Shiba Inu (SHIB) vs. Dogecoin (DOGE): The 2024 Crypto Showdown

Jonathan Stoker Dec 27, 2023, 03:50am 274 views

Shiba Inu (SHIB) vs. Dogecoin (DOGE): The 2024 Crypto Showdown

Shiba Inu and Dogecoin: The Memecoin Race Continues

Shiba InuShiba Inu$0.000010 -2.05% (SHIB) and DogecoinDogecoin$0.091 -0.42% (DOGE) are two noteworthy projects in the world of dog-themed cryptocurrencies, boasting a significant fanbase. Despite their popularity, memecoins have seen a quieter phase in 2023. Nevertheless, enthusiasts and investors are hopeful for a resurgence in 2024 and are closely watching the interplay between these two coins.

The Performance of SHIB and DOGE in 2023

Throughout 2023, both SHIB and DOGE saw a rally of approximately 31%. In comparison, SolanaSolana$104 5.03% (SOL) experienced an impressive growth of over 1000%, and BitcoinBitcoin$42,260 -0.64% (BTC) surged by nearly 160% in the same timeframe. The crypto community remains optimistic that memecoins will regain their momentum in the potential bull market of 2024.

Shiba Inu vs Dogecoin: A Potential Flip in 2024?

Dogecoin currently holds an advantage over SHIB due to its earlier entry into the market. Debuting in December 2013, DOGE has roughly ten years of history and development backing it, while SHIB stepped into the ring in August 2020, giving it only about three years in the game. Despite this disparity, SHIB has shown remarkable progress in its short lifespan.

With a market cap of approximately $13.15 billion, Dogecoin is currently almost double that of Shiba Inu, which has a $6.30 billion market cap. However, predictions from the Artificial Intelligence chatbot, ChatGPT, suggest that SHIB has the potential to surpass the original memecoin. The driving factor behind this prediction is SHIB's rapidly expanding community.

Developments in the SHIB Camp

SHIB launched its layer-2 network, Shibarium, earlier this year, which could significantly accelerate the coin's adoption rate. Moreover, the team is developing a new burn mechanism that could remove trillions of tokens annually, potentially driving the asset's price further.

Future Predictions: Can SHIB Overtake DOGE?

Despite these developments, doubling its market cap in just a year may be a tall order for SHIB. While it may eventually surpass DOGE, it is unlikely to occur as soon as 2024. On the flip side, DOGE might be incorporated into a forthcoming payment feature, potentially delivering a significant boost to its price.

Edited by Jonathan Stoker

How do you like the article?

Join the discussion on

You may also like

Advertisement

Articles in same category

Advertisement

Coins in same category

Advertisement

Join our community

Help moderate our articles, rate content and show your support!

We want you to be part of the first automated crypto-magazine.

Join us today