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Shiba Inu market cap is on course to reach Dogecoin

Press Releases Crypto News Crypto-News Shiba Inu market cap is on course to reach Dogecoin

Shiba Inu’s (SHIB) market cap is rapidly approaching Dogecoin’s (DOGE), with the former currently sitting around $20.5 billion, just 17% below Dogecoin’s market capitalization of $24.1 billion.

Traders optimistic about Shiba Inu potential

Over the past week, meme cryptocurrencies have experienced a significant surge. Shiba Inu often hailed as the so-called ‘Dogecoin Killer,’ has climbed several positions in the top 100 rankings, placing itself just below its rival, DOGE.

In the past 7 days, Shiba Inu has seen a 62% price incline and a 280% surge over the past month. In contrast, Dogecoin has experienced a 19% price increase in the last week and a 109% price surge over the month.

On October 29, 2021, Shiba Inu experienced a remarkable surge, peaking at over ten times its previous value, resulting in a market capitalization of $41 billion.

Despite a significant decline in market capitalization to $5.97 billion as of December 8, 2023, Shiba Inu continues to hold a top-ten position among meme cryptocurrencies by this metric, trailing only behind Dogecoin.

In January 2023, the Shiba Inu community leadership unveiled Shibarium, a layer two blockchain intended to operate atop Ethereum. Its objectives include alleviating congestion, integrating staking into its ecosystem, reducing gas fees, and establishing a framework for decentralized applications and Web 3 expansion.

As per CoinGecko’s Data, Shiba Inu (SHIB) is trading at $0.00003472 and is ranked 11th in the global cryptocurrency market.

Meanwhile, Dogecoin’s price sits at $0.168, accompanied by a 24-hour trading volume of $3.2 billion.

Over the past year, Dogecoin has consistently traded within a tight range of $0.08 to $0.10, indicating a period of little fluctuation.

Meanwhile, on Feb. 6, data analytics platform Santiment revealed that Dogecoin’s wallets experienced unprecedented growth, with 413,800 new wallets added in just two weeks, most of which held between 0.001 to 1 DOGE.

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Author: Ogwu Osaemezu Emmanuel

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