- Shiba Inu could surpass Dogecoin, according to CNBC.
- Shiba Inu has a broader range of use cases than Dogecoin.
Shiba Inu is a cryptocurrency that has taken the market by storm. The hype around it has now reached mainstream media, with CNBC publishing an article examining whether Shiba Inu can displace Dogecoin, the largest meme coin in the market, from its throne in the future. According to CNBC, Shiba Inu has the potential to overtake Dogecoin, but it could take more than a year.
Shiba Inu’s popularity grows as it gains mainstream media attention from CNBC and Hollywood
Both Dogecoin and Shiba Inu have dominated much of the meme coin market share in recent years. However, Dogecoin still holds a significant lead of over six billion dollars in market capitalization over Shiba Inu. CNBC suggests that this lead could gradually melt away due to Shiba Inu’s unique use cases, such as its initiatives in the DeFi sector through its decentralized exchange ShibaSwap and its development of its own layer-2 scaling solution, Shibarium.
One of the biggest use cases that CNBC predicts will be a game-changer for Shiba Inu is the metaverse. Shiba Inu’s metaverse is expected to debut by the end of 2023 and will include games such as Shiba Eternity, Shiba Run, and Shiba March. These initiatives offer a unique use case that Dogecoin does not have. Furthermore, Shiba Inu is tapping into the NFT creation and trading market, which is a rapidly growing industry.
The analysis also looks at the on-chain data of both meme coins, specifically the number of daily active addresses. Dogecoin is still clearly ahead here, with well over 50,000 daily active addresses, indicating that its network is attracting significantly more investors. However, Shiba Inu has also been making gains in this area, averaging 5,000 to 6,000 transactions per day since the beginning of the year.
CNBC predicts Shiba Inu will surpass Dogecoin in popularity due to its broader use cases and upcoming metaverse launch
Despite the higher percentage gains and greater use cases, Shiba Inu still falls short of Dogecoin’s dominance in the meme sector. According to CNBC, it may take longer than a year for Shiba Inu to close the over $6 billion gap in market cap and overtake Dogecoin.
— Marcie Jastrow (@marciejastrow) April 19, 2023
In a recent tweet, Marcie Jastrow, advisor to the Shiba Inu Metaverse team, hinted at Hollywood’s growing interest in the virtual world. After the National Association of Broadcasters (NAB) show, she tweeted:
Shib the Metaverse is the talk of Hollywood and Shibarium can run it all – we got this shibarmy.
This suggests that Shiba Inu is gaining traction and could see more mainstream adoption in the future.
In conclusion, Shiba Inu is showing promise as a potential challenger to Dogecoin’s dominance in the meme coin market. While it may take some time for Shiba Inu to overtake Dogecoin, the unique use cases and initiatives offered by Shiba Inu, such as the metaverse, could be game-changers that attract more investors and contribute to the project’s growth potential.