Shiba Inu's Rise: Can SHIB Top Dogecoin?

Shiba Inu (SHIB) is participating in the current cryptocurrency market rally, fueled by easing recession fears. On April 10th, SHIB saw a 10% increase, outperforming meme coins like Dogecoin, Pepe, and Bonk. This analysis explores the likelihood of Shiba Inu surpassing Dogecoin's market capitalization as its layer-2 network, Shibarium, approaches the 200 million address milestone.

Shiba Inu's Price Surge: A Threat to Dogecoin?

Some analysts argue that Shiba Inu's unique features and ecosystem make it a superior investment compared to Dogecoin. Its deflationary nature, achieved through regular token burns, has reduced the circulating SHIB supply from over 999 trillion to 584 trillion. This burn mechanism is a key differentiator.

Shiba Inu also boasts a growing ecosystem centered around Shibarium. While its Total Value Locked (TVL) remains relatively low, Shibarium recently processed its 1 billionth transaction, a significant achievement. The network is on the verge of another milestone: reaching 200 million addresses, expected by May.

Currently, Shiba Inu has a market capitalization of $7.1 billion, while Dogecoin holds $23 billion. For SHIB to match Dogecoin, its market cap would need to increase by approximately 228%, assuming Dogecoin's value remains constant. This scenario is highly improbable given market dynamics.

While a rise in SHIB's price alongside a decline in Dogecoin's price could accelerate this process, this is unlikely given the typical correlation between cryptocurrency prices. Therefore, a market cap flip from SHIB to DOGE is considered improbable in the near term.

SHIB Price: Short-Term Technical Analysis

Short-term technical analysis suggests a bullish outlook for SHIB. Several bullish chart patterns have emerged: a double-bottom pattern with a neckline at $0.00001565, and potential multiple double-bottom patterns with support at $0.0000122. A falling wedge pattern, observed between November 2024 and March 2025, projects a potential price target of $0.00001840.

This bullish forecast is contingent on SHIB remaining above the double-bottom support level of $0.00001070. A fall below this point could trigger a decline below the $0.000010 psychological level.

Frequently Asked Questions (FAQs)

• Q: Shiba Inu's price has trended downward this year. Is there any reason for optimism?
• A: Despite the overall downward trend, the emergence of multiple bullish chart patterns offers a contrarian perspective.
• Q: How likely is SHIB to surpass Dogecoin's market cap?
• A: Given the significant difference in market capitalization, SHIB faces extremely long odds of becoming the leading meme coin.
• Q: What is the current status of Shibarium?
• A: Shibarium is approaching 200 million active addresses and recently surpassed 1 billion total transactions.

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Conduct thorough research before making any investment decisions.