With Bitcoin hitting new all-time highs twice this week, the crypto community is perhaps rightfully speculating that the new bull cycle has already begun.
Meme coins have been at the forefront of the recent gains, with the two largest going at it, and a new battle has started – which one of them will be the largest during this run.
The gap between their market caps has narrowed in recent weeks and is under $4 billion, while it was at almost $10 billion in early February. So, after asking ChatGPT on its opinion on the matter, we decided to touch bases with its main rival – Perplexity – on what has to happen for Shiba Inu to surpass the OG meme coin – DOGE.
The duo has now become the 10th and 11th largest cryptocurrencies by market cap, with Dogecoin’s standing at just over $24 billion and SHIB’s at under $21 billion. The weekly gains represent the difference in their recent performance, as DOGE is up by 20%, while SHIB has soared by 75%, further reducing the gap.
Perplexity said that Shiba Inu certainly has the potential to become the biggest meme coin this cycle, but there are several factors that will play a key role in determining which one will have the higher spot.
Community Support: SHIB benefits from a strong and active community, which is crucial for meme coins to gain traction and sustain momentum. Continued support from the community can significantly contribute to SHIB’s growth.
Market Sentiment: Positive market sentiment, driven by hype and speculation, plays a vital role in the success of meme coins like SHIB. Favorable sentiment can lead to increased prices and heightened popularity.
Listing on Major Exchanges: Being available on major cryptocurrency exchanges enhances accessibility and liquidity for meme coins. This increased exposure can attract more investors and traders to SHIB.
Development and Innovation: Ongoing development efforts, such as introducing new features and initiatives like Shibarium, can enhance SHIB’s appeal and utility. These developments can lead to increased demand for SHiba Inu.
Competition: The cryptocurrency market is highly competitive, with numerous meme coins competing for attention. SHIB faces competition from other meme coins, each with its unique features and community support.
The AI chatbot emphasized Shiba Inu’s growing community as well as the developments on the project’s front. SHIB has a development team that continues to produce new products and features, such as Shibarium and the upcoming privacy upgrade. Additionally, the burn mechanism that reduces the overall SHIB supply is another element going its way.
In contrast, Dogecoin doesn’t have any big platforms to fuel the meme coin’s rise but does have support from a big name – Elon Musk, who has frequently praised the asset and has even enabled DOGE payments for some of his companies. It also has the advantage of being a market leader since its inception was long before that of SHIB or any of the newcomers like BONK, PEPE, and WIF.
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