Is Shiba Inu On Track To Topple Dogecoin In Market Cap?

As Shiba Inu SHIB/USD touched an all-time high of $0.00005391 early Wednesday, it might appear that it is about to catch up with Dogecoin DOGE/USD, but there’s more to it than meets the eye.

What Happened: SHIB soared 29.9% to $0.00005371 over 24 hours at press time. It has risen 92.61% over the last seven days.

In terms of market capitalization, it is now worth $21.25 billion, while DOGE’s market cap stands at $34.51 billion.

DOGE traded 0.94% lower at $0.26 over 24 hours. For the week, it is up 6.41%.

Given SHIB’s current supply of 394.8 trillion coins, if the token were to enjoy the same market cap as DOGE, its price would have to increase to $0.00008741, a rise of 62.74%. This is assuming that Dogecoin doesn't go up further.

See Also: How To Buy Shiba Inu (SHIB)

Why It Matters: While in terms of market cap, SHIB is now the eleventh largest coin and DOGE is the ninth largest one with just USD Coin in between them — the gulf between the two coins is still considerable.

The gap doesn't seem completely insurmountable considering SHIB has shot up 774.71% in the last 90 days and 644.68% in the last 30 days but it would be a difficult task nonetheless.

DOGE has had a good year as well and is up 4503.42% in terms of price so far in 2021. 

Whether or not SHIB would flip DOGE depends on if the latter can maintain its current price momentum as well as what course DOGE’s price takes in the near future.

Read Next: Retail-Investor Focus Shifted From Dogecoin To Equities In Q3, Says Robinhood As Crypto Revenue Takes A Hit