Shiba Inu (SHIB) and Dogecoin (DOGE) are two of the most popular memecoins in the market. Both projects are dog-themed cryptocurrencies, and both have a massive fan following.
Also Read: The Race to $1: Will Shiba Inu or Dogecoin Get There First?
However, memecoins have taken a backseat in 2023. Since January, both SHIB and DOGE have rallied by about 31%. On the other hand, Solana (SOL) has risen by over 1000%, and Bitcoin (BTC) has surged by nearly 160% in the same time frame. Nonetheless, fans and investors hope memecoins will gain momentum in 2024 in anticipation of a bull market.
Will Shiba Inu (SHIB) flip Dogecoin (DOGE) in 2024?
Dogecoin (DOGE) has an advantage over SHIB for being first in the game. 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. However, SHIB has made considerable gains in its three short years.
Dogecoin (DOGE) has a market cap of about $13.15 billion, almost double Shiba Inu’s (SHIB) $6.30 billion market cap. However, according to the AI (Artificial Intelligence) chatbot ChatGPT, SHIB still has what it takes to overtake the original memecoin. The chatbot points to SHIB’s growing community as a driver in narrowing the gap between it and DOGE.
Also Read: Shiba Inu Might Easily Outperform Dogecoin in 2024, Explains ChatGPT
SHIB has also launched its layer-2 network, Shibarium, earlier this year. Shibarium could significantly help increase SHIB’s adoption. Moreover, the team is working on a new burn mechanism that could burn trillions of tokens yearly, further pushing the asset’s price.
Nonetheless, doubling its market cap in just one year seems unlikely. SHIB may overtake DOGE in the long run, but it might not happen in 2024. Moreover, DOGE might make its way into X’s upcoming payment feature, which could significantly boost its price.