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As the rivalry between Shiba Inu and Dogecoin gains momentum, popular crypto analyst Altcoin Sherpa identifies key moments when SHIB may outpace DOGE.
Dogecoin vs. Shiba Inu Rivalry
It is noteworthy that the contest between Dogecoin (DOGE) and Shiba Inu (SHIB), which has caught the attention of the broader crypto community, goes beyond market cap, running deep into technological innovations, sustainability, and community engagement.
However, recently, most investors have limited the rivalry to market cap and global crypto ranking. In the hours leading up to press time, Dogecoin is ranked as the biggest meme coin, with a market valuation of $24.88 billion.
Shiba Inu, on the other hand, boasts a market cap of $15.8 billion, making it the second biggest meme coin. While Dogecoin is the eighth biggest crypto by market cap, Shiba Inu is ranked 12th.
Shiba Inu May Flip Dogecoin
According to a recent analysis shared by pseudonymous crypto expert Altcoin Sherpa, Shiba Inu could have some critical moments when it eventually flips Dogecoin.
$SHIB:
pros:
-many of the same as DOGE, huge liquidity and can get in w. size
-has some stuff going on FA wise, shibirium or w/e its called
-may have some moments where it flips dogecons:
-also the same as doge; you're not going to hit a 20xer on it at this point (prob)… pic.twitter.com/YAreKknyqU— Altcoin Sherpa (@AltcoinSherpa) March 31, 2024
Altcoin Sherpa made the bullish comment while reviewing the top meme coins in the market, emphasizing why investors should consider buying or staying away from them in this bull run.
In the recent analysis, Sherpa identified the similarities between Shiba Inu and Dogecoin in terms of liquidity as well as the opportunity for investors to take sizable positions in both assets.
The analysis suggests that Shiba Inu has the required framework to accommodate massive trading volumes, like its major rival, Dogecoin.
Shibarium to the Rescue
Furthermore, Sherpa mentioned that Shiba Inu’s fundamental developments, especially its layer-2 blockchain Shibarium, could act as a competitive edge over Dogecoin.
Shibarium has recently garnered attention in the decentralized finance (DeFi) space, with Shiba Inu ecosystem partner K9 Finance DAO planning to launch its liquid staking derivative (LSD) platform on the network.
As disclosed in the latest edition of the SHIB Magazine, Hesper, the initial phase of K9’s decentralized application, will be deployed on Shibarium in late Q2 2024.
Looking Forward
Overall, the analysis identified significant moments when Shiba Inu could flip Dogecoin and take the lead as the biggest meme coin by market cap.
Despite Dogecoin’s formidable presence as the biggest meme coin by market cap, Sherpa called attention to Shiba Inu’s charts, which signal bullish trends on the high time frame (HTF)—an indicator that could pave the way for a potential rally.
Nevertheless, he warned investors to exercise patience as the possibility of Shiba Inu flipping Dogecoin requires time to come to fruition.
At press time, Shiba Inu has staged an increase of 0.71% in the past 24 hours to $0.00002668, while Dogecoin is down 3% in the same timeframe to $0.1724.