Benzinga - by Rounak Jain, Benzinga Staff Writer.
Shiba Inu (CRYPTO: SHIB) is edging closer to Dogecoin’s (CRYPTO: DOGE) market cap following a significant rally, stirring up discussions about a possible shift in rankings.
What Happened: Memecoins have seen a substantial surge in the past week. Shiba Inu, the meme cryptocurrency proclaimed as the ‘Dogecoin Killer,' has ascended several positions in the top 100 rankings, positioning itself just below its rival, DOGE.
Shiba Inu’s price has skyrocketed by 57% on the weekly charts and 304% in the past month.
On the other hand, Dogecoin has rallied 19.5% in the last week and 117% monthly.
At present, SHIB’s market cap is at $18.7 billion, just 17% shy of DOGE’s $22.5 billion, according to data from Benzinga Pro.
If Shiba Inu sustains its bullish momentum, it could potentially surpass Dogecoin in the rankings in the coming days.
While Dogecoin has the advantage of being the first to enter the scene, debuting in 2013, Shiba Inu, launched in 2020, has made a significant impact in its brief history. Both coins are currently working on developments that could further boost their prices.
Why It Matters: Earlier this month, BitMex co-founder Arthur Hayes expressed enthusiasm for the growing influence of "dog money" on the internet as Shiba Inu opened early access to their new venture, SHIB Name. This followed an announcement about early access to Shib Names, a new initiative within the Shiba Inu community.
"F**k yeah. Dog money is taking over the internet," said Hayes.
Most recently, Shiba Inu continued its upward trajectory with a 13% gain in Friday’s trading session, fueled by hints from the community about potential token burns and increasing meme coin adoption.
This news came after a pause in SHIB burns since January, with five burns conducted so far, incinerating a total of 43 billion SHIB tokens.
Crypto trader Gem Sheriff thinks the current SHIB rally is just the beginning.
"SHIB bullish flag! You’ve only watched the bull run trailer of SHIB!"
#SHIB bullish flag!