Investor interest in altcoins is growing. Dogecoin and Shiba Inu might take the lead in this endeavor. In terms of Market Cap, they are now competing to be at the top of the list, nevertheless. It was originally reported that Dogecoin is $4 billion ahead of Shiba Inu. Although the difference has widened, many fans hope that in the upcoming months, Shiba Inu will surpass DOGE.
As of the time this article was written, Dogecoin had a market cap of about $22 billion, whereas Shiba Inu’s was approximately $15 billion. To reach this level, Shiba Inu theoretically needs to grow by more than 50%.
Either the Shiba Inu ETF or the general increase in confidence in altcoins could be the driving forces behind the growth. To begin with, owners of SHIB have petitioned Grayscale to introduce an ETF product, but for the native token of the corresponding environment. No such petition has been filed by Dogecoin. However, Elon Musk’s surprising posts on X support it.
The idea that the Shiba Inu ETF will soon hit the market is becoming more and more prevalent. This happened after eleven applications for the Spot Bitcoin ETF were authorized by the US Securities and Exchange Commission. Investors believe their cryptocurrency will also have an ETF. To be fair, the Ether ETF comes next. It is anticipated to be released before the end of this year, in 2024. No formal statement has been released by the Commission. However, there’s still a good probability for an Ether ETF.
Interest in a Shiba Inu ETF replicating the Bitcoin ETF’s inflows has increased. According to reports, the Bitcoin ETF received a net inflow of $2.6 billion the week before. This represents a fifteen percent increase over the previous week.
Secondly, as the value of the two leading tokens is declining, investors are more likely to own more altcoins. At roughly $63,000 and $3,200, respectively, they reversed course. Many investors believed that to be a favorable moment for ETH and BTC. While some tried to diversify their portfolios by holding less risky or economically significant assets, others chose to retain their riches at home.
Deciding to allow Shiba Inu to overtake Dogecoin in terms of market capitalization is difficult. As far as trade value is concerned, it still can. There is also a significant difference, although the prospects are better.
The current price of SHIB is $0.00002696, up 6.17% over the last day. DOGE is currently hovering around $0.1521, up 13.68% from the same time window.
Nonetheless, Shiba Inu has the potential to surpass Dogecoin in terms of market capitalization.
It is vital to highlight that, while there is increased interest in altcoins, they are also prone to risk and volatility. Investing in SHIB, DOGE, or any other cryptocurrency should be done after thorough research and risk evaluation.
