Shiba Inu’s (SHIB) market capitalization is rapidly approaching that of Dogecoin (DOGE), with SHIB’s current valuation standing at approximately $20.5 billion, representing a 17% difference compared to Dogecoin’s market cap of $24.1 billion.
Traders are expressing optimism regarding the potential of Shiba Inu, particularly in light of recent market movements. Over the past week, meme-based cryptocurrencies have witnessed notable surges, with Shiba Inu, often dubbed as the ‘Dogecoin Killer,’ climbing several positions in the top 100 rankings and positioning itself closely below DOGE.
Shiba Inu has demonstrated impressive price gains, soaring by 62% in the past seven days and experiencing a remarkable 280% surge over the course of the last month. In contrast, Dogecoin has seen a more modest 19% price increase over the week and a 109% surge throughout the month.
Despite experiencing fluctuations, Shiba Inu maintains its position among the top ten meme cryptocurrencies by market capitalization, trailing closely behind Dogecoin. Additionally, initiatives like Shibarium, a layer two blockchain built atop Ethereum, aim to address scalability issues and enhance the overall ecosystem of Shiba Inu.
As for current market standings, Shiba Inu (SHIB) is trading at $0.00003472 and holds the 11th rank in the global cryptocurrency market, while Dogecoin is priced at $0.168 with a 24-hour trading volume of $3.2 billion.
The recent surge in Dogecoin’s popularity can be attributed in part to influential figures like Elon Musk, whose comments and tweets have contributed to price spikes and heightened public interest in the cryptocurrency. Despite controversies surrounding Musk’s involvement and legal challenges, Dogecoin’s price movements suggest potential for future growth, with some analysts projecting significant gains in the long term.
Furthermore, the rise of meme coins has extended to the Bitcoin blockchain through the introduction of the BRC-20 token standard, resulting in increased network activity and transaction fees. While this reflects innovation in the crypto space, it also presents challenges such as network congestion and higher fees, impacting both Bitcoin and Ethereum blockchains.