Now that Shiba Inu (CRYPTO: SHIB) became a top 20 cryptocurrency with a market cap of $11.1 billion, many are starting to ask themselves what it will take for it to overtake its older brother Dogecoin (CRYPTO: DOGE).
What Happened: According to CoinMarketCap data, if Shiba Inu were to overtake Dogecoin’s market capitalization of $29.3 billion, it would need to reach a price of $0.0000743.
At such a price, SHIB’s circulating supply of 394 trillion would result in a market cap higher than that of Dogecoin, placing it among the top 10 coins. For this to occur, its price would have to increase by 165.5%. Such a price would also be an increase of 91.5% over its May all-time high of $0.0000388.
Still, such an increase is not off the table considering Shiba Inu’s 331% growth in the last 30 days. Still, since Dogecoin and Shiba Inu are strictly correlated, it would most probably take a much more significant upturn than just 165.5% for SHIB to reach its older brother’s market cap.
Hopes for Shiba Inu to overtake Dogecoin are growing, with social media data showing the former is growing significantly more popular — at least among Twitter users. Earlier this month, popular crypto influencer CryptosRUs suggested Shiba Inu is superior to Dogecoin due to the abundance of use cases and the way the coin was distributed. He said that 1 quadrillion Shiba Inu coins were created, with its team members having to buy it like everyone else and half of the supply gifted to Ethereum (CRYPTO: ETH) co-founder Vitalik Buterin, who destroyed most his holdings.
Shiba Inu is also apparently stepping up its game even further now with a recent partnership with crypto payment processor NOWPayments to allow its SHIB, LEASH and BONE tokens while also destroying a portion of the tokens — permanently decreasing their supply. Recent reports suggest Shiba Inu recently saw a day in which its daily trading volume was two times that reported by Dogecoin over the same length of time.