Shiba Inu (SHIB) and Dogecoin (DOGE) stand out as two of the most widely recognized meme coins in the cryptocurrency market. These projects share a common theme of being dog-themed cryptocurrencies and have garnered substantial support from a dedicated fan base. Despite their popularity, meme coins experienced a relative decline in prominence throughout 2023. From January onwards, both SHIB and Dogecoin witnessed a modest increase of approximately 31%.
In contrast, during the same period, Solana (SOL) demonstrated a remarkable surge of over 1000%, and Bitcoin (BTC) experienced a substantial rise of nearly 160%. Nevertheless, enthusiasts and investors remain optimistic that meme coins will regain traction in 2024 as anticipation builds for a potential bull market.
Will Shiba Inu Outshine Dogecoin in the Year 2024?
Dogecoin (DOGE) holds the advantage of being the pioneer in the meme coin space, making its debut a decade ago in December 2013. In contrast, Shiba Inu (SHIB) entered the market more recently, making its debut in August 2020, just about three years ago. Despite DOGE’s longer tenure, SHIB has experienced substantial growth within its relatively short existence. With a market cap of approximately $13.15 billion, DOGE surpasses SHIB’s market cap of $6.30 billion by nearly double.
According to insights from the AI chatbot ChatGPT, SHIB is perceived as having the potential to surpass the original meme coin. The chatbot highlights the burgeoning community surrounding SHIB as a significant factor in closing the gap with Dogecoin. Additionally, SHIB introduced its layer-2 network, Shibarium, earlier this year, which is expected to contribute to increased adoption. The development team is also actively working on a new burn mechanism that could eliminate trillions of tokens annually, potentially bolstering the asset’s value.
Nevertheless, achieving a doubling of its market cap within a single year appears unlikely for SHIB. While it may eventually surpass DOGE in the long run, such a scenario might not materialize in 2024. Moreover, there is the possibility that DOGE could integrate into X’s upcoming payment feature, providing a substantial boost to its price.