- Shiba Inu draws the battle line as it vows to overtake Dogecoin to become the “king of the meme”.
- This follows a post by a trading platform disclosing that Shiba Inu has become the second most valuable meme coin.
The battle for dominance in the meme market heats up as Shiba Inu issues a warning of surpassing its canine counterpart Dogecoin. Reacting to a post by trading platform CryptoCom on Shiba Inu becoming the second most valuable meme-inspired project, its official X account, Shib, warned that it has the likes of Shiba Army and Shibarium as its secret weapons to displace Dogecoin from the first position.
Today, but the Doge days are numbered. We’ve got the #ShibaArmy #Shibarium and secret wags we can’t reveal yet. Get ready for a new top doggo. Much wows incoming! #SHIB.
Shiba Inu’s recent attempt to surpass Dogecoin was unsuccessful after the meme coin launched a surprise move that positioned it in the top ten largest cryptos by market cap. Interestingly, it only trailed Dogecoin by $3 billion. At the time of writing, SHIB was the 11th largest crypto by market cap, trailing Dogecoin by around $5 billion. The asset surged by 300% to hit $0.00004534 with the market cap going past $23 billion on March 5. Currently, Shiba Inu has declined by 22% in the last seven days, trading at $0.00002527.
How Shiba Inu Came Close to Overtaking Dogecoin
Historically, Shiba Inu once overtook Dogecoin when the asset recorded its all-time-high price of $0.00008845 in 2021. However, that was just a fleeting moment as Dogecoin reclaimed its position and remained in the top 10 list almost throughout the years. For Shiba Inu, it failed to hold its ground as it lost multiple places to remain outside the top ten. Fortunately, the Shiba Army is confident of success due to the recent implementations such as Shibarium, which it formerly lacked.
Interestingly, several analysts including Crypto investor JAKE Gagain agree that Shiba Inu could dominate its category by becoming the first meme to hit $100 billion. The Shiba Army also believes that the asset has reached a point where it could have an exchange-traded fund. Drawing insight from a recent publication by Crypto News Flash, the SHIB community filed a petition to request Grayscale Investments to launch an ETF for the meme coin.
We represent a collective of investors, digital currency aficionados, and proponents of the transformative potential of cryptocurrencies. Our varied experiences and backgrounds converge on a shared ambition: to broaden the availability of cryptocurrency investment options through trustworthy, regulated channels. It is with this common vision in mind that we cordially urge Grayscale to contemplate the establishment of a Shiba Inu (SHIB) Exchange Traded Fund (ETF).
Interestingly, Elon Musk’s involvement in Dogecoin could also make things more difficult for SHIB. Musk recently disclosed at an event that Tesla could enable Dogecoin payment for its vehicle.
He also shared a story of why he became a big fan of Dogecoin:
A lot of people maybe don’t know the reason that I actually ended up, sort of … somewhat endorsing dogecoin. When I was walking around the factory at Tesla, some people were just, you know, working the line … and they said: ‘Can you please support DOGE? Also, I was at Spacex and also just, you know, working in the factory and some regular guys just said: ‘Hey can you support DOGE?’ I was like, you know what, DOGE are the people’s crypto. So, I will support it.
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