Shiba Inu and Dogecoin Face Daunting Hurdles to Reach Old Heights

Shiba Inu and Dogecoin have returned to investor watchlists this month, but their performance is a far cry from where they were in early 2021. SHIB has seen a significant increase in addresses across Ethereum and Shibarium, reaching 1.8 million as of September 12.

However, despite its growing popularity, Shiba Inu's market cap remains at $3.08 billion, down 94% from its peak of $0.00008845 in October 2021. To revisit that level today, SHIB would need a whopping 17x return.

Dogecoin, on the other hand, has seen some volatility this week, with its market cap dropping to $15 billion after a rough week. The coin's ETF test has been put under pressure following the closure of Bitwise's Dogecoin ETF, which held only about $688,000 in assets.

The peak for DOGE was $0.7376 in May 2021, and it now sits 88.6% below that level. To double its value today, Dogecoin would need another $15 billion of demand, a daunting task given the current market conditions.