The latest Shiba Inu run has reignited speculation that the younger memecoin will eventually overthrow Dogecoin, as the project’s lead developer fuels the fire.
Meme-based cryptocurrencies have become market leaders in the wake of a bullish crypto trend. Most popular memecoins, including Dogecoin and Shiba Inu, have returned triple-digit gains in less than a month as crypto investors become more risk averse.
Amid the jump, long-term debates have re-emerged across various memecoin communities vying for supremacy. Especially among the top largest memecoins, Dogecoin and Shiba Inu, the battle for the top spot is getting heated.
In a recent post on X, Shiba Inu’s pseudonymous lead developer, Shytoshi Kusama, remarked that nothing has changed for the project since its founding. Instead, Shiba Inu “remains the Dogecoin” and will remain committed to that course.
Still the @dogecoin killer. #SHIBARMY #SHIB pic.twitter.com/4NdVmdrZjG
— Shytoshi Kusama™ (@ShytoshiKusama) March 4, 2024
Shiba Inu and Dogecoin Rivalry Reignites
Launched in 2014, Dogecoin is the oldest meme-based cryptocurrency. The coin was created as a joke to mock growing speculation surrounding the cryptocurrency market at the time.
Since then, Dogecoin has maintained its market position, even in recent years when investor appetite for meme-based coins and the related culture has risen significantly. Nonetheless, Dogecoin’s dominance has not been without challenges, especially since the emergence of Shiba Inu in 2020.
Following its launch, Shiba Inu quickly became an investor favorite, gathering a large portion of the market share for memecoins. At its peak in 2021, the cryptocurrency reached a market cap of $43 billion, around 50% of Dogecoin’s peak at $84 billion.
It bears mentioning that SHIB did flip DOGE in market cap in October 2021 when it soared to a valuation of $43.5 billion. At the time, Dogecoin had a market cap of $38 billion. However, Shiba Inu collapsed from this high when it corrected the gains of the 2021 run.
Since then, Shiba Inu has continued to thrive and even more so in the recent crypto market rally. At the time of writing, Shiba Inu has reached a market cap of $23 billion. Dogecoin, on the other hand, sits at $25 billion.
Dogecoin vs Shiba Inu Market Cap | CoinMarketCap
If and when the market cap flippening happens, Shiba Inu may have achieved its long-stated objective of killing Dogecoin. In the meantime, the rivalry remains healthy, with both assets locked in 9th and 10th place, respectively.
