These days Shiba Inu is trying to overtake Dogecoin. The two meme-coins are competing for the 9th and 10th position in the ranking of the largest cryptocurrencies by market capitalization.
Shiba Inu and Dogecoin, overtaking and counter-overtaking
Until the day before yesterday, Dogecoin was in the lead, with around $35 billion, but yesterday it was temporarily overtaken by Shiba Inu, which came close to $43 billion.
But then overnight the price of SHIB started to fall, and now its market capitalization has fallen to $36 billion. Meanwhile, the price of DOGE suddenly rose, taking its market capitalization to $39 billion.
There is actually another contender, USDC, but it is a stablecoin pegged to the US dollar, and its market capitalization cannot move significantly because of the price, but only because of possible increases in supply. At the moment, it is less than $33 billion, so Dogecoin has moved to 9th place and Shiba Inu to 10th, with USDC dropping to 11th.
It is worth mentioning that in the last three months the market capitalization of USDC has risen from $27 billion to $33 billion, while that of Dogecoin has risen from $26 billion to $39, and Shiba Inu from $3 billion to $36 billion.
Ranking by market capitalization
In reality, comparing the market capitalization of stablecoins with that of cryptocurrencies or tokens without underlying assets is not particularly interesting. Excluding stablecoins, Dogecoin would still be in 8th place today, with Shiba Inu in 9th, because the only stablecoin in the top 10 today is Tether.
Polkadot is in 8th place overall with $43 billion, so it is not at all impossible that DOGE and SHIB could move up another position. In 7th place there is XRP with $48 billion, recently overtaken by Solana which has risen to $56 billion. In 5th place there is Cardano with $62 billion and in 3rd place Binance Coin with $77. 4th place is held by Tether.
If DOGE or SHIB were to experience further significant price increases similar to those already recorded this year, it is not impossible to imagine that they could also climb further up the rankings, perhaps even to third place. Bitcoin and Ethereum, on the other hand, seem unreachable for any other crypto at the moment.
The crypto rivals of Dogecoin and Shiba Inu
Among the cryptocurrencies that are better placed than Dogecoin and Shiba Inu in this ranking, there are at least two that have already made significant gains this year: Polkadot and especially Solana. These two may have already tapped much of their growth potential for 2021, so in theory they could be easier to approach.
Others, such as XRP, Cardano and Binance Coin, gained a great deal at the start of the year, but have grown less since May.
However, there is a big difference between Dogecoin and Shiba Inu. Dogecoin posted record growth in the first five months of 2021, then failed to return to the levels of early May. In contrast, Shiba Inu has been making the most of its growth potential just recently, so it may have less from here on out.
It is worth noting that after USDC there is something of a chasm, as in 12th place there is now Terra (LUNA) with a market cap of just $16 billion.
The post Shiba Inu overtakes Dogecoin: competing meme coins appeared first on The Cryptonomist.
