7 months ago
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Crypto analyst Altcoin Sherpa recently mentioned that Shiba Inu (SHIB) could still flip Dogecoin (DOGE) as the largest meme coin by market cap. His statement comes at a time when SHIB’s fundamentals are showing strength, with the token’s burn rate increasing significantly in the last 24 hours.
Shiba Inu To Have “Some Moments” Where It Flips Dogecoin
Altcoin Sherpa suggested in an X (formerly Twitter) post that the competition between DOGE and SHIB will be well heated up in this cycle as there will be “some moments” where the latter flips the former. DOGE and SHIB are the foremost meme coins and rank as the eighth and twelfth largest crypto tokens by market cap, respectively.
Meanwhile, the crypto analyst noted that SHIB has “some stuff going on” in terms of its fundamentals and highlighted the layer-2 network Shibarium as one of those things. Since launching, Shibarium has undoubtedly contributed to SHIB’s growth and has helped position it as more than just a meme coin.
This is why SHIB also seems to have an edge over DOGE. It possesses a real-life utility in Shibarium, unlike DOGE, which someone like Ripple’s CEO Brad Garlinghouse once criticized as providing no real value. Additionally, Shiba Inu’s team has been actively building and continues to develop initiatives that help increase SHIB’s value.
One of these initiatives involves regularly burning SHIB tokens. Impressively, the team has even committed some of the transaction fees earned on the Shibarium network to also burning SHIB. It is also worth mentioning that SHIB’s burn rate has picked up recently, with the burn tracking website Shibburn reporting an 89% increase in the last seven days.
The burn rate in the last 24 hours is even more impressive. During this period, there was a 4000% increase, with over 154 million SHIB tokens being burned.
What To Expect As A Shiba Inu Investor
While listing the cons of Shiba Inu, Altcoin Sherpa stated that those just investing in the meme coin now are unlikely to see as much as a 20 times return on their investment. This suggests that it is almost impossible for SHIB to enjoy such historic gains as the one it recorded in the last bull run.
Despite that, SHIB is still expected to make reasonable gains in this bull run, with Altcoin Sherpa admitting that the SHIB chart “still looks amazing.” However, he urged investors to be patient as this move might not come instantly.
As to how high SHIB could rise in this market cycle, crypto analysts like Xanrox and Javon Marks have predicted that the meme coin would at least surpass its all-time high (ATH) of $0.00008845.
At the time of writing, SHIB is trading at around $0.00002712, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Coinfomania, chart from Tradingview.com
