- Jake Gagain anticipates a market cap overtake by Shiba Inu over Dogecoin in the next bullish cycle, stirring a variety of reactions in the crypto community.
- Despite the predictions, current market data reveals a substantial gap in market valuation between Shiba Inu and Dogecoin.
The Competitive Landscape of Meme Tokens
Renowned crypto aficionado, Jake Gagain, recently aired his prediction on Twitter concerning the potential market dynamics between two prominent meme-themed cryptocurrencies, Shiba Inu (SHIB) and Dogecoin (DOGE), in the looming bull market. The prognostication centers around Shiba Inu eclipsing Dogecoin in terms of market capitalization.
https://twitter.com/JakeGagain/status/1706617106257916238
Analyzing the Speculative Forecast
The speculative tidbit by Gagain ignited a mosaic of reactions, delineating the diverse sentiments percolating in the crypto realm. While a faction aligns with the outlook of Shiba Inu’s ascendancy, skeptics brandish the formidable allegiance that Dogecoin has garnered, particularly under the auspices of tech mogul Elon Musk.
Gleaning data from the revered crypto market analytics platform, CoinMarketCap, provides a lens into the current market stature of these meme tokens. Shiba Inu is priced at a humble $0.00000722, experiencing a 2% descent over the past week. The 24-hour trading volume stood at $59,266,255, marking a 16.90% decline from the previous day’s tally. With a market cap nestled at $4.26 billion, Shiba Inu secures the 17th position in the crypto market hierarchy.
Conversely, Dogecoin exhibits a price tag of $0.0606, mirroring a similar 2.5% dip within the week. However, it saw a robust 46.39% surge in the 24-hour trading volume, which clocked in at $143,301,432. Dogecoin, with its hefty $8.6 billion market cap, comfortably perches among the top ten cryptocurrencies.
Scaling the Market Cap Ladder
For Shiba Inu to clinch a higher market cap than Dogecoin, it necessitates an escalation to a market cap exceeding $9 billion. This scenario translates to a formidable 111.27% price jump to $0.00001527, assuming Dogecoin maintains its market steadiness. The ambit of this prediction does not seem far-fetched, given Shiba Inu’s historical feat in October 2021, where it soared to a market cap of $40.9 billion, overshadowing Dogecoin’s $31.5 billion.
The rivalry between Shiba Inu and Dogecoin unravels a broader narrative about the fervent competition and unpredictable trends that characterize the whimsical world of meme cryptocurrencies.
