The Shiba Inu has seen extreme gains over the past week, putting itself back in the minds of the crypto community. The dog coin has thus risen to the top 20 cryptocurrencies by market capitalization. Can the Shiba Inu replace the most successful meme token, the Dogecoin?
Shiba Inu vs Dogecoin – The meme coins in comparison
Meme Coins were initially founded as fun projects. The first meme token was the Dogecoin. This cryptocurrency wanted to make fun of the Bitcoin. The coin’s symbol was the Shiba Inu, a well-known exclusive dog breed. This dog has become a popular internet meme because of its surprised expression. Dogecoin took this meme and created a successful cryptocurrency with it.
The success of Dogecoin came as a surprise. The coin even became one of the 10 most valuable cryptocurrencies in the last major bull market in 2017. Over time, many imitators followed. The most successful imitator is now the Shiba Inu Coin. The Shiba Inu was only founded in 2020, making it 7 years younger than the Dogecoin. However, it became popular much faster and is already ranked 20th by market cap.
Elon Musk pushes Dogecoin and Shiba Inu
The biggest fan of meme tokens is the eccentric billionaire and Tesla founder Elon Musk. In the spring, he caused strong rallies for the Dogecoin with several tweets. After criticizing Bitcoin for its environmental harm, he mentioned Dogecoin as an environmentally friendly alternative.
The fact that the crypto community is hanging on Musk’s words has also been shown in the last few days. Because Musk posted a picture of his own Shiba Inu puppy, who goes by the name Floki. In doing so, he caused a massive upswing in the Shiba Inu token, which gained over 250% in 7 days.
Which meme token has the more promising future?
Can the Shiba Inu even reach the popularity of the Dogecoin soon? More and more investors are asking the question in the wake of the meme coin’s massive rally. In contrast to the Dogecoin, the Shiba Inu is currently experiencing a massive upswing and is acting as the “fresher” product.
In contrast, Dogecoin is already much more established on the market with its 8 years. As already mentioned, it was already in the top 10 cryptocurrencies in 2017. The difference in market cap is still massive (Dogecoin 3x higher than Shiba Inu). Like the more well-known meme coin, Dogecoin should be ahead in the medium term.
The meme coins have come a long way since they first came on the scene of the crypto world. The two leading meme coins have their competitors and even they are competing with each other themselves. Since no other meme token has come even near the position that these leading coins are holding and enjoying, the meme token horizon always talks about these two leaders when meme tokens come under discussion.
The dogecoin is holding onto its position among the top main cryptocurrencies and with the little endorsement from Elon Musk, The CEO of Tesla Motors, it does not seem like it is coming down from its position anytime soon. Whereas Shiba Inu has a strong community behind it and giving a tough competition to dogecoin and getting higher in market value every day.
We advise you to take some time to study their market ups and downs in regard to their values before you decide to invest in either of them. Make a calculated investment to minimize the risk factor in your investment. Be watchful and be safe when investing in cryptocurrencies, especially meme tokens.