Meme tokens have been around for many years. Cryptocurrencies are created out of satire or as a parody. Dogecoin in particular was the first of these cryptocurrencies to assert itself and has been a fixture in the cryptocurrency sector for years. With Shiba Inu, another meme token has fought its way to the fore this year and declared war on dogecoin. Who will prevail?
Market Cap: Shiba Inu vs. Dogecoin
While all other cryptocurrencies suffered losses yesterday, Shiba Inu hit a new all-time high. SHIB is currently trading at around $0.00008108. With a market cap of around $42 billion, Shiba Inu is now the eighth most valuable cryptocurrency on the market.
Although Dogecoin was also able to report back with a plus of around 30 percent, it is not enough for DOGE to overtake Shiba Inu again. This makes Shiba Inu currently the most valuable meme token on the market. It remains to be seen how long-term the increase in value of the Shiba Inu coin will be in this case. DOGE had also been able to reach a price of 0.7376 US dollars in the past. Dogecoin is far from that with a current price of around 0.30 US dollars.
Which Meme Coin Has A Greater Utility?
In principle, this point already fails due to the definition of a meme token. As a rule, these should not be of any use. However, you can pay with both currencies. Dogecoin comes as a cryptocurrency with its own blockchain with a very low transaction fee and speed.
Shiba Inu is tokenized on the Ethereum blockchain. The benefit at the current time is actually non-existent. However, the development team recently published NFT and is also working on its own decentralized exchange. It is also planning to develop its own blockchain.
The Dogecoin should also be worked on. Elon Musk had announced at the time that he also wanted to be involved in the development in the future. So far, however, no major achievements have come out of it. It remains to be seen which development team will ultimately turn one of the meme tokens into a serious asset.
Elon Musk’s Influence On Meme Coins
Tesla CEO Elon Musk has also presented himself as a supporter of many cryptocurrencies in recent months. His favourite currency is Dogecoin. Many had assumed that the multi-billionaire was also invested in SHIB because of his dog Floki (Shiba Inu).
However, Musk recently stated that he only invested in Ethereum, Bitcoin and Dogecoin. Nevertheless, or maybe even because of this, the community finally managed to push the Shiba Inu price to a new record high. Elon Musk’s influence also seems to be diminishing here.
Shiba Inu Course Sets All-Time High
The Shiba Inu token has once again seen tremendous growth and is setting a new all-time high. Can SHIB overtake Dogecoin now?
Shiba Inu (SHIB) revs up again. It seems incredible when you take a look at the current cryptocurrency prices. While Bitcoin is anxious to defend $60,000, Shiba Inu is able to set a new all-time high with a gain of around 50 percent. The meme token can rise to eleventh place among the most valuable cryptocurrencies. What’s next?
Shib Course Flourishes, Dogecoin Stagnates For A Long Time
The meme currency went from $0.00002802 to $0.00004442 in just a few hours. With a market cap of just over $17 billion, Shiba Inu was briefly the 11th most valuable cryptocurrency on the market, according to CoinMarketCap. With a market capitalization of 32 billion US dollars, Dogecoin is still worth around twice as much, but DOGE was only one place ahead of SHIB with a rank of10.
As of this writing, SHIB has slipped back down to 13th place at $0.00004004. While the Shiba course was able to rise by around 50 percent, the DOGE course stagnated for a long time before the largest meme token also experienced an upswing in the early afternoon. The price rose from 0.24 to 0.27 US dollars within a few minutes before the price fell again to 0.255 US dollars. With an increase of around 4.5 percent in the last 24 hours, Dogecoin is the best-performing cryptocurrency, at least in the top 10.
Shiba Inu: How Likely Is A Price Of 1 Us Dollar?
The SHIB community has set itself the goal of establishing a rate of one US dollar in the long term. However, this project is not very likely. The total market cap based on SHIB’s outstanding amount would then be $1 trillion. Such a high market value is unrealistic.
Barring hyperinflation, a $1 exchange rate at SHIB may not be possible. The situation is different with Dogecoin. Here, the envisaged goal of one US dollar is possible in the long term, at least considering the market capitalization – 0.7376 US dollars was already reached in May.