Shiba Inu (SHIB) supporters are eagerly predicting when the cryptocurrency can surpass Dogecoin (DOGE) in terms of market capitalization, with SHIB often being advertised as a “Dogecoin killer.”
Recent fluctuations in both asset price and market capitalization have sparked speculation among investors about Shiba Inu’s potential to surpass Dogecoin’s market capitalization.
Over the past week, Dogecoin has experienced marginal growth, increasing by less than 0.5%. In contrast, Shiba Inu has seen modest growth of 3% during the same period. However, the trading volume for both cryptocurrencies has not been favorable, with Shiba Inu witnessing a 33% decrease in recent days.
Shiba Inu’s Previous Performance
In the bullish market of 2021, SHIB achieved a significant milestone by surpassing Dogecoin to become the largest meme coin in the market. In October 2021, SHIB reached an impressive market capitalization of $37.8 billion, overshadowing Dogecoin’s market capitalization of $32 billion at that time.
However, Shiba Inu’s performance declined after reaching a peak of $0.00008845. Throughout the year, SHIB’s market capitalization continuously declined amidst market corrections and unexpected incidents such as the FTX bankruptcy event and the Terra scandal.
Recent Recovery and Market Position
In the early months of 2024, SHIB has gradually experienced a revival in its market capitalization. Increasing from $7.16 billion at the end of February, SHIB’s market capitalization reached $26.26 billion on March 5. This propelled SHIB to surpass cryptocurrencies like Polkadot (DOT) and Polygon (MATIC), securing SHIB’s position as the 12th largest cryptocurrency by market capitalization.
Despite its impressive growth, Shiba Inu still falls short of Dogecoin’s market capitalization. SHIB currently stands at $19.9 billion compared to Dogecoin’s $24.83 billion. This has sparked speculation among investors about SHIB’s potential to surpass Dogecoin’s market capitalization and gain wider market access.
When assessing the price potential of Shiba Inu, WatcherGuru examined SHIB’s trajectory to see if it aligns with Dogecoin’s market capitalization. WatcherGuru’s analysis shows that SHIB needs to increase by approximately 25% or 1.25 times to achieve this milestone.
With the current trading price of $0.00003364, a 52% increase would push the price of SHIB to $0.00004205, aligning its market capitalization with that of Dogecoin. However, despite SHIB’s recent upward momentum and a significant 264% increase in the past month, the possibility of another 25% increase remains uncertain and seemingly fragile.
While meme coin enthusiasts maintain optimism about SHIB’s potential to compete with Dogecoin’s market capitalization, uncertainties still exist in the volatile cryptocurrency market. As SHIB continues its upward trajectory, investors closely monitor its performance effectiveness and predict potential underlying price fluctuations that could reshape Shiba Inu’s market position.
