The amazing rise of the Shiba Inu has offended investors since October. Last year alone, the price of Shiba Inu rose 60,000,000%, a record high. But the most notable blow happened last month when the Shiba Inu first entered the top ten list. Eventually, the cryptocurrency was able to push back the native memecoin, Dogecoin, and temporarily took over the eighth position. Although it didn’t last long, it changed the view of SHIB in a short period of time, giving rivals a hectic time. Dogecoin, on the other hand, did not surrender to the Shiba Inu because he fought to regain his position. Yes, loyal investors in Dogecoin have prepared the game and added more value to Memecoin. This helped Doge maintain its value. While memecoin was playing, Bitcoin reached a record high a while ago, but maintained a modest value. With this, investors have begun to wonder if Shiba Inu and Dogecoin could outperform Bitcoin after 2020.
The cryptocurrency market is already volatile and volatile. To add fuel to the fire, memecoins emerges as the most dangerous and annoying investment. In general, every cryptocurrency that debuts in the virtual ecosystem has its own motives. For example, Bitcoin is rated as the best payment form and investment model, while Ethereum is used for everyday transactions. However, the meme coin scenario is completely different. Shiba Inu and Dogecoin are purposeless collective joke currencies.
Over the past few years, meme-based assets, including meme stocks, NFTs, and other collectibles, have gained momentum. Together with them, memecoins has become a popular form of investment. I’m not sure where Shiba Inu and Dogecoin will take investors, but they may work well in the market in the short term. Therefore, we will explore the possibility that Shiba Inu and Dogecoin will take over Bitcoin after 2022.
The evolution of Dogecoin and its recent stance
Dogecoin emerged from the 2013 Shiba Inu puppy online memes and jokes. It started as a speculative frenzy joke around Bitcoin. After remaining unobtrusive for a very long time, DOGE became prominent only in 2020, when investors began the Sub-Reddit move. It eventually led to the acceptance of Dogecoin at GameStop and AMC Entertainment. Following this, DOGE entered the mainstream cryptocurrency list and became a serious investment model. memecoin has a huge group of honest investors who are willing to do anything for digital tokens. Last month, when the Shiba Inu took over Dogecoin briefly, they prepared the game. The SHIB is still in the early stages of evolution, but Dogecoin has come a long way to reach its current state.
Will Dogecoin take over Bitcoin soon?
According to experts, Dogecoin has no way to overtake Bitcoin at its current market capitalization and value. DOGE has no institutional investors or inflation to trigger its price. Currently, Bitcoin has a market capitalization of $ 1.8 trillion, while Dogecoin has a market capitalization of about $ 28 billion. Experts predict that Dogecoin’s market capitalization will never reach US $ 1 trillion, as its price is well below US $ 1. Here are some things to keep Dogecoin from surpassing Bitocin.
- Supply caps are very important for all cryptocurrencies. Currently, over 130 billion DOGEs are in circulation, but Bitcoin has a supply limit that resists over 21 million digital tokens.
- Due to the inflation model, Dogecoin is built on and is not considered a valuable store. Meanwhile, people buy Bitcoin for deflation.
- When adding 1 block to Bitcoin, Dogecoin can add 10 blogs. This naturally adds more DOGE to the cycle and reduces its value.
Rapid growth of Shiba Inu
The Shiba Inu was created by an anonymous person or a person named “Ryoshi” in 2020 after Dogecoin became mainstream. SHIB has been profiting 12,505,887.6% since its inception. But the recent Shiba Inu rally was a complete move by its honest investors. A Petition at Change.org requesting the Robin Hood platform to add SHIB to its portfolio has spread online. The petition had about 300,000 signatures, the success of which was reflected in the SHIB price. Eventually, the Shiba Inu entered the mainstream crypto list and pushed Dogecoin to become a top meme coin. SHIB’s announcement of NFTs and the fear of FOMO (FOMO) from investors also contributed to the rise in prices.
The Shiba Inu was able to mark so many milestones in a short amount of time, but the chances of overtaking Bitcoin are almost zero. However, Ethereum’s playing Bitcoin can affect the SHIB as it is the ether of Memecoin.
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