)
The crypto today touched the price $0.05886 while its daily trading volume is $9.05 Million exhibiting a growth of 2.19% compared to yesterday.
Cronos is Crypto.com‘s native token and boasts a 24-hour trading volume of €13,381,608.
Its capitalization makes it among the top 30 Coins stopping at €1,414,020,299 with 25,263,013,692 CRO in circulation.