Shiba Inu supporters eagerly anticipate the day when Dogecoin will surpass SHIB in market value. SHIB is often touted by SHIB enthusiasts as a future cryptocurrency. “Dogecoin killer.” Investors are speculating about Shiba’s potential to surpass Dogecoin in market capitalization due to recent fluctuations of both asset prices and market caps.
Dogecoin’s growth has been marginal, with an increase of less than 0.5% in the last week. Shiba inu, on the other hand, has seen a slight increase of 3% over this same time period. Trading volumes have been unfavorable for both currencies, Shiba Inu experiencing a 33% decline in the last few days.
Shiba inu past performance
SHIB has achieved an important milestone during the bull run of 2021 by overtaking Dogecoin in terms of the most popular meme coins on the market. SHIB achieved a $37.8-billion market cap in October of 2021. Dogecoin had only surpassed $32 billion at the time. Shiba Inu, however, saw its fortunes plummet after it peaked at $0.00008845. In spite of market volatility, and unforeseen events such as Terra and FTX, the cryptocurrency valuation has continued to fall.
Also Read: Shiba Inu: Should You Buy SHIB Now Or Is It Too Late? Explained
Recent Recoveries and Market Position
SHIB’s market capitalization has gradually increased as Bitcoin shows signs of potential bull runs. SHIB’s market cap jumped from $7.16 to $26.26 by the 5th of March. SHIB’s market value soared from $7.16 billion at the end of February to $26.26 billion by March 5.
Shiba Inu, despite its rapid rise, has not yet reached Dogecoin’s market capital, which is currently $24.83 Billion, compared with Shiba Inu’s $19.9 Billion. SHIB has been a source of speculation for investors who believe that it could reach or even surpass Dogecoin’s market cap.
When assessing Shiba’s potential price, we looked at the trajectory of cryptocurrency if Dogecoin were to match its market cap. According to our analysis, SHIB would need to surge approximately 1.25x or 25% in order for it reach this milestone. SHIB is currently trading at $0.00003364. A 52% rise would bring its price up to $0.00004205 and align its market capital with Dogecoin. SHIB has been on a bullish streak recently, and its price is up 264% in the last month. However, it’s not certain that the coin will continue to rise by another 25%.
Shiba Inu supporters remain optimistic about their cryptocurrency’s ability to compete with Dogecoin’s market capital, but the volatility of the crypto market continues. Investors are watching SHIB closely as it continues to rise and anticipate potential price changes that may reshape the market.
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Source: watcher.guru