Shiba Inu Coin (SHIB) had a breakout year in 2021, reaching over 1 million SHIB holders and becoming the most popular cryptocurrency of the year, but how high does it need to go to overtake Dogecoin (DOGE)?
DOGE is the original memecoin that acted as inspiration for Shiba-based tokens such as SHIB. While SHIB shunned its memecoin identity to build out an ecosystem, it remains connected by its original 'Dogecoin Killer' tagline.
So, now sitting just one place below Dogecoin in the cryptocurrency rankings, how would SHIB overtake DOGE?
How SHIB Would Overtake DOGE’s Market Cap
If SHIB was to overtake the DOGE market cap of $22.8 billion – SHIB would need to reach a price of $0.0000417.
At this price, with SHIB’s circulating supply of 549 trillion, SHIB’s market cap would overtake the current DOGE market cap and put SHIB closer to the top 10 cryptocurrencies. SHIB’s current market cap is $17.4bn.
This price point isn't new for SHIB. It last reached $0.0000417 on December 3. This price is still over 50% lower than SHIB's all-time high of $0.000086, reached on October 28.
For SHIB to reach this price, it would need a 31% increase on its current price of $0.0000318.
Of course, this does assume that DOGE’s market cap remains at $22.8bn. A more accurate way of assessing whether SHIB could overtake DOGE is by measuring the differences between their growth. It doesn't matter if SHIB grows 31%, if Dogecoin grows 45%, for example.
Once presumed impossible, SHIB could definitely still overtake DOGE, given that it managed to jump ahead of its inspiration during the October surge. Both the Dogecoin trailmap and Shiba Inu Coin roadmap offer promising new projects for their respective coins, too.
Could SHIB Overtake DOGE Price?
If the price of one SHIB was to reach the price of one DOGE, it would have a market cap of $94.47 trillion. To put that in context, the total global market cap is just $2.2 trillion.
This means that in its current state, SHIB reaching DOGE’s price is highly unlikely. Even at $0.01, its market cap would be $5.4 trillion.
This is because SHIB has a circulating supply of 549 trillion SHIB. Dogecoin has 132 billion – still seen as a lot compared to the likes of Bitcoin and ETH.
SHIB’s most likely avenue to $0.01 is coin burning. While SHIB burning has started, it will take quite some time to make a sizeable dent in the total supply, aside from Ethereum founder Vitalik Buterin’s burning of around 40% of the total SHIB.
For SHIB to reach $0.01 and hit DOGE’s market cap, it would need to burn 99.58% of the circulating supply, leaving it with 2.28 trillion SHIB.
(Prices Accurate as of 12 PM BST on January 13, 2022)