Dogecoin (DOGE) has come a long way in its near 13-year history. The original memecoin was launched a joke, but has since become a major cryptocurrency project. Shiba Inu (SHIB), on the other hand, was launched as a rival to Dogecoin (DOGE), and was labeled as the “Dogecoin killer.” The two memecoins had a few years of intense rivalry, but the competition seems to have fizzled out. Let’s discuss if the DOGE vs. SHIB debate is finally over.
Is The Competition Between Dogecoin and Shiba Inu Over?
Shiba Inu (SHIB) had an incredible launch in 2020. The asset’s price rallied by several million percent within months of its debut, hitting an all-time high of $0.00008616 in October 2021. SHIB went on to enter the top 15 projects by market cap. While SHIB’s early days were packed with enthusiasm and rapid price increases, the asset has struggled in the last few years. SHIB’s price has fallen by nearly 95% from its peak.
Dogecoin (DOGE), on the other hand, saw a steady rise. The memecoin hit an all-time high of $0.7316 in May 2021. Like SHIB, DOGE’s price has also fallen by more than 90% from its peak. However, while Shiba Inu (SHIB) has fallen out of the top 30 projects by market cap, Dogecoin (DOGE) has managed to maintain its ranking. CoinGecko shows that DOGE is currently the 11th largest cryptocurrency project with a market cap of $2.84 billion.
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It may appear that the competition between Dogecoin (DOGE) and Shiba Inu (SHIB) has died down. But things are far from over. Shiba Inu (SHIB) has made significant developments to grow out of its memecoin shell. The team has launched several products, including the Shibarium layer-2 network, ShibOS, a metaverse, among others. DOGE, on the other hand, is still relying on its online presence and strong community.
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