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Pseudonymous Shiba Inu lead developer, Shytoshi Kusama has reignited the rivalry between Shiba Inu and Dogecoin by making a controversial statement underscoring SHIB’s dominance over DOGE.
SHIB Remains A Formidable DOGE Contender
In an X (formerly Twitter) post published on Monday, March 4, Kusama rekindled discussions about Shiba Inu’s renowned title as the “Dogecoin Killer”, emphasizing SHIB’s notable performance in the crypto market recently.
The Shiba Inu lead developer had stated that SHIB still maintains its status as the Dogecoin killer, concluding the controversial statement with the affirmation that “nothing has changed.”
Recently, the crypto market has been dominated by the bullish momentum of meme coins. In particular, Shiba Inu has emerged as one of the standout performers in recent weeks, shedding a zero in its price and making bullish waves across the market.
Additionally, Dogecoin has recently experienced a significant rally, recording a 120.42% gain in the past month and a substantial 78.28% increase over the last seven days. Although the price of the DOGE has seen a minor dip of 3.72% in the last 24 hours, its current value still stands at $0.17, according to CoinMarketCap.
Conversely, Shiba Inu has witnessed an exponential surge in its price. With a remarkable 309.73% price increase in the past month, the cryptocurrency has solidified its position among the leading meme coins in the space.
These price increases have prompted the reemergence of the historical rivalry between DOGE and SHIB. At the time of writing, Shiba Inu’s total market capitalization is estimated at $21.4 billion, while Dogecoin sits at 24.8 billion, reflecting a 3.61% decline in its overall market cap.
Earlier in October 2021, SHIB surpassed Dogecoin’s market capitalization, achieving a milestone valuation of $43.5 billion compared to Dogecoin’s $38 billion. Should the doggy-themed SHIB token persist in its recent upward trend, it could potentially push its market capitalization higher, reaffirming its status as the “Dogecoin killer.”
Shiba Inu Bulls Charge Ahead
Previously on Tuesday, March 5, Shiba Inu’s price marked a two-year high, surging past major meme coins in space to reach a price above $0.000045. However, the cryptocurrency later retraced some of its gains and is currently trading at $0.000036.
Despite the minor correction, the cryptocurrency has recorded parabolic gains, exceeding $235.95% in the last seven days and boasting a 24-hour trading volume of more than $12.3 billion. Kusama has also highlighted the cryptocurrency’s significant price increases, emphasizing a recent milestone where the crypto flipped the combined volume of prominent cryptocurrencies such as XRP and Solana by a billion.
As one of the top-performing cryptocurrencies in the space, SHIB is poised to experience more gains, with various analysts predicting that the price of the cryptocurrency could potentially shed more zeros to achieve a value above its all-time high of $0.00009.
Featured image from Investment U, chart from Tradingview.com
