Prominent crypto YouTuber Jake Gagain has taken to X to share his bullish sentiment about two of the most notable cryptocurrencies, Shiba Inu (SHIB) and Dogecoin (DOGE).
In the tweet, Gagain proclaimed a belief that Shiba Inu would surpass the largest market cap meme-themed crypto, DOGE. Specifically, he argued that Shiba Inu would command a market valuation that outranks that of Dogecoin in the anticipated bull market rally.
$SHIB Will Flip $DOGE Next Bull Run.
— JAKE (@JakeGagain) September 26, 2023
Notably, the replies to Gagain’s argument exemplified mixed sentiments. While some agreed it was a realistic projection, others do not see it coming to fruition. Besides, an individual argued with the formidable backing that Dogecoin uniquely enjoys.
In particular, Marco Johanning, a notable Bitcoin analyst, highlighted that Dogecoin’s price leap rests on the shoulder of the tech billionaire Elon Musk.
Shiba Inu vs. DOGE
According to data from the well-known market tracker CoinMarketCap, Shiba Inu trades at $0.00000722 with a negative growth of 2% in the past week. In the last 24 hours, market participants exchanged $59,266,255 worth of the digital asset.
Notably, the figure represents a substantial 16.90% decline from the amount traded on the previous day. Moreover, Shiba Inu has a valuation of $4.26 billion, putting it at position 17 in the ranking of the most prominent cryptocurrencies.
On the other hand, DOGE trades at $0.0606 with a similar 2.5% negative growth in the past week. However, crypto traders bought and sold $143,301,432 worth of Dogecoin over the past 24 hours.
Additionally, the figure is a significant 46.39% uptick from the values obtainable in the previous day. Moreover, DOGE ranks among the top ten major cryptocurrencies with a market cap of $8.6 billion, more than twice that of Shiba Inu.
Shiba Inu Outranking DOGE
For Shiba Inu to flip DOGE in the market, it must gain a market cap of over $9 billion. That implies Shiba Inu will grow 111.27% to a price of $0.00001527 while DOGE remains relatively stagnant, which is unlikely.
Interestingly, Shiba Inu has in the past overtaken Dogecoin in market valuation. Specifically, SHIB surpassed DOGE during the peak of the 2021 bull market when it reached its all-time high.
According to data from market tracker CoinGecko, Shiba Inu saw a market cap of $40.9 billion on October 28, 2021. On the same day, Dogecoin traded lower at $31.5 billion.