Shiba Inu vs Dogecoin: SHIB To Flip DOGE in the Next Seven Days?
The crypto community has been abuzz with talk of something called flipping. Its basically the idea of Shiba Inu, a cryptocurrency, potentially surpassing Dogecoin in market value. If this were to happen, it would mark a big change in the world of cryptocurrencies. So, were going to dive into this idea and see if it holds water, using the latest market cap data. Lets take a closer look at this comparison between Shiba Inu vs Dogecoin.
Shiba Inu vs Dogecoin
How has the SHIB price moved in recent days?
Right now, Shiba Inus price is sitting at a cool $0.00003494, and in the last day, theres been a trading frenzy totaling $2.69 billion. Thats some serious action! Its market cap is cruising at $20.59 billion, and its flexing with a market dominance of 0.79%. But hey, its not all sunshine and rainbows the price of SHIB took a tiny dip of -1.06% in the past 24 hours.
Now, lets rewind a bit. The highest Shiba Inu ever soared was on October 28, 2021, when it hit its all-time high of $0.00008819. On the flip side, its lowest low was on November 28, 2020, when it tanked to $0.000105637. Since its peak, the lowest its dropped to is $0.000055821 (yup, thats the cycle low), and it peaked at $0.00004501 since the last low point (cycle high, if youre keeping track).
And you know what? People are feeling pretty optimistic about where Shiba Inus price is headed, with a bullish sentiment in the air. Oh, and the Fear & Greed Index? Its giving off vibes of extreme greed with a reading of 84.
Now, lets talk supply. Right now, there are around 589.29 trillion SHIB tokens in circulation out of a total supply of 589.74 trillion SHIB. And get this theres a yearly supply inflation rate of about 7.33%, which means around 40.23 trillion SHIB have been added to the mix over the past year. Crazy, right?
How has the DOGE price moved in recent days?
Alright, lets break down the Dogecoin situation. Currently, Dogecoin is hanging out at a price of $0.180490. In the past day alone, theres been a whirlwind of trading activity, racking up a hefty $5.85 billion in volume. Talk about some serious action, right? Its market cap is cruising at $25.88 billion, and its flexing with a market dominance of 1.00%. Plus, in the last 24 hours, the price of DOGE shot up by a whopping 8.00%.
Now, lets talk peaks and valleys. Dogecoin hit its highest high on May 8, 2021, when it skyrocketed to an all-time high of $0.738595. On the flip side, its lowest low was recorded back on May 7, 2015, when it dipped to an all-time low of $0.00008547.
Since its peak, the lowest its dipped to is $0.049701 (yep, thats the cycle low), and it hit a high of $0.203320 since the last low point (cycle high, if youre keeping track). And guess what? The vibe around Dogecoins price prediction is pretty bullish, with folks feeling optimistic about where its headed. Oh, and speaking of vibes, the Fear & Greed Index is spiking at 84, indicating some serious extreme greed.
Now, lets talk supply. Right now, there are about 143.40 billion DOGE tokens out there in circulation. And get this theres a yearly supply inflation rate of about 8.08%, which means around 10.73 billion DOGE have been added to the mix over the past year. Crazy, right?
Shiba Inu Vs Dogecoin: Understanding Market Capitalization and the Flippening
Alright, lets simplify this market capitalization concept with a relatable analogy. Think of it like this: imagine you have a box filled with apples, and each apple is priced at $2.
Now, if youve got a total of 100 apples in that box, youd calculate the total value of all those apples by multiplying the price per apple ($2) by the number of apples (100), giving you a grand total of $200.
Now, lets apply this to the world of cryptocurrencies, specifically Shiba Inu (SHIB) coins. If each SHIB coin is valued at $0.00003531 and there are approximately 589.29 trillion SHIB coins circulating, youd determine the total value of all SHIB coins by multiplying the price per coin ($0.00003531) by the number of coins (589.29 trillion).
This calculation gives you the market capitalization, which currently stands at $20.81 billion. So, just like with the apples, market capitalization represents the total value of all the cryptocurrency units in circulation.
Alright, lets switch gears to another scenario. Imagine youve got a box of oranges now, and the total value of all those oranges is $300. Now, compared to our previous box of apples valued at $200, this box of oranges has a higher market cap.
Now, heres where it gets interesting in the crypto world. When one cryptocurrencys market cap surpasses another, its like our box of oranges overtaking the box of apples. This phenomenon is colloquially known as flipping.
Specifically, in the crypto sphere, we use the term flippening to describe the moment when Shiba Inus (SHIB) market cap surpasses that of Dogecoin (DOGE). So, if the total value of all SHIB coins in circulation exceeds the total value of all DOGE coins in circulation, then SHIB has successfully flipped DOGE in terms of market cap. Its like the oranges winning the market cap race against the apples in our analogy.
Shiba Inu To Flip Dogecoin in the Next Seven Days?
Based on what weve got right now, it seems like Shiba Inu (SHIB) flipping Dogecoin (DOGE) in market cap over the next seven days is a bit of a stretch. SHIBs market cap is sitting at around $21.01 billion, while DOGEs is cruising at $26.20 billion.
Thats a pretty noticeable gap between the two. Plus, DOGE has been riding a bit of a positive wave lately, showing some good growth in the past day.
So, while SHIB has been making some noise and getting attention, DOGEs got the upper hand with its established presence and bigger market cap.
Also, Dogecoin (DOGE) has the upper hand over SHIB because it was the first to join the crypto scene. DOGE paved its way a decade ago, back in December 2013. Meanwhile, SHIB stepped into the game much later, kicking off in August 2020, just about three years back. But hey, even with its shorter time in the ring, SHIB has managed to make some impressive strides.
Adding to its arsenal, SHIB recently rolled out its layer-2 network, Shibarium, earlier IN 2023. This move could be a game-changer in boosting SHIBs adoption rates after the halving. Plus, the team behind SHIB is cooking up a new burn mechanism that could torch trillions of tokens annually, giving an extra push to the assets price. These developments could potentially shake things up for SHIB in the crypto world.
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Read more: https://cryptoticker.io/en/shiba-inu-vs-dogecoin-seven-days/
Text source: CryptoTicker
