Shiba Inu and Dogecoin
The popularity of altcoins, or cryptocurrency, among investors is rising. It seems plausible that Dogecoin and Shiba Inu will be the ones to lead the way. They are, however, now vying with one another for the top spot on the list in terms of market capitalization. It was once said that Dogecoin was four billion dollars ahead of Shiba Inu. A lot of admirers are still holding out hope that Shiba Inu would surpass DOGE in the upcoming months, despite the fact that the difference has gotten wider.
The market capitalization of Shiba Inu is $15 billion at the time this article is being published.while the market capitalization of Dogecoin is $ 22 billion. It is thus theoretically necessary for Shiba Inu must rise by more than 50% to reach the required level.
The increase may be attributed to the Shiba Inu ETF or the growing interest in alternative cryptocurrencies in general. In order to start, SHIB holders have petitioned Grayscale to create an exchange-traded fund (ETF) product for the native token of each participating ecosystem. Dogecoin has not filed a petition of this type. But Elon Musk’s unexpected tweets about X, which are given as proof, lend credence to it.
Concern over the imminent release of a Shiba Inu exchange-traded fund (ETF) on the market is mounting. After eleven proposals for the Spot Bitcoin ETF were approved by Commission, this is the outcome. It is anticipated by holders that their coin will be offered as an exchange-traded fund (ETF). The Ether ETF finishes in second place in a fair manner. It’s highly likely that it will be released by the end of this year, 2024. To yet, the Commission has not released an official statement of any type. That being said, there is still a good chance that an Ether exchange-traded fund (ETF) will be created.
The speculation that the Shiba Inu ETF may follow the same trajectory as the Bitcoin ETF is intriguing due to the inflows into the latter. It appears that during the previous week, there was a net inflow of $2.6 billion into the Bitcoin exchange-traded fund (ETF). This is a 15% rise in comparison to doge In the last twenty-four hours, the value of SHIB has increased by 6.17%, reaching $0.00002696. In the same time frame, the price of DOGE has increased by 13.68%, and it is now hovering at $0.1521.
However, there is still a possibility that Shiba Inu may overtake Dogecoin in terms of market capitalization later on.
It is essential to keep in mind that alternative cryptocurrencies, despite the fact that there is a rising interest in them, are also susceptible to danger and volatility. Research and a risk assessment should be performed before any monies are invested in cryptocurrencies such as SHIB, DOGE, or any other cryptocurrency.