Enthusiasts foresee Shiba Inu outperforming dogecoin to become the top meme currency

For over a week now, one of the famous meme-cryptocurrency, Shiba Inu, continues to thrive with a spectacular rally that pumped in 800% growth. After jumping into the bull run, the SHIB currency managed to break odds and became the 11th largest cryptocurrency five days ago. The sudden rally came as an after-effect of investors signing a petition to include the digital token in the Robinhood platform. Besides, the digital token also introduced innovative and artistic projects including NFT art incubators in its ecosystem. Fortunately, the scenario between meme-currencies is completely changing, thanks to Shiba Inu price surge. Many enthusiasts foresee a future where SHIB could easily step over dogecoin to become the top meme currency.

Although Elon Musk's pet picture managed to pump up the value of Shiba Inu at the beginning of the month, things changed when he admitted that he doesn't own any SHIB coins. However, despite the usual value plummet that follows every time Elon puts a cryptocurrency at disadvantage, Shiba Inu proved to break the routine and maintained its upward trend. Now Shiba Inu has a total market capitalization of US$22.6 billion, which is 31% lesser than Dogecoin's US$30 billion. Since the cryptocurrency market is all about volatility and massive price swings, SHIB vs Dogecoin has the potential to make Shiba Inu the winner of this race. This could help the cryptocurrency propel beyond its widely popular forefather for months.

A Closer Look at SHIB Price Rally

Often mimicked as 'dogecoin killer,' Shiba Inu is an ethereum-based altcoin that was born out of memes and jokes. SHIB is favored by the likes enthusiasts like Elon Musk and Mark Cuban. Although the digital token maintained a low profile since its inception in 2020, the recent price rally has brought it under the spotlight.

In May this year, Shiba Inu made headlines when ethereum co-founder Vitalik Buterin donated 50 trillion to a cryptocurrency-based Covid-19 relief fund for India. Later, Elon Musk posted a picture of his new Shiba Inu puppy online. Usually, dogecoin gets much attention whenever the dog breed is featured by enthusiasts. But this time around, things looked different. To everybody's surprise, Shiba Inu price went up as an impact of the Twitter post. Following this, the Robinhood inclusion petition and NFT inclusion have further invited more investors to try their hand on the meme currency. Despite all this, experts predict that the constant growth is high due to the fear of missing out (FOMO) as interest peaks and the trade rush to take part in the rally as a means to book profits.

Shiba Inu Price Prediction

In a nutshell, it is difficult to predict where SHIB's price might go from here. Although certain factors prove that the rally is a temporary happening, we can't deny the fact that dogecoin also made it into the top 10 list in the same way.

One thing that could keep up Shiba Inu's price is Robinhood. Yes, investors are still optimistic about the cryptocurrency getting listed on the platform. The online move has received over 300,000 signatures, driving SHIB's value to record high. Besides Robinhood, other platforms have also started listing Shiba Inu in their trading option.

At the time of writing, SHIB's price was at 0.000069, gaining close to 30% since daybreak. While Shiba Inu reaching US$1 value is far off the grid, for now, US$0.000100 seems possible in the near future if the cryptocurrency maintains its pace. According to Coin Price Forecast's prediction, SHIB can touch US$0.00013158 by the middle of next year.

"Shiba Inu (SHIB) has emerged as the most popular choice for crypto enthusiasts in India and across the globe. The recent jump in Shiba Inu prices is phenomenal as it has witnessed a 72% jump in its value. With Bitcoin and Ethereum prices on the higher side, SHIB still offers a low-cost entry into the lucrative crypto market and the best part is that it is available in large quantities in the domestic and Indian markets. SHIB is already listed on some of the most prominent exchanges across the globe and it's just a matter of time when every exchange in the world will offer SHIB to its users. As the investor base for SHIB grows, we will see a further increase in its value in the days to come. We strongly believe that altcoins and meme coins will be an integral part of the larger crypto economy and will add much-needed diversification to the portfolio of crypto investors," says Shivam Thakral, CEO of BuyUcoin, a homegrown cryptocurrency exchange.

Is SHIB Copying Dogecoin's Bull Run?

On a general scale, yes, it does copy dogecoin's bull run. Shiba Inu is a sister currency of dogecoin that was born as the first meme-cryptocurrency in 2013. Eight years since its inception, DOGE gained attention only in 2020 after a Reddit move. Besides, the cryptocurrency was also used as a payment model by sports teams, AMC theaters, and as a speculative investment vehicle. The first five months of 2021 were a big time for dogecoin when it managed to make over 15,000% gains.

In a nutshell, dogecoin maintained a low profile for a long time and boomed only in the past 12-months. While we take a closer look at Shiba Inu's recent price rally, it hints at some similarities with dogecoin on its low-key maintenance and sudden surge. A dogecoin like 1,500% price boom in SHIB could put it near its long time target of US$0.0000100.

Siba Inu vs Dogecoin

Dogecoin started the year at a US$0.005 price and hit an ATH in May by touching US$0.74. However, its price has fallen back to a moderate state and currently, DOGE is being traded for US$0.25 per coin. On the other hand, SHIB started 2021 with a price tag of US$0.00000002 and is currently at US$0.000070.

Both cryptocurrencies have a large and loyal fan base. Most people who loved the Shiba Inu meme eventually became a follower of dogecoin or Shiba Inu. However, despite the price rally, enthusiasts say that meme-currencies are taken lightly compared to real-world competitors. They insist that people see it as a fun thing that could help infuse interest and social media engagement for a while. Fortunately, both Shiba Inu and Dogecoin are emerging to be more than that. Dogecoin has acquired help from institutional investors while Shiba Inu has entered the NFT market. These are a few heads-up signs that show meme currencies breaking their bubble. When it comes to Shiba Inu vs Dogecoin, SHIB has gained the upper hand recently. If the cryptocurrency maintains to keep the same growth, it could easily outperform the native meme-coin.