Media giant CNBC explored the possibility of Shiba (SHIB) overtaking Dogecoin this year. A hot development to help its Dogecoin rival was Biconomy Global’s announcement of 50x leverage.
CNBC compares SHIB and Dogecoin
A CNBC article discussed the possibility of Shiba Inu (SHIB) to surpass Dogecoin (DOGE) by market cap next year. The article discusses on-chain data for both coins.
The report rightly points out that DOGE is ahead of SHIB with a market capitalization of over $6 billion. Dogecoin currently has a market cap of $12.59 billion, while Shiba Inu currently has a market cap of $6.42 billion. According to current figures, Shiba Inu will need an additional $6.17 billion in market cap to surpass Dogecoin.
Which is more functional?
Its utility and functionality refer to the usefulness of a coin in catering to a need beyond just its market value. The report highlights that the most important benefit of Dogecoin is its use as a means of payment.
Doge has garnered significant attention from major companies and businesses such as Tesla, Newegg, airBaltic, and Twitch, among others. These companies have helped increase its utility by including direct payments in Dogecoin.
In turn, Shiba Inu aims to increase its utility in various ways, such as decentralized games such as ShibaSwap, Shiba Inu Metaverse, Shiba Eternity, and the highly anticipated Shibarium layer-2 solution. cryptocoin.com We have included the latest developments from Shibarium in this article.
Although not as widely accepted as DOGE, SHIB also has utility in payments. For example, companies like Gamestop, Petco, and Nordstrom accept payments on SHIB. As a result, CNBC says Shiba Inu has a wider range of services than DOGE.
What on-chain data says about DOGE and SHIB competition
The CNBC report also analyzed on-chain metrics such as daily active addresses for both SHIB and DOGE. Santiment’s data shows that SHIB has a daily active address range of 3,900 to 12,000 this year, rising to 36,000 on March 30.
DOGE’s daily active addresses have been consistently higher, going from 50,000 to 60,000 this year, and the occasional 90,000 to 100,000. This indicates greater network activity and adoption than SHIB. Other measures of network effectiveness also demonstrate DOGE’s significant leadership over SHIB.
However, DOGE’s higher metrics can be attributed to the support it has received from top celebrities and billionaires, particularly Elon Musk, who has consistently promoted the asset. In contrast, SHIB relied primarily on community support for its survival.
Biconomy Global announces up to 50x leveraged trades for SHIB
In favor of the Shiba Inu, Canadian central exchange Biconomy recently opened the new SHIB/USDT futures pair with leverage of up to 50x.
The latest news represents Biconomy Global’s third move towards the Shiba Inu. The first occurred in January 2022, when the exchange first added SHIB for spot trading. Then it happened in July 2022 when Shiba Inu gave support for the ecosystem token ShibaSwap (BONE).
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