Analyst Forecasts Shiba Inu Surpassing Dogecoin, Highlights Historic Rivalry – The Crypto Basic

As the race between Shiba Inu and Dogecoin gains momentum, popular crypto analyst Altcoin Sherpa has identified key moments where SHIB could outperform Dogecoin.

Dogecoin vs. Shiba Inu rivalry

The competition between Dogecoin (DOGE) and Shiba Inu (SHIB) that has captured the attention of the broader cryptocurrency community goes beyond market capitalization and is deeply about innovation, sustainability, and community engagement. is noteworthy.

However, these days, most investors limit their competition to market capitalization and global cryptocurrency rankings. In the hours leading up to this writing, Dogecoin was ranked as the largest meme coin with a market valuation of $24.88 billion.

Meanwhile, Shiba Inu is the second largest meme coin with a market capitalization of $15.8 billion. Dogecoin is the 8th largest cryptocurrency by market capitalization, while Shiba Inu ranks 12th.

Shiba Inu can toss Dogecoin

According to a recent analysis shared by pseudonymous cryptocurrency expert Altcoin Sherpa, Shiba Inu could be at a critical moment in ultimately reversing Dogecoin.

Altcoin Sherpa made a bullish comment while reviewing the top meme coins on the market, highlighting why investors should buy or avoid them in this bull market.

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In a recent analysis, Sherpa identified similarities between Shiba Inu and Dogecoin in terms of liquidity and the opportunity for investors to take sizable positions in both assets.

This analysis suggests that Shiba Inu, like its main rival Dogecoin, has the necessary framework to handle high trading volumes.

Rescue of Sibrium

Additionally, Sherpa said that Shiba Inu’s fundamental developments, particularly its layer 2 blockchain Shibarium, could serve as a competitive advantage against Dogecoin.

Shibarium has recently gained attention in the decentralized finance (DeFi) space, with Shiba Inu ecosystem partner K9 Finance DAO planning to launch a Liquid Staking Derivatives (LSD) platform on the network.

as disclosed In the latest edition of SHIB Magazine, K9’s initial decentralized application, Hesper, is expected to be deployed on Shibarium in late Q2 2024.

I’m looking forward to

Overall, the analysis identified key moments that could see Shiba Inu flip Dogecoin and take the lead as the largest meme coin by market capitalization.

Despite Dogecoin’s formidable presence as the largest meme coin by market capitalization, Sherpa said it has a strong market share in High Time Frame (HTF), an indicator that could pave the way for a potential rally. He called for caution on the Shiba Inu chart, which shows a bullish trend.

Still, he cautioned investors to be patient as the possibility of Shiba Inu reversing Dogecoin will take time to materialize.

As of this writing, Shiba Inu is up 0.71% in the past 24 hours to $0.00002668, while Dogecoin is down 3% in the same time frame to $0.1724.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. We encourage our readers to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.