With Bitcoin reaching new all-time highs twice this week, many in the crypto community believe the new bull cycle has begun.
Meme coins have seen significant gains, with the two largest vying for the top spot. The competition has intensified as the gap in their market caps has narrowed to less than $4 billion, compared to nearly $10 billion in early February. To explore what it will take for Shiba Inu to surpass the original meme coin, Dogecoin (DOGE), we consulted with Perplexity, considered a main rival by ChatGPT.
The current rankings place Dogecoin as the 10th largest cryptocurrency by market cap at over $24 billion, closely followed by SHIB at under $21 billion. Recent performance highlights their weekly gains, with DOGE up 20% and SHIB surging by 75%, continuing to close the gap between the two.
Perplexity acknowledges Shiba Inu’s potential to lead the meme coin market this cycle but identifies specific factors pivotal to determining the top position:
- Community Support: SHIB benefits from an engaged community, essential for gaining and sustaining momentum.
- Market Sentiment: Positive sentiment and hype significantly influence meme coin success.
- Listing on Major Exchanges: Increased accessibility through major exchange listings attracts more investors.
- Development and Innovation: Continuous development efforts and new features enhance SHIB’s utility and appeal.
- Competition: The competitive market poses a challenge as SHIB competes with other meme coins.
Focusing on Shiba Inu, the growing community, ongoing project developments, new features like Shibarium, and a burning mechanism reducing SHIB supply are driving factors supporting its growth.
In comparison, Dogecoin lacks significant platforms but benefits from Elon Musk’s endorsement and early market leadership. Musk’s praise and enabling DOGE payments for his companies have boosted Dogecoin’s popularity.
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