Price Prediction: Which year can shiba inu reach market cap of Dogecoin? – The year 2021 is very pivotal in the current trend of memecoins with the spike of dogecoin earlier this year thanks to Elon Musk who have been the arrowhead in taking dogecoin to the moon; since the popularity of dogecoin another token called Shiba Inu came into focus after capitalizing on dogecoin hype to establish itself as a top contender on top of memecoin food chain.
We know Elon Musk is behind dogecoin-menia, but what exactly is responsible for Shiba Inu’s popularity closely following dogecoin? It was in mid May 2021 that Shiba Inu made headlines across the world when Ethereum co-founder Vitalik Buterin donated 50 trillion Shiba Inu tokens into an aid fund for Covid-ravaged India. The tokens represented 5% of the total token supply which sent Shiba Inu price crashing to about 50% as token holders became skeptical that it will be immediately be dumped by recipients.
Although Shiba Inu made headlines in May but it came in a controversial manner that crashed its market capitalization from about $7.5billion to $4billion; the token haven’t recovered back to its all-time high since the event.
Comparing Dogecoin tokenomics with Shiba Inu
Before we attempt to answer the question of when Shiba Inu will achieve the current market cap of Dogecoin, we’ll first look at the tokenomics of both coins in order to properly establish a future prediction:
|Circulating Supply||Infinite supply||497,730,966,630,395|
|All-time high date||May 08, 2021||May 10, 2021|
|All-time low date||May 06, 2015||Nov 28, 2020|
|Since all-time high||Down -68.2%||Down -76.8%|
|Since all-time low||Up 267317.6% (2,673x)||Up 15589608.7% (15,5896x)|
|Launch date||December 6, 2013 (About 8yrs)||July 31, 2020 (About 11 months)|
The table above is the summary of some key metrics of Dogecoin and Shiba inu tokens, as can be seen dogecoin is already 8yrs old while Shiba Inu is one month shy of a year! It is also interesting to note that Shiba Inu have made more profit for investors than dogecoin from their all-time lows.
What are fundamentals of Dogecoin vs Shiba Inu?
Fundamentals are very important factor in comparing two coins, before we dive into when shiba Inu will hit the marketcap of dogecoin lets look at the fundamentals of both projects; Dogecoin is an open source peer-to-peer digital currency, favored by Shiba Inus worldwide, Shiba Inus is Japanese name for the special breed of dog used as the logo for dogecoin. Apart from being a peer-to-peer digital currency and may be a store of value, dogecoin have nothing else to offer. So fundamentally speaking, dogecoin started as a “joke” in 2013 and nobody took it serious until Elon Musk decided to take the joke too far.
On the other hand, Shiba Inu is a decentralized finance (Defi) project building on ethereum network, the founder simply known as “Ryoshi” is currently stacking up a range of defi projects such Shibaswap, a decentralized exchange platform like Uniswap. LEASH another token under Shiba Inu ecosystem was originally set to be a rebase token, but then they removed the rebase and unleashed its full potential. With a total supply of ONLY 107,646 tokens, it represents the other end of Shina Inu’s Ecosystem spectrum.
LEASH is the second token incentivized on ShibaSwap and will offer lucrative rewards for the holders providing its liquidity. BONE is another project under development which promises to take the power of DeFi to the next level. BONE will be the newest token in Shiba Inu’s Ecosystem.
In terms of fundamentals Dogecoin is rightfully a joke of a coin while Shiba Inu is a developing defi ecosystem which will definitely play a key role in the defi space.
When will Shiba Inu reach Dogecoin marketcap?
We have been able to establish the core metrics of both Dogecoin and Shiba Inu and compared their tokenomics, we also looked at the fundamentals of both project and established the fact that while Dogecoin is a “joke” taken too far, Shiba Inu is a defi ecosystem.
Currently Shiba Inu have 587,606 token holders and still growing with a marketcap of $4,370,203,518 while dogecoin stands at $30,470,209,424 marketcap, about 7x higher than Shiba Inu; this means Shiba Inu’s price will have to increase seven times to get to where dogecoin is currently seating.
So the question now is when is it possible for Shiba Inu to increase 7x? Or when can shiba Inu holders reach 4,113,242? Considering the current market sentiment where the crypto community is evenly divided among the bulls vs bears, the bulls have to take the market by storm just like it did between January and May this year for Shiba Inu to make a 7x.
The crypto market is very volatile and a lot of moving parts play a role in what will happen the next day but one thing we can agree on is that Next Bull market will herald morethan 7x for Shiba Inu. It could be later this year or we can wait for another 3yrs but Shiba Inu going to moon is inevitable.
This article is for information purposes only and should not be taken as a financial advice, consult your financial advisers for professional financial advice.The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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