Update as of 10th November – Doge has overtaken Shib again. Doge stands at #9 while Shib stands at #11.
SHIB coin was launched only in August 2020 while DOGE was launched in December 2013. So how did SHIB coin manage to overtake DOGE in magnitude of market cap? Let’s dive right in.
At the time of writing, SHIB stands at #9 in top crypto coins in order of market cap while DOGE is at #11. SHIB is just ahead of stable coin USDC standing at #10.
Let’s be clear. Both SHIB and DOGE are meme coins that just started as a joke. So how have they climbed up to the top ranks with trillions of dollars to its name?
Let’s start with the Doge coin and how it has led to a valuation higher than India’s largest automobile company, Maruti Suzuki.
Doge coin was started as a joke by IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer. It was launched as a satire against the hype on cryptocurrencies at the time. The coin picked up traction as a fun coin with a Shiba Inu logo. It stood out as it was an inflationary coin and had an unlimited supply.
Just two weeks into the launch, the coin had already appreciated 300%, with no reasonable explanation. During 2014-15, the coin was moving around the market in large amounts for donations, contributions and so on. But from 2015 onwards, it started to receive most criticism as investors grew serious. It was deemed a “toxic community.”
Fast forward to 2020-21, Elon Musk started to rally on and support Doge coin deeming himself the “Dogefather”. Musk’s activity on twitter on Doge has been extremely influential in its price performance making it an extremely volatile investment.
Coming to Shib coin now, that is known as the “Doge killer”.
Shib coin, another dog-inspired meme coin started by a pseudonymous founder called Ryoshi. It has a total supply of 1 quadrillion. Ryoshi claims they do not hold any shiba inu coins and nearly half of its supply is locked in a liquidity pool on decentralized exchange Uniswap.
SHIB coin has become popular amongst teen and the younger generation by means of social media. Adding to the hype, in October SHIB’s price had risen more than 180% as it got listed on Coinbase.
SHIB shakes up the market
On 27th October, SHIB matched up to its real title of the DOGE killer as it overtook DOGE in market cap.
On the day it experienced an all time high of $0.000067 recording a 30% rise in a 24 hour cycle. Not to mention, the coin enjoyed a monthly rise to roughly 830%, and its yearly rise to a whopping 91,000,000%!
Even though the price of the DOGE seems so small, to put things into perspective. If you had invested $2 in the coin in January, you could have close to $2 million today. Ah yes, the true power of a meme coin.