Unlike Dogecoin (DOGE), Shiba Inu lacks the support of celebrities and social media endorsement from names such as Elon Musk, the founder of SpaceX and Tesla. Musk’s Twitter is considered a place of mystery in the world of cryptocurrencies. The multi-billionaire’s tweets hold immense traction in the crypto world to such an extent that a 5-20% drop in crypto prices has been witnessed with Bitcoin and much more with Dogecoin.
It is clear to many that Elon Musk’s opinion about crypto holds immense value and his support for Dogecoin is valuable. His quotes like ‘Dogecoin is Money’ sent the meme coin up by 20% in early of 2021!
Now, it’s clear that the “Doge-coin killer,” Shiba Inu, doesn’t have the same support, however, crypto market analysts still believe that it can overtake Dogecoin in the near future.
It is crucial to think about the tokenomics of crypto investments at all times. Compared to other crypto assets, Dogecoin’s supply method is rather unique. Dogecoin has an infinite supply, which implies that, unlike Bitcoin, which has a limitation of 21 million coins, there is no cap to the number of Dogecoins that can be generated.
Shiba Inu does not follow Dogecoin in the matter of market capitalization as the token has a limited supply, with the total standing at 1 quadrillion tokens, which is also a pretty huge number. So, in conclusion, neither Dogecoin nor Shiba Inu has a limited supply that can be filled in a short period of time.
The founder of Ethereum, Vitalik Buterin owned about half of SHIB tokens’ supply. However, he opted to burn 90% of them (an act that spiked SHIB’s price for a limited period), which amounted to 410 trillion tokens, valued at around $6.7 billion.
This decrease in supply may kick-start a new bullish run for the coin. Another important factor to keep in mind is market capitalization. Both Dogecoin and Shiba Inu have huge market capitalizations, which may limit the possibility for greater increases. It does, however, imply that they are both quite popular in the crypto world. With a market cap of $36,313,515,624.72, Dogecoin is comfortably among the top 10 cryptocurrencies (ranked at #7) in terms of market capitalization. Shiba Inu, meanwhile, is in the top 50 with a market capitalization of $2,762,340,296.49, which is a great number for a relatively new token in the crypto world.
At this time, the market capitalizations of the two tokens are vastly different. Nonetheless, the SHIB community is fervent, and the possibility of another big price increase cannot be ruled out as it increase over 30% in mid of September and went back down not long after. Many investors have rushed to it in the hopes of discovering the next Doge. Dogecoin is already up a lot, and even if it does hit the $1 mark, it wouldn’t be a huge rise in terms of percentage from where it is now.
Both Dogecoin and Shiba Inu have a lot of promise as well as a lot of risks attached to them. These are entirely speculative investments with no intrinsic worth. They do, however, have a large number of ardent admirers who have been able to influence their prices and it’ll be interesting to see who wins in the race of becoming the king of meme coins in the crypto world.
So in short, the answer is potentially but it won’t be any time soon.