Shiba Inu – Can Shiba Inu Overtake Dogecoin ? 2023

Could the world’s second most-loved meme crypto Shiba Inu overtake the top dog ?

Shiba Inu – The Rise

The rise of Shiba Inu , a cryptocurrency created to emulate Dogecoin. Moreover, which itself was built as a joke, is nothing short of spectacular.

After one year following its launch in 2020 , SHIB rallied to an all-time high in October 2021. Actually, it represented a rise of over 19,000,000% in just 11 months.

Today token sits within touching distance of DOGE in terms of market cap. But could flipping be on cards ?

Despite only beginning it’s journey in 2020 , Shiba Inu is now the 12th largest cryptocurrency in circulation .

It is based on market capitalization and is less than $2 bn behind it’s inspiration DOGE . But can SHIB really usurp the original meme coin ?

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What is Shina Inu ?

Shiba Inu is an Ethereum -based meme coin that was created in 2020. It gained traction when it gave half of it’s total supply to Vitalik Buterin , who then donated it to the India Covid-Crypto relief fund.

Recently, it has been in the news because of it’s layer – 2 bShibarium .

Although Shiba Inu was created as a meme token to celebrate the absurdity of Dogecoin, which itself was created in tribute to the “Doge” .

An internet meme that rose to prominence in 2013 . Essentially, the cryptocurrency has evolved to develop a decentralized ecosystems during its short lifespan.

Shiba Inu Tokens

The Shiba Inu ecosystem currently consists of 3 tokens , SHIB, LEASH and BONE. Additionally, these different tokens have extremely varied levels of supply .

For example, LEASH is limited to a circulation of 107,000 , BONE , as the ecosystem’s governance token .

It has around 250,000,000 available tokens . While SHIB has a current circulation of 590 trillion.

SHIB – As Shiba Inu’s foundational currency , SHIB’s massive circulation goes some way to explaining how the coin behaves as it does.

Despite ranking, 12th across the entire cryptocurrency ecosystem in terms of market capitalization , SHIB’s value stands at just $0.00001 approx.

SHIB – Listed by Binance – When Binance listed SHIB for the 1st time , the exchange was quick to deliver warnings to investors about the specifications of the coin .

Binance stated – Top #1, #2, #3 wallets hold 50.5% , 7. .0% and 3.0% of total supply respectively.

While such a significant stake in an asset would ring alarm bells for a possible pump and dump scheme. It transpired that Shiba Inu’s total supply of SHIB to Ethereum’s creator , Vitalik Buterin

Subsequently he turned 90% of the tokens he received by effectively removing them from circulation and donated the rest to charitable causes. .

Significantly , this impacted the coin’s value. It effectively improved it’s credibility while doubling it’s scarcity in one single price rally.

Shiba Inu – NFT Shibashis – In July 2021, the ShibaSwap a decentralized exchange governance , and staking options Shiba Inu also features its own NFT marketplace.

It’s called Shiboshis and it is currently features collections like Shiba Inu avatars .

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Could Shiba Inu overtake Dogecoin ?

The fact that SHIB has built a market capitalization of over $6.5 billion in the space of 2 years is extraordinary.

Furthermore, Shiba Inu is currently the youngest cryptocurrency that populates the top 12 tokens throughout the crypto ecosystem in terms of market cap.

However, it’s also important to note at this stage that as an asset , SHIB is virtually useless in terms of quality.

This means that, like Dogecoin , the asset will only ever overtake it’s predecessor by becoming more popular among investors.

Dogecoin’s Trajectory

To better understand whether SHIB can flip DOGE , let’s take a look at Dogecoin’s trajectory .

Although , the asset soared during the meme token surge of May 2021, the coin failed to encounter a price rally on the same scale.

As Shiba Inu towards the latter part of the year.

Furthermore, DOGE currently sits some 91.5% adrift from it’s all time high value. Although SHIB is faring better in terms of performance sitting 87% below it’s all time high .

Shiba Inu Spec’s

Price – $0.00001203

Market Cap – $6.6 billion

Circulating supply – 549 Trillion

Max.Supply – 590 Trillion

Also Read: SHIBA INU Meme Token Price Prediction: Why You Need to Invest in this Coin?

What is Shibarium ?

Shiba Inu. Which will help scale, secure and innovate the Shiba ecosystem. It can serve serve different industry areas such as Metaverse , Web 3 and Gaming.

Additionally, it is about to launch it’s beta testnet in the coming days.

Its native token is BONE with a max supply of 250 million.

Why You should care ?

One big criticism of SHIB is it’s massive supply , which is over 500 trillion. After the Shibarium launch , SHIB will be burned on every transaction , which will help SHIB reduce it’s supply .

Decreasing supply and increasing demand can help SHIB explode in price.

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Conclusion

Considering such major market pullbacks have taken place , it can be difficult to draw conclusions .

Especially, pertaining to the popularity of specific coins, though a less -severe fall from grace may indicate that investors are marginally more favourable towards Dogecoin.

Although, the world’s richest man , Elon Musk has long been a key Dogecoin supporter

SHIB may gain more of a following thanks to the growth of the shuba Inu ecosystem .

Shiba Inu can over take Dogecoin in terms of market capitalization is simply by becoming a more popular investment option.

And that will involve building a cult following that’s strong enough to rival the DOGE phenomenon of last year.

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