Shiba Inu vs. Dogecoin, which meme coin will hit the $1 bullish target first?
- Shytoshi Kusama received support for Shibarium and his vision for the decentralized project by Voxel X Network.
- Voxel X will actively promote the layer-2 scaling solution alongside 75+ listed partners – Shiba Inu and rival Dogecoin battle for dominance.
- Shiba Inu’s community on crypto Twitter, the SHIB Army, is awaiting a bullish catalyst for SHIB to hit its $1 target.
Shiba-Inu-themed meme coins Dogecoin and rival Shiba Inu are in a race to hit the bullish target of $1. With the upcoming layer-2 scaling solution Shibarium’s launch, and support from projects in the crypto and Web3 landscape, SHIB has garnered support from the community.
The Dogecoin-killer’s community expects the bullish catalysts to push SHIB closer to its $1 target, even if this sounds a little far-fetched.
Also read: Dogecoin Price Prediction: Whales patiently building the cause
Shiba Inu vs. Dogecoin: The race to $1 bullish target ensues
Shiba Inu witnessed a slew of bullish developments throughout 2022. Shytoshi Kusama, the lead developer of SHIB shared a progress update on layer-2 scaling solution Shibarium’s development.
Kusama said Shibarium’s development was on track, and that DeFi and Web3 projects have voiced their support for the layer-2 scaling solution.
One of these, Vowel X Network, a technology development firm, expressed their interest in supporting Shibarium, alongside 75+ listed partners, in a tweet:
Proud to announce that @VoxelXNetwork is fully supporting @shytoshikusama's vision for a decentralized #Shibarium that welcomes all projects
— Voxel X Network (@VoxelXnetwork) February 28, 2023
Excited to see the #crypto community grow & thrive together
Voxel X will actively promote #Shibarium with our 75+ strong listed partners pic.twitter.com/UagcSxDSyw
The community of Shiba Inu holders, SHIB Army, expects the bullish catalysts and Shibarium’s launch to push SHIB closer to its $1 bullish target.
The $1 target first became relevant in the Dogecoin community when the largest meme coin by market capitalization hit an all-time high of $0.73, in May 2021, nearly two years ago.
DOGE price chart
The meme coin is currently trading 88.72% below its all-time high, at $0.082. Despite the massive decline in Dogecoin’s price, the DOGE community believe the $1 target is relevant and achievable given the meme coin’s $11.4 billion market capitalization.
DOGE’s all-time high of $0.73 is 36.9% away from the $1 target.
For Shiba Inu holders, $1 may be a pipe dream
Dogecoin-killer Shiba Inu hit a more modest all-time high of $0.000086, in October 2021. The Dogecoin-rival has a total supply of 999.99 trillion so if it ever reached $1 a token, SHIB would have a market capitalization of $999.99 trillion.
SHIB’s current market capitalization is $7.27 billion. Given the total market cap of the whole crypto market is around $1.132 trillion, it seems unlikely that the Dogecoin-killer will ever reach $1 a token.
SHIB Army’s expectation of a Shiba Inu price rally to $1, therefore, still seems like a pipe dream.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
