Shiba Inu has risen to challenge Dogecoin’s dominance as the most well-known meme coin. Shiba Inu ecosystem developers have kept adding utility even if SHIB’s market worth is still lower than DOGE’s to help the asset rise above meme coin status. Shiba Inu continues to draw the attention of important figures in the cryptocurrency business and elsewhere despite its growing utility. Since adoption and demand have increased as a result of this trend, there have been rumors of an impending price surge that might cause SHIB to surpass DOGE in market cap.
Dogecoin is now the seventh-largest asset by market cap, valued at $10.45 billion. Shiba Inu must still increase in value significantly from its current level in order to compete with Dogecoin in terms of market valuations. At the time of reporting, Shiba Inu’s market capitalisation was $6.02 billion. SHIB is the fourteenth-largest cryptocurrency asset based on this valuation. The asset initially aimed to enter the top 10 biggest cryptocurrencies, but opposition to its most recent gain dashed this hope.
SHIB’s Potential to Overtake DOGE
Shiba Inu’s market cap must increase by at least $4.43 billion for it to surpass Dogecoin. This would necessitate a 73% increase in market capitalization. Since SHIB has a limit on its circulating supply, unlike DOGE, its market cap can only rise through price growth. As a result, if the circulating supply does not significantly decrease, the value of Shiba Inu would need to increase by up to 73%. At the time of writing, SHIB is trading for $0.00001023. A 73% increase at this price would result in a price of $0.00001774.
Despite the fact that such a price target appears ambitious, it is important to keep in mind that it is only a short distance from Shiba Inu’s February 4 annual high of $0.00001575. This fact shows that SHIB has a chance to reach the $0.00001774 value.
Shiba Inu has also already had an 88% gain since hitting a yearly low of $0.00000543 two months ago. Shibarium is one ecosystem development that promises to increase acceptance and demand. This might help the price movement of SHIB. In October 2022, Shiba Inu last encountered the price of $0.00001774. If SHIB’s supply maintains constant at current price, its market value would be $10.455 billion. If other assets’ valuations stay flat, Shiba Inu will eventually become the seventh-largest asset.