Could Shiba Inu Overtake Dogecoin?

The extraordinary ascent of Shiba Inu, a digital currency created to imitate Dogecoin, which itself was constructed as a jest, has been absolutely remarkable.

After being launched in 2020, SHIB soared to an all-time high in October 2021, resulting in an increase of more than 19,000,000% in just 11 months.

At present, the coin is within close range of DOGE in terms of market capitalization, but is a major shift in the cards?

Despite having only started its journey in 2020, Shiba Inu is currently the 12th largest digital currency in circulation by market capitalization and is less than $2 billion behind its source of inspiration, DOGE. However, is it possible for SHIB to surpass the original meme coin?

Why is Shiba Inu Considered So Promising?

Shiba Inu has gained a lot of attention and popularity in the cryptocurrency market in recent times, making it one of the most promising digital currencies out there. One of the reasons for this is its unique branding as the “Dogecoin killer.” SHIB was created to rival Dogecoin, a popular meme-inspired cryptocurrency that has been around for several years. Shiba Inu’s branding and marketing strategies have worked in its favor, attracting a large and passionate community of supporters.

Another reason for its popularity is its decentralized and community-driven nature. SHIB operates on the Ethereum blockchain, making it decentralized, and its development is overseen by a decentralized team of volunteers. The community-driven aspect of SHIB is also a key factor, with the project’s team regularly engaging with and involving the community in decision-making processes.

Moreover, the low price of SHIB tokens, compared to other digital currencies, has also attracted many investors who see the potential for high returns on their investments. The project’s strong social media presence, particularly on Twitter and Reddit, has helped create a lot of buzz and attract new investors.

Finally, the development team regularly announces upcoming features, such as the launch of ShibaSwap, a decentralized exchange, and Shiboshis, a non-fungible token (NFT) marketplace. These features are expected to boost the adoption and value of the currency.

What Does SHIB Need to Outperform DOGE?

To win the DOGE vs SHIB competition, Shiba Inu needs to overcome several significant challenges. Firstly, DOGE has a larger and more established community, which will be challenging for SHIB to match. DOGE has been around for several years and has already gained a massive following, including high-profile celebrities such as Elon Musk. Shiba Inu needs to work hard to build a similarly dedicated and loyal community to rival DOGE’s.

Secondly, SHIB needs to address concerns about its liquidity and trading volume. While SHIB has seen significant price appreciation, its trading volume and liquidity are still significantly lower than DOGE’s. This lack of liquidity can make it difficult for investors to buy and sell SHIB, which could potentially hinder its growth.

Thirdly, SHIB needs to prove its long-term sustainability as a digital currency. While its branding and marketing strategies have been successful so far, it needs to show that it has the technical capabilities and use cases to compete with more established digital currencies. The launch of upcoming features such as ShibaSwap and Shiboshis could help in this regard, as they will provide additional use cases for SHIB and make it more attractive to potential investors.

Finally, SHIB needs to maintain its momentum and continue to innovate to stay ahead of the competition. The cryptocurrency market is highly competitive and constantly evolving, and SHIB needs to be able to adapt quickly and effectively to remain relevant and attractive to investors.

What is the Performance of DOGE at the beginning of 2023?

The first quarter of 2023 is coming to its end, so we can assess what was the performance of the biggest meme coin at the beginning of the year. DOGE entered 2023 at the point of $0.06941, whilst today it’s traded at $0.07579. The biggest rise of this quarter took place at the beginning of February when the coin reached $0.092. Although the following performance is difficult to predict, we may suppose that this trend is rather positive for DOGE investors as it indicates that the asset is gaining momentum to perform potential growth.

However, take into consideration that the performance of DOGE in the following length of 2023 will depend on various factors, including market trends, investor sentiment, and the adoption of DOGE as a payment method. It is also worth noting that cryptocurrency markets are highly volatile, and sudden fluctuations in price are not uncommon. Investors should always do their own research and exercise caution when investing in digital currencies.

Are There Other Meme Coins Worth Consideration?

Yes, there are several other meme-inspired digital currencies that may be worth consideration. Some examples include SafeMoon, Baby Doge Coin, and Akita Inu. These coins have gained popularity in the crypto market due to their branding and marketing strategies, and their low prices make them attractive to investors looking for high-risk, high-reward investments. However, investors should always do their own research and exercise caution when investing in digital currencies, especially those with no clear use cases or long-term sustainability.

The Bottom Line

Shiba Inu’s remarkable ascent has put it within close range of Dogecoin’s market capitalization, but whether it can surpass the original meme coin remains to be seen. Shiba Inu’s unique branding as the “Dogecoin killer,” decentralized and community-driven nature, low price, and upcoming features make it a promising digital currency. However, to outperform DOGE, SHIB needs to build a similarly dedicated and loyal community, address concerns about liquidity and trading volume, prove its long-term sustainability, and continue to innovate.