• CNBC believes Shiba Inu (SHIB) will eventually overtake Dogecoin (DOGE) in market capitalization, though it could take more than a year.
• SHIB has unique use cases such as its decentralized exchange ShibaSwap, NFT creation and trading, and its upcoming metaverse.
• DOGE’s main utility is seen as a payment method, while SHIB has greater potential due to its various initiatives.
Shiba Inu Vs. Dogecoin
CNBC examines whether Shiba Inu can displace the still largest meme coin Dogecoin from its throne in the future. According to the media outlet, SHIB will overtake its biggest competitor but it could take “more than a year” for this to happen.
Dogecoin’s main utility is seen as a payment method with companies like Twitch, AirBaltic, AMC, Tesla and GameStop using it for this purpose. Shiba Inu’s use cases are much broader; they include DeFi products through its decentralized exchange ShibaSwap, NFT creation and trading, and an upcoming layer-2 scaling solution Shibarium. The project also plans to launch a metaverse by the end of 2023 with games such as Shiba Eternity, Shiba Run and Shiba March contributing to the project’s growth potential.
Daily Active Addresses
Since the beginning of 2021 SHIB has averaged 5k-6k transactions per day while Dogecoin is still ahead with higher numbers of daily active addresses.
CNBC believes that despite currently lagging behind in terms of market capitalization compared to Dogecoin that SHIB will eventually outpace it due to its various initiatives offering unique use cases which have greater potential for growth compared to DOGE’s single use case of being used as currency for payments between companies or individuals.
It may take more than a year for SHIB to overtake DOGE in terms of market capitalization but the future looks bright for those invested in this meme coin thanks to all the innovative projects associated with it which set it apart from other coins on the market today.