Shiba Inu Aims to Overtake Dogecoin in Market Capitalization
The Shiba Inu (SHIB) team has expressed their determination to surpass Dogecoin (DOGE) and become the leading meme-inspired cryptocurrency project. They have reaffirmed their commitment to achieving this goal and have hinted at “secret” strategies that could help expedite their rally to overtake DOGE in terms of market capitalization.
What Is Shiba Inu’s “Secret” Strategy?
After being recognized as the second most valuable meme-inspired project by trading platform Crypto.com, the Shiba Inu team emphasized their ambition to secure the top spot. They stated, “#2 today, but the Doge days are numbered,” indicating their determination to dethrone Dogecoin and emerge as the leader in this space.
The Shiba Inu Army, a community of SHIB supporters, has been actively backing the project’s efforts to surpass DOGE. Despite currently trailing Dogecoin by approximately $4 billion, they remain resolute in their mission.
In addition to highlighting community support, the Shiba Inu team praised their ecosystem blockchain Shibarium, which offers various utilities to the crypto development space. They also teased the existence of “secret wags,” suggesting that they have undisclosed strategies in place to surpass DOGE’s market cap. The team encouraged the community to anticipate exciting developments while keeping these strategies under wraps for now.
With a final remark of “Get ready for a new top doggo. Much wows incoming,” the Shiba Inu team conveyed their confidence in surpassing Dogecoin. The crypto community shares this sentiment and even speculates that SHIB could be the first meme coin to achieve a $100 billion market cap.
SHIB Vs. DOGE
Both Shiba Inu (SHIB) and Dogecoin (DOGE) experienced a decline in their rankings. While DOGE managed to stay within the top 10, SHIB slipped to the 11th spot. This drop can be attributed to the recent crypto market crash that affected both coins.
Although DOGE and SHIB recovered from their losses, they were unable to reclaim their previous rankings as Avalanche (AVAX) remained strong despite the market downturn. At present, the price of SHIB has increased by 3.63% to $0.0000259, with a market cap of $15.26 billion.
On the other hand, the price of Dogecoin has risen by 5.99% to $0.1355, with a market valuation of $19.44 billion. The open interest for DOGE also saw an increase of 5.56% to $973.71 million, according to Coinglass. Meanwhile, the open interest for SHIB decreased by 2.18% to $81.80 million.
In late October 2021, Shiba Inu briefly surpassed Dogecoin’s market cap when SHIB reached its all-time high. However, Dogecoin reclaimed its position and has consistently remained within the top 10 rankings since then, while SHIB has fallen in rank.
Hot Take: Shiba Inu’s Journey to Surpass Dogecoin
The Shiba Inu team’s commitment to surpassing Dogecoin and become the leading meme-inspired cryptocurrency project is evident in their recent announcement. With their “secret” strategies yet to be revealed, they have captured the attention and anticipation of the crypto community.
While SHIB currently holds the second position, the team’s determination and the support of the Shiba Inu Army suggest that a shift in rankings may be on the horizon. The potential for SHIB to achieve a $100 billion market cap further fuels this optimism.
As the battle between SHIB and DOGE continues, crypto enthusiasts eagerly await further developments and updates from the Shiba Inu team. Whether or not SHIB can surpass Dogecoin in terms of market capitalization remains to be seen, but their unwavering resolve indicates that they are up for the challenge.
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