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Crypto Analyst Predicts SHIB to Overtake DOGE as Leading Meme Coin

source-logo  coinedition.com 28 September 2023 15:18, UTC

In a recent tweet, crypto analyst Jake Gagain predicted that Shiba Inu will surpass Dogecoin as the leading meme coin network in the world. According to the crypto analyst, this will happen during the next crypto bull market.

The statements of the analyst mirror the beliefs of people within the Shiba Inu community. So far this year, the Shiba Inu network has witnessed several developments geared toward improving the meme coin’s ecosystem.

At present, Shiba Inu sits as the 19th-ranked cryptocurrency network, with a total market cap of $4.27 billion. Meanwhile, Dogecoin is the largest meme coin, with a market cap of $8 billion. As with the general cryptocurrency market, the token also saw a drop in its price amid the bear market.

The SHIB team stated that many of the developments are expected to move the network from a meme coin to a blockchain, offering several projects and use cases. However, the prolonged bear market has impacted the token’s growth.

Furthermore, the Shiba Inu team has also undergone more aggressive token burning since the beginning of the year. The team predicts that removing the burned tokens from circulation will help grow the token’s value.

Recently, the Shiba Inu team announced a partnership with Shibarium node provider — NOWNodes. The partnership is expected to reshape the Shiba Inu blockchain landscape and improve the user experience.

Likewise, the network announced days ago that it was building a new app called the Shiba Hub. The app is expected to integrate with Shiba Inu’s layer-2 network, Shibarium, and revolutionize users’ experiences on the platform.

According to data from CoinMarketCap, Shiba Inu is currently changing hands at $0.000007244. The present price is a 0.31% gain in 24 hours. However, in the past 7 days, the token has lost 1.57%

On the other hand, the trade volume has seen a moderate increase, recording 35.50% in the past 24 hours.