Meme coins like Shiba Inu (SHIB) and Dogecoin (DOGE) are well-known in cryptocurrency. Community support, memes, and celebrity endorsements like Elon Musk have made both currencies famous. With its strong community and environment, Shiba Inu has slowly grown in the meme coin field, whereas Dogecoin has dominated. We examine how Shiba Inu could rise if Dogecoin’s market cap doubled. Understanding Shiba Inu’s growth dynamics in such a circumstance is crucial because these two tokens share market trends and investor behaviour.
Dogecoin-Shiba Inu Relationship
Within meme coins, Shiba Inu and Dogecoin are linked. Known as the “Dogecoin killer,” Shiba Inu is a decentralized meme token developed in 2020. Its dynamic community, ShibaSwap decentralized exchange, and new coins like LEASH and BONE have garnered attention. Due to their shared canine theme, SHIB and Dogecoin are often compared despite their success, and investors regularly watch Dogecoin’s market fluctuations to predict Shiba Inu’s price.
Social media trends, celebrity endorsements, and online communities impact both tokens, which often have similar price swings. When Dogecoin becomes popular, Shiba Inu follows, and vice versa. Thus, if Dogecoin’s market cap rises, Shiba Inu may benefit, especially if the meme currency market gains popularity.
Possible Dogecoin Market Cap
Dogecoin is a top meme coin and cryptocurrency industry staple with a billion-dollar market valuation. If Dogecoin’s market value doubled, it would bring in significant capital and revive meme coins. This could be due to greater acceptance, public awareness, or significant endorsements. Elon Musk’s endorsement of Dogecoin may boost its value. Dogecoin would certainly gain market share, inspiring other meme coins like Shiba Inu. Because of their history, Dogecoin’s price growth could boost Shiba Inu.
Shiba Inu Reach
Shiba Inu’s market cap may rise if Dogecoin doubles, but the extent of the rise would depend on several factors. SHIB’s market position relative to Dogecoin can help evaluate its probable rise. Dogecoin has a much bigger market cap than Shiba Inu, but the two coins trade similarly, especially during market rises.
Dogecoin’s market cap might double, causing the market to notice Shiba Inu, a meme coin. Shiba Inu may not treble its market worth like Dogecoin, but it might soar as traders and investors seek the next big meme coin to capitalize on the frenzy.
Depending on investor mood and market conditions, Shiba Inu’s market cap may climb from $10 billion to $20 billion if Dogecoin’s market cap reaches $100 billion. This growth is likely due to interest in meme coins, trading volume, and social media activity.
Possible Shiba Inu Price Increase
If Dogecoin’s market cap doubles, various factors could boost Shiba Inu. These include Social media trends and media hype to boost meme currencies. If Dogecoin became very popular, the media would likely cover it. This could influence Shiba Inu’s story, increasing attention and price.
Development of Shiba Inu’s Ecosystem: Developers have expanded its use cases beyond meme coins. Shiba Inu might become a major crypto player with projects like ShibaSwap, its decentralized exchange, and its rising presence in DeFi. If these developments persist, they could boost investor confidence and valuation.
Celebrity endorsements and community support: Like Dogecoin, Shiba Inu relies on its community for growth. If celebrities promoted Shiba Inu with Dogecoin, demand may rise, and the price would rise. The enthusiastic and promoting Shiba Inu online community is also active.
Crypto Market attitude: The overall attitude of the cryptocurrency market can affect meme coin growth. If the market rises, meme coins like Dogecoin and Shiba Inu may rise as investors seek high-risk, high-reward investments for quick rewards.
Meme Coin Investment
Investing in meme coins like Shiba Inu is risky, but price hikes are possible. Price fluctuation is common for meme currencies driven by hype rather than utility. They are highly speculative and can drop sharply if the market loses interest or sentiment changes. Investors should expect losses when trading speculative assets. Research and only investing what you can afford to lose are crucial.
Also Read: In 2024 Layer-2 Projects See High Social Engagement
Conclusion
Dogecoin’s market cap doubling could boost Shiba Inu and other meme coins. Shiba Inu may rise significantly in this scenario, especially if media attention, social media excitement, and community support expand. Meme coins’ value is driven by speculation and external causes, so investors should be cautious. They should always understand the risks and invest properly.
