- Shiba Inu (SHIB) is experiencing its bullish run.
- According to Coinmarketcap, SHIB moved from 20th position to 14th position.
- In terms of market capitalization value SHIB is nearing Dogecoin.
Currently, crypto enthusiasts would have noticed that one meme-currency has been in its bull run for the past week. Shiba Inu (SHIB) has been moving in an uptrend for the past week. It also records as the highest gainer of the week in the crypto-market. Surprisingly, now SHIB has moved from 20th position to 14th position in the table of cryptocurrencies listed by market value.
Notably, other famous meme-currency Dogecoin holds the 10th position whereas Shiba Inu is just three positions away from it. Significantly, Shiba Inu is moving forward in terms of price value and market value as well. Thus many will have questions like whether SHIB has a chance to outperform the king of meme-currencies “Dogecoin”. Consequently, SHIB is chasing Dogecoin in the rally of bullish run and the factor is that SHIB has the potential to overtake Dogecoin.
As a matter of fact, Dogecoin is the primary factor for users to know about meme-currencies. In fact, Dogecoin began as a joke coin which has now evolved to be the top 10th cryptocurrency all over the world. Moreover, the pillar for Dogecoin’s fame is Elon Musk, CEO of Tesla. The support for Dogecoin which Musk showed to his followers through social media accounts created a buzz and led to the trend of DOGE.
Shiba Inu’s Bullish Rally
However, following the trend of Dogecoin, many got inspired and the market began to witness a higher number of meme-currencies. One such coin is Shiba Inu which was inspired by the dog “Shiba Inu” as the image for Dogecoin. Shiba Inu (SHIB) token was established in August 2020, a decentralized cryptocurrency created by a person called “Ryoshi”.
Within a year, the popularity and adoption which SHIB has gained are impeccable. Now, it competes with the mainstream cryptocurrencies as the performance of SHIB is flawless. Investors believe that Shiba Inu has the potential to outperform Dogecoin and other mainstream crypto-assets.
Furthermore, if the bullish trend for Shiba Inu continues then it has a high chance to overtake the position of Dogecoin soon. SHIB was also started as a joke coin but it has now come all the way forward within a year. Moreover, SHIB is currently trading at $0.000031 while it is 13.2% up in the last 24-hours. It might also set up its new all-time high in the near future, so SHIB token holders can now enjoy this sweet spot.