According to CryptoPotato, as Bitcoin reaches new all-time highs, the crypto community is speculating on the potential dominance of meme coins during this bull cycle. The market caps of Dogecoin and Shiba Inu, the two largest meme coins, have narrowed to under $4 billion, with Dogecoin at just over $24 billion and Shiba Inu at under $21 billion. In the past week, Dogecoin has increased by 20%, while Shiba Inu has soared by 75%, further reducing the gap.
Perplexity, an AI chatbot, suggests that Shiba Inu has the potential to become the biggest meme coin this cycle, but several factors will play a key role in determining which coin will take the higher spot. These factors include community support, market sentiment, listing on major exchanges, development and innovation, and competition from other meme coins. Shiba Inu benefits from a strong community and ongoing development efforts, such as introducing new features like Shibarium and an upcoming privacy upgrade. Additionally, a burn mechanism that reduces the overall supply of SHIB is another element in its favor.
In contrast, Dogecoin lacks significant platforms to fuel its rise but has support from Elon Musk, who has praised the asset and enabled DOGE payments for some of his companies. Dogecoin also has the advantage of being a market leader, as its inception predates that of Shiba Inu and other newcomers like BONK, PEPE, and WIF.
