Zinger Key Points
- “Dogecoin killer” Shiba Inu’s market capitalization is closing in on Dogecoin, despite launching seven years later.
- Analysts sounded an optimistic note about Shiba Inu’s potential, especially with potential burns incoming.
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Shiba Inu SHIB/USD is edging closer to Dogecoin’s DOGE/USD market cap following a significant rally, stirring up discussions about a possible shift in rankings.
What Happened: Memecoins have seen a substantial surge in the past week. Shiba Inu, the meme cryptocurrency proclaimed as the ‘Dogecoin Killer,' has ascended several positions in the top 100 rankings, positioning itself just below its rival, DOGE.
Shiba Inu’s price has skyrocketed by 57% on the weekly charts and 304% in the past month.
On the other hand, Dogecoin has rallied 19.5% in the last week and 117% monthly.
At present, SHIB’s market cap is at $18.7 billion, just 17% shy of DOGE’s $22.5 billion, according to data from Benzinga Pro.
If Shiba Inu sustains its bullish momentum, it could potentially surpass Dogecoin in the rankings in the coming days.
See Also: ‘Dogecoin Killer’ Shiba Inu Gears Up For A ‘Potential Rebound’: Transactions Surpass 400M
While Dogecoin has the advantage of being the first to enter the scene, debuting in 2013, Shiba Inu, launched in 2020, has made a significant impact in its brief history. Both coins are currently working on developments that could further boost their prices.
Why It Matters: Earlier this month, BitMex co-founder Arthur Hayes expressed enthusiasm for the growing influence of "dog money" on the internet as Shiba Inu opened early access to their new venture, SHIB Name. This followed an announcement about early access to Shib Names, a new initiative within the Shiba Inu community.
"F**k yeah. Dog money is taking over the internet," said Hayes.
Most recently, Shiba Inu continued its upward trajectory with a 13% gain in Friday’s trading session, fueled by hints from the community about potential token burns and increasing meme coin adoption.
This news came after a pause in SHIB burns since January, with five burns conducted so far, incinerating a total of 43 billion SHIB tokens.
Crypto trader Gem Sheriff thinks the current SHIB rally is just the beginning.
"SHIB bullish flag! You’ve only watched the bull run trailer of SHIB!"
Another trader thinks that the SHIB's charts show a "healthy" pattern at the moment and that its bull run will continue if King Crypto Bitcoin does not spoil the momentum.
Technical analyst Javon Marks thinks that there's potential for a further 120% rally.
Price Action: Shiba Inu was trading 14.29% higher in the last 24 hours, while Dogecoin was up 1.94%, according to Benzinga Pro.
Read Next: ‘Shiba Inu Of Solana’ Myro Prints 250% Weekly Gain: Trader Predicts ‘It’s Gonna Go Parabolic’
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Photo courtesy: Shutterstock
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