Shiba Inu (SHIB) is quickly closing in on Dogecoin’s market cap, currently standing at $20.5 billion, just 17% below Dogecoin’s $24.1 billion.

Traders Bullish on Shiba Inu’s Potential

Over the past week, meme cryptocurrencies have seen a significant uptrend. Shiba Inu, often referred to as the ‘Dogecoin Killer,’ has climbed the ranks and now sits just below DOGE in the top 100 rankings.

In the last 7 days, Shiba Inu’s price has surged by 62%, with a remarkable 280% increase over the past month. In comparison, Dogecoin has seen a 19% rise in the last week and a 109% surge over the month.

On October 29, 2021, Shiba Inu experienced a surge, reaching a market cap of $41 billion. Despite a subsequent decline to $5.97 billion as of December 8, 2023, Shiba Inu remains among the top meme cryptocurrencies, ranking just below Dogecoin.

Shibarium and Future Prospects

In January 2023, the Shiba Inu community introduced Shibarium, a layer two blockchain built on Ethereum. Shibarium aims to reduce congestion, integrate staking, lower gas fees, and support decentralized applications and Web 3 expansion.

As per CoinGecko, Shiba Inu (SHIB) is currently trading at $0.00003472, ranking 11th in the global crypto market. Dogecoin’s price sits at $0.168 with a 24-hour trading volume of $3.2 billion.

Dogecoin’s Growth and Market Sentiment

Dogecoin’s price has remained relatively stable over the past year, trading between $0.08 and $0.10. Recent data from Santiment revealed a surge in new Dogecoin wallets, indicating growing interest in the cryptocurrency.

Market sentiment suggests a potential retest of the $0.20 resistance level or a fallback to the $0.12 support level based on buyer behavior.

Elon Musk’s Influence and Future Projections

Elon Musk’s support and interest in Dogecoin have contributed to its popularity and price movements. Despite controversies surrounding Musk’s involvement, analysts like Ali Martinez are optimistic about Dogecoin’s growth potential, with projections reaching $1.70 and beyond.

The rise of meme coins on the Bitcoin blockchain through the BRC-20 token standard highlights increased network activity and transaction fees. This trend underscores the challenges of network congestion amid the meme coin frenzy.

For more cryptocurrency news and updates, visit Global Crypto News.

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