Shiba Inu Chases Dogecoin's Tail In A Sudden Memecoin Flippening

Depending on which crypto price-tracking site you look at, Shiba Inu SHIB/USD overtook Dogecoin's DOGE/USD market cap on Wednesday, endangering DOGE's leadership in the memecoin market.

What Happened: Both Shiba Inu and Dogecoin have a market cap exceeding $31 billion and switch between the 10th and 11th places on CoinGecko’s rankings page. As of Wednesday at publication, Shiba Inu is reported to have a market cap of $37 billion while Dogecoin has a market cap of $32 billion.

On CoinMarketCap, Shiba Inu is about $2 billion behind DOGE's market cap. As of yet, the reason behind this difference is unknown.

Market participants had been wondering how likely Shiba Inu was to overtake Dogecoin's market cap in the future, especially following Shiba Inu's growth significantly outpacing Dogecoin recently with some believing to expect it soon.

Related: The Paw Boxing Between Shiba Inu And Dogecoin Traders Continues

Shiba Inu's growth took a turn for the better after experts started acknowledging its fundamentals.

Crypto influencer CryptosRUs for instance suggested Shiba Inu is superior to Dogecoin due to the abundance of use cases and the way the coin was distributed. The influencer said 1 quadrillion Shiba Inu coins were created, with its team members having to buy it like everyone else and half of the supply was gifted to Ethereum ETH/USD co-founder Vitalik Buterin, who destroyed most of his holdings.

Image: Shiba Inu; Dogecoin: Ishwar Artist from Pixabay