Launch of new memecoins in the crypto market.
Shib is likely to enter the metaverse by the end of the year.
The global crypto market is witnessing a memecoin season with the launch of new cryptocurrencies. Recently, three memecoins (PEPE, Wojak, and Chad) were introduced to the market. The new memecoins are also making a good impression. Whatever, if we take the memecoin sector, Dogecoin, and Shiba Inu are the two tokens taking the top spot. Now CNBC argues that SHIB will outperform DOGE.
By market capitalization, Dogecoin (DOGE) takes the top position among the other memecoins in 2023. This way Dogecoin differs from its rival, Shiba Inu (SHIB). However, this year things may go differently, and Shiba Inu will be able to outperform Dogecoin this year. Let’s discuss some key differences between the two cryptocurrencies.
Will Shiba Inu Outperform Dogecoin?
The DOGE vs. SHIB battle has been going on since its debut. Both Doge and SHIB are the most popular memecoins, with huge fan bases. When comparing the usage of the tokens, undoubtedly, DOGE comes in first. Compared to last year, DOGE witnessed a huge price increase, and the business has started to accept it as a payment method. Twitch, Tesla, AirBaltic, and AMC are the few businesses that accept DOGE payments.
At the same time, SHIB has been used in a variety of situations. It has its decentralized exchange called ShibSwap, which allows users to swap tokens and access liquidity polls. Moreover, it can be used to buy and sell NFTs, participate in governance, and stake tokens.
Additionally, the SHIB’s lead developer stated that Shiba Inu’s layer-2 solution, called Shibarium, will see the light of day in two to four months. And SHIB is likely to enter the metaverse by the end of 2023 with its wide range of games, including Shib Eternity. The initiatives are expected to attract more investors to the token.
On the other hand, Dogecoin holds the upper hand due to its well-known celebrity support, such as that of Twitter CEO Elon Musk, and its early mover advantage. Moreover, Shiba Inu holders reported lastly 1.28 million, which is less than half of Dogecoin.
However, both memecoins are rushing to reach the $1 mark. At the time of writing, the trading price of DOGE is around $0.08354, with a decline of 5.59% in the last 24 hours. On the contrary, the trading price of SHIB is around $0.00001052, with a decline of 4.42%. As of now, Dogecoin has the upper hand in the dominance of memecoin compared to the SHIB. Let’s wait to see if SHIB’s upcoming updates are going to help it outperform DOGE.