In the wake of an anticipated Shibarium launch expected to play out in a couple of days, speculations about Shiba Inu’s (SHIB) potential to outperform fellow dog-themed meme token Dogecoin (DOGE) have soared.
While Dogecoin (DOGE) and Shiba Inu (SHIB) are renowned meme coins, DOGE holds the title of the most expansive meme token, followed closely by SHIB.
However, Shiba Inu pushing to drop the meme tag through the creation of viable use cases, unlike Dogecoin. Many analysts see this as an edge with the potential to push SHIB beyond DOGE in terms of market valuation.
Price of Shiba Inu (SHIB) if it Hits Dogecoin (DOGE) Market Cap
Per The Coin Perspective, a dedicated cryptocurrencies tracker website, if Shiba Inu accumulates a market worth equivalent to Dogecoin’s worth, it implies that SHIB might attain a $0.000011 price mark for an upside of 45% over current prices.
Notably, the fully diluted market cap multiplies the Shiba Inu token’s current supply per its total supply, culminating in a more precise price forecast than when the circulating market cap is involved initially.
Shibarium Would Drive Shiba Inu’s Price Ascent By Inducing Scarcity
Within a few weeks’ intervals, Shiba Inu has succeeded in ascending to the 14th spot on CoinGecko crypto rankings based on market cap. This is evidence of its gradual penetrative growth that would expand more with the Shibarium launch.
Shibarium, the Layer-2 solution network, is marked to be the game changer in the Shiba Inu ecosystem. It’s expected to compete with other notable Layer-2 solutions like Arbitrum (ARB), Optimism (OP), and Base (by Coinbase).
In addition to its burn capacity, Shibarium would also deploy a decentralized exchange (DEX), a metaverse, and blockchain games like Shiba Eternity.
It is worth noting that the Shibarium launch is estimated to play out in a few days, according to the Shiba Inu lead developer, Shytoshi Kumasa.
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Shiba Inu (SHIB) Price Analysis And Market Printings
Per CoinGecko, Shiba Inu’s price today is $0.00001053, with a market cap valued at $6,216,160,314 and a 24-hour trading volume of $433,757,064. The past few days saw SHIB maintain price levels above the $0.00001 level with no signs of declining anytime soon.
Shiba Inu boasts a circulating pool of 589,335,571,053,485 tokens from a total supply of 999,986,835,490,713 coins. SHIB’s massive circulating supply is now a serious concern within the Shiba Inu community, and we hope that the coming Shibarium will help reduce it.