On March 23rd in the cryptocurrency market, the top five gainers were Midnight (+11.84%), DeXe (+6.52%), Kite (+5.56%), Shiba Inu (+5.50%), and Pepe (+5.36%). The top five losers were River (-4.62%), Ethena (-3.41%), Decred (-3.15%), Kaspa (-3.04%), and TRON (-2.88%).

Gate News reports that on March 20, Shiba Inu's price has declined over 60% during 2025, despite the project launching Shibarium, a Layer 2 solution with DeFi capabilities. This case demonstrates that even when meme tokens are equipped with utility tools, it is difficult to sustain value support. Additionally, the co-founder of PEPE is building a new project based on exchange fee revenue, with relevant details not yet disclosed.

PEPE co-founder announced on March 20 the launch of a new project that will provide token holders with an income source based on exchange fee revenue model. Despite Shiba Inu's launch of Shibarium and integration of DeFi features, it has failed to stabilize token value, demonstrating that even with utility tools, Meme tokens' long-term value remains unstable. The specific name and mechanics of the new project have not yet been disclosed.

Elon Musk recently clarified that he does not hold Shiba Inu (SHIB) tokens, putting an end to market speculation about his potential SHIB accumulation. This statement has drawn investor attention to SHIB's price fluctuations. Although Musk has not invested in SHIB, his association with Dogecoin continues to influence market sentiment around SHIB. The SHIB price has declined approximately 93.55% from its historical high.

On March 10th, among the top 100 cryptocurrencies in the market, Shiba Inu rose by 9.10%, ranking first in gains. Among the top five declines, MemeCore and Humanity Protocol both dropped by 4.96%.

A cryptocurrency investor from Dubai recently posted on X stating that she has sold all her XRP holdings and increased her Shiba Inu (SHIB) positions. This statement quickly sparked discussions within the community. She straightforwardly said, “I just sold all my XRP and bought more SHIB.” Since XRP has long been regarded as a utility token with cross-border payment and institutional application value, while SHIB originates from internet meme culture, this asset switch is seen as a radical risk reallocation. In fact, this is not the investor’s first expression of strong bullishness on SHIB. In January this year, she publicly predicted that SHIB could reach $1 by 2026. Although many consider this target highly challenging, it also highlights her high confidence in the high volatility potential of Meme coins. Her complete exit from XRP is interpreted as a typical case of shifting from “value logic” to “emotion and speculation-driven” strategies.

Gate News Bot news, on January 30, according to CoinMarketCap market, as of press time, DOGE (Dogecoin) is now trading at $0.12, down 6.58% in 24 hours, reaching a high of $0.13 and a low of $0.11, with a 24-hour trading volume of $1.873 billion. The current market capitalization is approximately $19.396 billion, down $1.367 billion from yesterday. DOGE is an open-source peer-to-peer digital currency backed by Shiba Inu enthusiasts worldwide. As an unexpected movement in cryptocurrency, Dogecoin is known for its unique community culture. It utilizes blockchain technology to achieve a highly secure decentralized information storage system through a public ledger maintained by a network of computer nodes. The DOGE community adheres to the principle of "Do Onl every day."

In early 2026, Shiba Inu officially launched the SOU NFT framework to track and account for user losses caused by previous vulnerability incidents. This mechanism transforms the vague "post-event compensation promise" into verifiable and auditable on-chain debt records, enabling the recovery process to have clear quantitative standards for the first time. After the Shibarium Plasma Bridge vulnerability in 2025, Shiba Inu chose to mint SOU NFTs on the Ethereum network to mark the confirmed damaged amounts. Each NFT corresponds to a specific address and its entitled principal amount, serving as an on-chain accounting voucher rather than an incentive or profit asset. Users can verify claim data independently without relying on any centralized channels, significantly reducing information asymmetry.

Although the overall crypto market remains healthy, meme coins experienced a market cap crash of approximately 61% between 2025 and 2026. Trading volume plummeted from $20 billion to $3 billion, and most newly launched meme coins failed to retain their value. The market is highly concentrated, with Dogecoin and Shiba Inu accounting for 84% of the market cap.

As the Meme coin sector heats up again, Pepe (PEPE) is being increasingly viewed by analysts as a direct challenger to Shiba Inu (SHIB). Cryptocurrency analyst Y00thereum recently stated that driven by a recent strong rally, Pepe's market cap is expected to surpass Shiba Inu before April 20, 2026, attracting significant market attention. Data shows that PEPE surged over 60% last week, while SHIB's increase during the same period was about 22%. Y00thereum believes that this clear performance difference reflects stronger current capital inflows and market momentum for Pepe. He pointed out that at the current pace, PEPE's market cap could rapidly close the gap with SHIB in the coming months, potentially even surpassing it ahead of schedule.