Shiba Inu’s Market Cap Rapidly Approaching Dogecoin’s Territory
In a swift ascent, the market cap of Shiba Inu (SHIB) is rapidly approaching that of Dogecoin (DOGE), currently standing at approximately $20.5 billion. This represents a mere 17% difference from Dogecoin’s market cap of $24.1 billion.
Optimism Among Traders Regarding Shiba Inu’s Potential
In the past week, meme cryptocurrencies have experienced a significant surge. Shiba Inu, often hailed as the “Dogecoin Killer,” has climbed several positions within the top 100 rankings, positioning itself directly below its competitor DOGE.
Over the last seven days, Shiba Inu has seen a price increase of 62% and a remarkable 280% surge over the past month. In contrast, Dogecoin witnessed a 19% price increase in the last week and a 109% rise over the month.
On October 29, 2021, Shiba Inu experienced a notable surge, reaching a peak value over ten times its previous valuation, resulting in a market cap of $41 billion. Despite a significant drop in market cap to $5.97 billion as of December 8, 2023, Shiba Inu continues to hold a position within the top ten meme cryptocurrencies, trailing only behind Dogecoin.
In January 2023, the Shiba Inu community unveiled Shibarium, a layer two blockchain aiming to operate atop Ethereum. Its goals include alleviating congestion, integrating spatial signatures into its ecosystem, reducing gas fees, and establishing a framework for decentralized applications while expanding Web 3.
According to CoinGecko data, Shiba Inu (SHIB) is trading at $0.00003472, securing the 11th position in the global cryptocurrency market.
Simultaneously, Dogecoin is priced at $0.168, accompanied by a 24-hour trading volume of $3.2 billion.
Throughout the past year, Dogecoin has consistently traded within a narrow range between $0.08 and $0.10, indicating a period of mild volatility.
On February 6, data analysis platform Santiment revealed an unprecedented growth in Dogecoin wallets, adding 413,800 new wallets in just two weeks, most holding between 0.001 to 1 DOGE.
Market sentiment suggests a potential retest of the $0.20 resistance level or a fallback to the $0.12 support level, based on buyer behavior.
The current buzz around meme coins reflects a renewed interest in community-driven narratives and decentralization within the cryptocurrency space.
The introduction of meme coins to the Bitcoin blockchain through the BRC-20 standard has led to increased network activity, resulting in higher transaction fees. Introduced in March 2022, the BRC-20 standard has witnessed significant growth, reaching a market cap of $120 million with over 8,500 distinctive tokens created.
Read more Shiba Inu’s Developer Boosts Campaign for BONE Token Listing on Binance
Unlike Ethereum’s ERC-20, BRC-20 tokens operate without smart contracts, utilizing the Ordinals protocol on the Bitcoin blockchain for token issuance and trading.
The substantial increase in BRC-20 transactions has led to a notable rise in transaction fees, providing additional profits for miners and impacting network congestion on both the Bitcoin (BTC) and Ethereum (ETH) blockchains.
While the proliferation of meme coins on the Bitcoin blockchain showcases innovation in the crypto world, it also highlights challenges posed by transaction fees and network congestion amidst meme coin frenzy.
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