Two of the most popular meme coins on the market Shiba Inu (SHIB) and Dogecoin. (DOGE). Both projects are dog-themed cryptocurrencies and both have a large following.
However, meme coin‘s seem to be in the background in 2023. Since January, both SHIB and DOGE are up about 31%. On the other hand, Solana (SOL) is up over 1000% and Bitcoin (BTC) is up nearly 160% in the same time frame. However, fans and investors hope that meme coins will gain momentum in anticipation of a bull market in 2024.
Is It Possible for Shiba Inu to Overtake Dogecoin in 2024?
dogecoin (DOGE) has the advantage of being the first to enter the game over SHIB. DOGE made its debut ten years ago, in December 2013. SHIB, on the other hand, entered the arena in August 2020, only about three years ago. But SHIB has made significant gains in three short years.
Dogecoin (DOGE) has a market cap of approximately $13.15 billion, which is almost twice the market cap of Shiba Inu (SHIB) at $6.30 billion. However, according to ChatGPT, SHIB still has what it takes to surpass the original meme coin. The chatbot points to SHIB’s growing community as a driving force in narrowing the gap with DOGE.
SHIB also launched its layer-2 network Shibarium earlier this year. It is possible that Shibarium can significantly help increase the adoption of SHIB. Moreover, the team is working on a new burn mechanism that could burn trillions of tokens every year, driving the price of the asset even higher.
However, it seems unlikely that the market value will double in just one year. SHIB is likely to surpass DOGE in the long run. However, this may not happen in 2024. Moreover, it is possible that DOGE will enter X’s upcoming payment feature. It is possible that this development will also increase its price significantly.