Shiba Inu (SHIB) price has made notable gains in the last week amid renewed bullish sentiment across the broader market. This has sparked speculation about whether SHIB can overtake Dogecoin’s market cap. In 2021, SHIB briefly overtook Dogecoin’s market cap after Shiba Inu price rallied significantly, and if history rhymes, how high does the meme coin have to rally to achieve this again? Let’s explore.
Shiba Inu Price If It Matches Dogecoin’s Market Cap
Shiba Inu has overtaken Dogecoin’s market cap in the past, and considering repetitive patterns in the crypto market, it is likely that SHIB can achieve this again and emerge as the largest and top-performing meme coin. However, to do so, SHIB price would have to register massive gains.
At press time, Dogecoin’s market cap stood at $33 billion according to data from CoinMarketCap, which is notably higher than Shiba Inu’s $8.8 billion. To surpass DOGE, Shiba Inu’s market cap would have to rally by over four times.
Assuming that SHIB’s supply remains at 589 trillion, Shiba Inu price has to hit $0.000056 to reach Dogecoin’s current $33 billion market cap.
At the same time, Dogecoin’s all-time high market cap stands at $73 billion, attained during the 2021 bull market. If the two meme coins rally at the same time and DOGE hits an ATH, SHIB price has to reach $0.00012 to get to Dogecoin’s record high.
Therefore, Shiba Inu’s potential price if it hits Dogecoin’s market cap is between $0.000056 and $0.00012. These two targets are realistic as they are close to SHIB’s ATH of $0.00008, and the resulting market cap is also within reasonable limits.
Can SHIB Realistically Outperform DOGE?
Several factors support a bullish Shiba Inu price prediction and suggest that SHIB can easily outperform Dogecoin and dominate the $70 billion meme coin market.
Firstly, SHIB has a competitive edge over DOGE and other meme coins following the launch of the Shibarium, layer two network, which has bolstered Shiba Inu’s utility. As Coingape recently reported, Shibarium’s recent growth has pushed its DeFi TVL to $3.57 million per DeFiLlama data, while the ShibaSwap DEX has seen a 43% growth in one month.
The growth of Shibarium has been boding well for Shiba Inu price, and usage increases, SHIB has the potential to outperform DOGE and become the biggest meme token.
The ongoing SHIB token burns are also a catalyst for Shiba Inu price gains, as nearly half of Shiba Inu’s supply has been taken out of supply since the meme token launched. If there is an uptick in the current burn rate and SHIB burns 1 trillion tokens daily, the supply will drop significantly. If demand also rises during this period, Shiba Inu can easily reach Dogecoin by market cap ranking.
Therefore, considering SHIB’s 2021 rally where it briefly overtook DOGE and became the largest meme coin, it has the potential to emerge as the biggest meme coin if it repeats previous patterns. However, to achieve this, Shiba Inu price has to surge to between $0.000056 and $0.0001, and the rally to these levels will be influenced by the Shibarium network growth and the SHIB burn rate.
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