Two typical memcoins regularly compete for market capitalization. While Dogecoin (DOGE) has been in the industry for many years, SHIB is climbing the charts very quickly. The proliferation of projects within ecosystems prompts us to renew the question: which angle will impose its superiority?
In recent weeks, the prices of the two cryptocurrencies SHIB and DOGE have been quite irregular, with inconsistent ups and downs, helped by current market movements. In the crypto industry, most investors expect Shiba Inu to overtake Dogecoin sooner or later, fueled by an ever-growing community on Twitter, as well as an increase in the number of projects. These elements are inseparable from creating a good buzz, which can be the catalyst for a good bull move, attracting a large number of investors, creating a certain FOMO among investors, as is currently happening with LUNC.
Tokens in Trouble
But still, over the past few months, SHIB is the cryptocurrency that performed the best of the two, even though their market capitalization has dropped significantly. The Doge, however, is counting on strong support from billionaire Elon Musk, who has significantly multiplied Doge-related announcements to push the dog cryptocurrency up.
However, if we take into account the market capitalization of the two cryptocurrencies, we can see that the gap remains very low with Doge at No. 11 threatened by SHIB at No. 13 with a $1.3 billion gap.
In addition, SHIB’s peak market capitalization was over $40 billion at the end of October 2021, while DOGE was content with $39 billion.
As well as the possible transition between Bitcoin and Ethereum that is potentially approaching, the transition between Shiba Inu and Dogecoin is also eagerly awaited. However, it is still difficult to predict in favor of one or the other, given that since the end of the year, these two cryptocurrencies have fallen heavily.
Ethereum Whales – Strong Support for SHIB
On numerous occasions, BeInCrypto has reported repeated purchases of SHIB tokens by major Ethereum whales who keep the token among their favorite coins week after week regardless of market movements. On the other hand, sending tokens to dead coin burning wallets also remains afloat, with hundreds of millions of SHIB being sent there every day.
This support is very important, especially in relation to market capitalization. Indeed, ETH whales, which have great buying potential, can increase the price of the token at any time, but above all fill the gap in market capitalization. While SHIB is likely to lag behind DOGE in terms of price for a long time, given that their current prices are still three zeros apart, closing the gap in market capitalization is much more realistic by the end of the year. .
But still, Shiba nu has a highly sought after deflationary nature in the cryptosphere with very regular token burns. In recent months, this initiative has focused on expanding the ecosystem by optimizing incineration as well as incineration alternatives so that returns are constant and increase. Thus, deflationary tokens are increasingly attracting investors.
Shibarium is still under development, but it already promises a lot with the likely built-in burning, as well as lower transaction fees through layer 2, which could increase the number of SHIB transactions on the Ethereum blockchain. But still, the entire shiba inu ecosystem seems to be evolving as its other tokens, BONE and LEASH, also have their uses, and the performance of the former has been excellent in recent days.
While Dogecoin expects to soon overtake Shiba Inu in terms of market capitalization, its token price is likely to stay higher for a long time to come. However, the Shiba Inu will have to continue to regularly reinvent themselves and destroy their ecosystem, as they have done in recent months, if they are to establish their future. Indeed, this could help it weather the future onslaught of some memcoins like Tamadoge, which is making presales hype.
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