Shiba Inu (SHIB) supporters have eagerly anticipated the moment when the cryptocurrency could surpass Dogecoin (DOGE) in terms of market valuation, with SHIB often touted as a potential “Dogecoin killer.” Recent fluctuations in both assets’ prices and market caps have reignited speculation among investors about the possibility of Shiba Inu reaching and exceeding Dogecoin’s market cap.
Over the past week, Dogecoin has seen marginal growth, increasing by less than 0.5%. In contrast, Shiba Inu has experienced a modest uptick of 3% during the same period. However, trading volumes for both cryptocurrencies have not been favorable, with Shiba Inu witnessing a decline of 33% in recent days.
Shiba Inu’s Past Performance
During the 2021 bull market, SHIB achieved a significant milestone by surpassing Dogecoin as the largest meme coin in the market. In October 2021, SHIB reached an impressive market cap of $37.8 billion, overshadowing Dogecoin’s $32 billion market cap at that time. However, Shiba Inu’s fortunes took a downturn following its peak at $0.00008845. The cryptocurrency’s valuation continued to decline amid market volatility and unexpected incidents such as the Terra and FTX events.
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Recent Recovery and Market Position
With Bitcoin showing signs of a potential bull run, SHIB has experienced a gradual resurgence in its market cap. Rising from $7.16 billion at the end of February, SHIB’s valuation surged to $26.26 billion by March 5. This propelled SHIB to surpass assets like Polkadot (DOT) and Polygon (MATIC), securing the 10th position in terms of market cap.
Despite its impressive ascent, Shiba Inu has yet to match Dogecoin’s market cap, currently standing at $19.9 billion compared to Dogecoin’s $24.83 billion. This has sparked speculation among investors about SHIB’s potential to reach and potentially exceed Dogecoin’s market cap.
In assessing Shiba Inu’s price potential, we examined the cryptocurrency’s trajectory if it were to equal Dogecoin’s market cap. Our analysis suggests that SHIB must surge by approximately 25% or 1.25x to achieve this milestone. At its current trading price of $0.00003364, a 52% increase would push SHIB’s price to $0.00004205, aligning its market cap with that of Dogecoin. However, despite SHIB’s recent bullish momentum and a significant 264% surge over the past month, the likelihood of another 25% rally remains uncertain.
While Shiba Inu enthusiasts maintain optimism about the cryptocurrency’s potential to rival Dogecoin’s market cap, uncertainties persist in the volatile cryptocurrency market. As SHIB continues on its upward trajectory, investors are closely monitoring its performance and anticipating potential price movements that could reshape its market standing.
Also Read: Shiba Inu: BONE Price Prediction For March 2024
This news is republished from another source.
