Could Shiba Inu Become the Biggest Meme Coin in 2024? These are the Factors!

Bittime - The price of Shiba Inu (SHIB) has skyrocketed recently and its spectacular performance has attracted the attention of many people.

The recent rise in Bitcoin prices has fueled speculation that a new bullish cycle may have begun in the crypto world. Meme coins also experienced a price spike, and intense competition ensued between SHIB and Dogecoin (DOGE) to become the biggest meme coin.

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The difference in market capitalization of these two memecoins has shrunk in recent weeks. Now the gap is only about $4 billion, whereas at the beginning of last February the difference was almost $10 billion. 

We also asked Perplexity, a ChatGPT competitor, about what needs to happen for SHIB to surpass DOGE, a senior meme coin that is already popular.

Currently, SHIB and DOGE are ranked 10th and 11th as cryptocurrencies with the largest market capitalization. DOGE has a market capitalization of around $24 billion, while SHIB is just under $21 billion. SHIB's weekly increase which reached 75% was much higher than DOGE which only rose 20%, so the distance between the two is getting closer.

Factors that Make Shiba Inu (SHIB) a Top Memecoin

According to Perplexity, SHIB has the potential to become the biggest meme coin this year. However, there are several important factors that determine the winner:

Community Support 

A strong and active community is essential for meme coins to thrive and survive. Continuous support from the community can greatly help SHIB's growth.

Market Sentiment 

Positive market sentiment, driven by hype and speculation, plays an important role in the success of meme coins like SHIB. Positive sentiment can lead to higher prices and popularity.

Listed on Major Exchanges 

Being listed on a top crypto exchange increases accessibility and liquidity for meme coin. This wider exposure may attract more investors and traders to SHIB.

Development and Innovation 

Continued development efforts, such as the introduction of new features and initiatives such as Shibarium, can increase the appeal and usability of SHIB. This can increase demand for Shiba Inu.

Competition 

The crypto market is highly competitive, with many meme coins competing for attention. SHIB faces competition from other meme coins, each of which has unique features and community support.

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Perplexity emphasizes the ever-growing SHIB community as well as the innovations made by the development team. SHIB has a team that continues to produce new products and features, such as Shibarium and upcoming privacy improvements. 

Additionally, the burning mechanism that reduces the overall supply of SHIB is also another supporting factor.

Unlike SHIB, Dogecoin does not have a large platform to trigger an increase in its price. However, DOGE has the support of a big figure - Elon Musk, who often praises this asset and has even enabled DOGE payments for some of his companies. 

Dogecoin also has the advantage of being a pioneer of meme coins, which existed long before SHIB or other newcomers such as BONK, PEPE, and WIF.

Shiba Inu Ecosystem (SHIB)

The Shiba Inu ecosystem consists of several interrelated tokens, here is the explanation:

Core Token

Shiba Inu (SHIB) 

It is the main cryptocurrency in the Shiba Inu ecosystem. The total supply of SHIB is very large, namely around 1 quadrillion (1,000 trillion). Shiba Inu founder Ryoshi initially locked 50% of SHIB on Uniswap (to increase liquidity) and the rest was sent to Vitalik Buterin, co-founder of Ethereum, for safekeeping. 

In May 2021, Buterin donated more than 50 trillion SHIB (worth more than $1 billion) to India's COVID-19 relief fund. Shortly thereafter, Buterin also "burned" 40% of the total SHIB supply, meaning the token was permanently removed from circulation.

Leash 

Leash is on the other side of the Shiba Inu ecosystem spectrum. Compared to the trillions of SHIB, Leash only has a supply of 107,646 tokens. Leash serves as a reward for supporters of the Shiba Inu ecosystem.

Bone (BONE) 

Bone has an intermediate supply between SHIB and LEASH, namely 250 million tokens. Originally designed as a governance token, Bone would later be used within Shibarium to reward validators (who stake their Bone) and delegators (who give validators their voting rights).

Treat (TREAT) 

Treat's function is unknown as of December 2023.

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Apart from tokens, the Shiba Inu ecosystem also has other platforms and initiatives:

ShibaSwap 

ShibaSwap is a DeFi (Decentralized Finance) platform that aims to provide a safe place for decentralized crypto trading. SHIB and LEASH are best bought and sold via ShibaSwap.

Shiba Inu Incubator 

This incubator aims to support innovative creative art forms beyond painting, photography and digital rendering.

Shiboshis 

Shiboshis are 10,000 Shiba Inu-themed Non-Fungible Tokens (NFTs) created on the Ethereum blockchain. Each Shiboshi has unique characteristics making it a collectible item.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn Complete Guide How to Buy Crypto on Bittime. 

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also read:

Shiba Inu Burn Token Makes Shiba Inu Market Cap Soar Sharply

What is Shiba Inu Token (SHIB)? Concept and Function

Dogecoin Vs Shiba Inu: Catching Each Other's Eyes

Shiba Inu (SHIB): What is it, How Does It Work, and Why is it Popular?

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.