Bittime - The crypto world never ceases to present interesting phenomena. In the midst of the emergence of various innovative projects, two names cannot escape attention: Shiba Inu (SHIB) and Dogecoin (DOGE).
These two memecoins have become a favorite in the crypto market, attracting the interest of investors from various circles.
Shiba Inu: The Cute Dog That Takes the Crypto Market by Storm
Who would have thought, adorable Shiba Inu dogs would not only be popular in the real world, but also in the crypto realm. The Shiba Inu token (SHIB) has become one of the well-known memecoins that is challenging the dominance of Dogecoin (DOGE).
In 2021, in the midst of the crypto bull run, Shiba Inu reached the peak of its glory. Data from CoinMarketCap shows that SHIB reached a market capitalization (market cap) of $37.8 billion in October 2021. This fantastic figure succeeded in surpassing DOGE, which at that time had a market cap of $32 billion.
However, SHIB's journey has not always been smooth. The price of this crypto asset experienced a drastic decline after reaching an all-time high of $0.00008845. This decline was compounded by the overall crypto market correction, coupled with “black swan” events such as the collapse of Terra and FTX.
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The Rise of Shiba Inu (SHIB) Amid New Bull Run
Along with the rise in Bitcoin (BTC) prices and potential signals of a new bull run, Shiba Inu is starting to show positive movement. Its market capitalization is slowly increasing. Driven by the recent price increase, SHIB's market capitalization soared from $7.16 billion at the end of February 2024 to $26.26 billion on March 5.
This increase took SHIB beyond Polkadot (DOT) and Polygon (MATIC) to occupy the 13th position as the largest crypto asset. Shiba Inu even continued to climb to 10th position.
However, with a current market capitalization of $19.9 billion, Shiba Inu has not yet managed to compete with Dogecoin which is in 9th place with a market capitalization of $24.83 billion.
Shiba Inu (SHIB) Price Analysis If MarketCap Is the Same as Dogecoin
Shiba Inu supporters are optimistic that this crypto asset will eventually surpass Dogecoin in terms of market capitalization. Let's explore the potential for SHIB price increases to achieve this goal.
Currently, Shiba Inu has a market capitalization of $19.9 billion, while Dogecoin is above it at $24.8 billion. Based on the market cap comparison tool, to achieve the same market capitalization as Dogecoin, the price of Shiba Inu only needs to increase by 25% or 1.25x.
With the current price at $0.00003364, a 25% increase would take the SHIB price to $0.00004205. At that price level, Shiba Inu's market capitalization is expected to reach $24.8 billion, assuming the number of tokens in circulation remains stable.
Investor confidence in the potential for SHIB price increases is quite high. This was triggered by a 264% price spike that occurred over the last month. However, even though it is in a bullish trend, a 25% price increase to reach $0.00004206 is certainly not a guarantee.
Shiba Inu Price SHIB/USDT Today
Source: Bittime.com
On March 15, 2024, the price of Shiba Inu SHIB/USDT was at $0.00002885 per coin, down 14.18% in the last 24 hours.
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Shiba Inu (SHIB): A Growing Memecoin or Just a Trend?
Shiba Inu still has a long way to go. Despite its great potential, the SHIB price remains vulnerable to fluctuations in the crypto market which is famous for its volatility.
In addition, the lack of clear utility or real use of the SHIB token can also be a factor inhibiting its growth. On the other hand, Shiba Inu has a large and active community. The development team behind this project continues to strive to develop the Shiba Inu ecosystem, one of which is by launching other tokens called LEASH and BONE .
In the future, the development of this ecosystem needs to be closely monitored to see whether Shiba Inu is able to transcend its status as a mere memecoin and become a more functional crypto asset.
Shiba Inu vs Dogecoin
The competition between Shiba Inu and Dogecoin has become an interesting phenomenon in the crypto market. These two memecoins represent two sides of the coin: on the one hand, they show the great potential of memecoins to compete with traditional crypto assets. On the other hand, they also remind us of the crypto market's volatility and importance
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How to Buy Shiba Inu (SHIB) on Bittime
You can buy and sell Shiba Inu (SHIB) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Shiba Inu (SHIB) is available on Bittime with the market pair SHIB/IDR . To be able to buy SHIB/IDR 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 the complete guide on how to buy Shiba Inu (SHIB) on Bittime.
Monitor the price chart movements of Shiba Inu (SHIB) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or solicitation 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.
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