Shiba Inu Edging Closer to Dogecoin’s Market Cap: What’s Behind the Surge?
Shiba Inu (SHIB/USD) is making waves in the cryptocurrency world as it edges closer to rival Dogecoin’s (DOGE/USD) market cap. The meme coin, often referred to as the ‘Dogecoin Killer,’ has seen a significant rally in recent weeks, sparking discussions about a potential shift in rankings.
In the past week, memecoins have experienced a substantial surge, with Shiba Inu climbing several positions in the top 100 rankings, positioning itself just below DOGE. Shiba Inu’s price has soared by 57% on the weekly charts and an impressive 304% in the past month. On the other hand, Dogecoin has rallied 19.5% in the last week and 117% monthly.
Currently, SHIB’s market cap stands at $18.7 billion, just 17% shy of DOGE’s $22.5 billion, according to data from Benzinga Pro. If Shiba Inu maintains its bullish momentum, it could potentially surpass Dogecoin in the rankings in the near future.
While Dogecoin has the advantage of being the first meme coin to enter the scene back in 2013, Shiba Inu, launched in 2020, has quickly made a significant impact in its brief history. Both coins are actively working on developments that could further boost their prices.
The growing influence of “dog money” on the internet has been highlighted by BitMex co-founder Arthur Hayes, who expressed enthusiasm for Shiba Inu’s new venture, SHIB Name. This initiative, along with other developments in the Shiba Inu community, has fueled the coin’s upward trajectory.
Shiba Inu’s recent gains have also been supported by hints from the community about potential token burns and increasing meme coin adoption. Despite a pause in SHIB burns since January, the coin has conducted five burns so far, incinerating a total of 43 billion SHIB tokens.
Crypto trader Gem Sheriff believes that the current SHIB rally is just the beginning, stating, “SHIB bullish flag! You’ve only watched the bull run trailer of SHIB!” Technical analyst Javon Marks sees potential for a further 120% rally in SHIB.
In the last 24 hours, Shiba Inu was trading 14.29% higher, while Dogecoin was up 1.94%, according to Benzinga Pro. As the competition between Shiba Inu and Dogecoin heats up, investors and crypto enthusiasts will be closely watching to see how the rankings play out in the coming days.
Disclaimer: This article was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors. Photo courtesy: Shutterstock.
