Shiba Inu Coin and Dogecoin are the two most popular meme coins ever to exist. The dramatic incline of these two meme coins has elated the investors for the past few months. From 2020, Shiba Inu Coin alone has risen by 65000000%. Last month, the Shiba Inu coin, alongside the Dogecoin, appeared in the list of top 10 cryptocurrencies of 2021 as per the market cap and trading volume.
When Shiba Inu Coin and Dogecoin showed a commendable blow in the marketplace, bitcoin was trading at an average value. However, cryptocurrency trading has always been very profitable if you have a commendable mentor. Moreover, websites like an auto trading robot can help you learn about virtual currencies. Due to this sudden pullback of Shiba Inu Coin and Dogecoin, investors are now wondering if these two meme coins can collectively outplay bitcoin in the upcoming years.
The digital currency marketplace is already exceedingly fragile. Highly vulnerable and volatile meme coins fuel the cryptocurrency market’s volatility. Cryptocurrencies that make up the cryptocurrency ecosystem either have some goal or are made sarcastically.
Satoshi Nakamoto, the creator of bitcoin, classified bitcoin as an alternative payment method, and on the other hand, ethereum is a blockchain model for recording transactions. However, Shiba Inu Coin and Dogecoin are popular as meme coins, which means these digital currencies do not have an actual goal.
In recent years, the meme genre has exploded to a massive extent. The meme genre and assets based on memes, including different types of Non-fungible tokens, have also acquired pull. In a nutshell, meme coins have become one of the most favorable investment assets over the past few years. Undeniably, we cannot predict the future of the Shiba Inu coin and Dogecoin from now on. Let’s find out whether Shiba and Dogecoin will outplay bitcoin in the upcoming years.
Continuous Evolution of Dogecoin and Shiba Inu coin
We all are familiar with the fact that the creator of Dogecoin created Dogecoin as a joke only.
Dogecoin took seven years to show some spectacular gains as the tremendous blow came after 2020 subReddit memes regarding Dogecoin. However, Dogecoin has a loyal investor base, all the more founders of Tesla Motors and the Space X Foundation; Elon Musk supports Dogecoin at any cost.
Elon Musk announced Dogecoin as the transaction currency for its space x foundation. The tweet, Dogecoin to the moon, was trading on Twitter a few months back. Shiba Inu coin took only a few months to show commendable gains after its release; on the other hand, Dogecoin has been in the game for a very long time.
Can DogeCoin Take over Bitcoin?
As per the rich sources, bitcoin has a powerful motive in contrast to these meme coins, and no cryptocurrency right now can overtake bitcoin except ethereum. Moreover, bitcoin’s market cap is thousands of times more than these two meme coins combined.
The cryptocurrency market recently touched a $3 trillion market cap, and bitcoin contributes 50% in the cryptocurrency market. On the other hand, Dogecoin and Shiba Inu coins do not have any motive. All the more technology of this meme coin is getting outdated.
Reasons why Dogecoin cannot outperform bitcoin!
The cryptocurrency market is highly volatile. The supply and demand of cryptocurrency determine the market valuation. More than 150 billion Meme coins are in the market, whereas only 18 million bitcoins are in circulation.
The blockchain technology of Dogecoin is much different from bitcoin. Cryptocurrencies underlie blockchain technology, and miners add new blocks to this blockchain. For example, in 10 minutes, a bitcoin miner can add merely one block on the bitcoin blockchain, whereas in the Dogecoin network, a miner can add ten blocks in 10 minutes.
In a nutshell, the supply of Dogecoin is much more in contrast to bitcoin, and higher supply means less demand. Lesser demand further leads to a decline in the market valuation of any cryptocurrency. Undeniably, both Shiba Inu Coin and Dogecoin are among the most popular mainstream cryptocurrencies alongside ether and bitcoin. Shiba Inu Coin is now one of the leading payment methods in the NFT marketplace. The rally price of the Shiba Inu coin is fueled by fear of missing out.
No meme coin and altcoins at the instance can overtake bitcoin.
