YEREVAN (CoinChapter.com) — Shiba Inu (SHIB), the canine-based meme token that hit the markets as the copy-cat of Dogecoin (DOGE), the original meme crypto, has since caught much investor attention. After rapidly surging in price to create the next generation of crypto millionaires, the half-serious, half-joke token has consolidated its spot among the most popular assets in the crypto market. 

In 2023, it became one of the best-performing meme tokens, along with the lines of BONK, PEPE, and Floki Inu (FLOKI). 

Now, investors wonder whether Shiba Inu (SHIB) will surpass Dogecoin (DOGE) in market capitalization. 

Shiba Inu price performance & market cap

Shiba Inu has shown remarkable growth, with its price surging by 242.9% over a week at one point, highlighting its volatility and the significant interest from investors​​. 

This surge placed SHIB in a favorable position in terms of market cap rankings on platforms like CoinMarketCap and CoinGecko. 

Despite the subsequent dips, the SHIB price remains over 10,000,000% (ten million million percent) above its all-time low.  

At the time of writing, Shiba Inu’s market cap stands at $5.2 billion, an impressive number for a token that started as a joke. 

SHIB’s price hovers around $0.00000886, which is still some 90% below its all-time high of $0.00008845 from October 2021. 

Dogecoin has the utility advantage of Shiba Inu

Despite SHIB’s impressive gains, Dogecoin (DOGE) maintains a higher market capitalization, owing to its longer presence in the market. Its market cap of $11.2 billion is more than double that of SHIB, placing it at 11th ranked against SHIB’s 18. 

Moreover, an established user base and wider acceptance as a means of payment by various companies​​ have given DOGE a better advantage. For example, Elon Musk’s continued support for the token has culminated in Tesla accepting payments in Dogecoin for its merchandise. 

The utility of each coin plays a crucial role in their potential for growth. In contrast to DOGE’s utility advantage, Shiba Inu is expanding its utility through initiatives like the decentralized exchange ShibaSwap, the Shiba Inu Metaverse, and the Shibarium layer-2 solution​​. These efforts aim to enhance SHIB’s practical applications beyond its status as a meme token.

On-chain data indicates Dogecoin’s broader network activity and adoption, with consistently higher daily active addresses compared to SHIB. This level of activity is a testament to DOGE’s strong community and the impact of endorsements from high-profile individuals like Musk​​.

DOGE currently exchanges hands at $0.07849, according to CoinMarketCap data. 

While Shiba Inu has demonstrated potential for rapid growth and is working to broaden its utility, Dogecoin’s established presence, wider adoption, and higher network activity give it an edge.

The launch of Shibarium and other initiatives could improve SHIB’s position. However, overtaking DOGE in the near term remains a significant challenge​​.

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Filed under: Bitcoin - @ February 5, 2024 8:55 pm