'Dogecoin Killer' Shiba Inu Market Cap Is On Trajectory To Takeover DOGE As Analysts Remain Bullish On SHIB's Potential
Portfolio Pulse from Rounak Jain
'Dogecoin Killer' Shiba Inu (SHIB) is nearing Dogecoin's (DOGE) market cap after a significant rally, with SHIB's price increasing by 57% weekly and 304% monthly, while DOGE rose by 19.5% weekly and 117% monthly. SHIB's market cap is now just 17% behind DOGE's. The surge is attributed to community hints about potential token burns and increasing meme coin adoption, alongside bullish sentiments from traders and technical analysts predicting further rallies.
March 09, 2024 | 11:00 am
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NEUTRAL IMPACT
Dogecoin (DOGE) has also experienced a rally with a 19.5% increase weekly and 117% monthly, but its growth is overshadowed by SHIB's more significant gains.
While DOGE has shown positive growth, SHIB's more substantial gains and the potential for SHIB to surpass DOGE's market cap could divert investor attention and investment from DOGE to SHIB in the short term, maintaining DOGE's price growth but at a potentially slower pace.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Shiba Inu (SHIB) has seen a significant price increase, with a 57% weekly and 304% monthly rise, and hints at potential token burns have fueled its bullish momentum.
The substantial price increase and community hints at potential token burns indicate a strong bullish momentum for SHIB, likely attracting more investors and potentially leading to a further increase in its price in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100