Shiba Inu and Dogecoin race to the top in market cap

The interest of investors in altcoins is rising. Shiba Inu and Dogecoin could be the ones to lead the charge. However, for now, they are racing to top the list in terms of Market Cap. Shiba Inu was previously reported to lag behind Dogecoin by $4 billion. The gap has broadened, yet many enthusiasts root for Shiba Inu to surpass DOGE in the coming months.

The market cap of Shiba Inu is ~$15 billion, and that of Dogecoin is ~$22 billion at the time of writing this article. So, Shiba Inu will technically have to grow by more than 50% to match the level.

Driving the growth could be one of two things – Shiba Inu ETF or growing optimism around altcoins altogether. For starters, SHIB holders have filed a petition for Grayscale to launch an ETF product, but for the native token of their respective ecosystem. Dogecoin has not filed any such petition. Nevertheless, it is backed by unexpected posts on X by Elon Musk.

There is rising speculation that the Shiba Inu ETF could soon enter the market. This comes after the US Securities & Exchange Commission approved eleven applications for Spot Bitcoin ETF. Holders are bullish that their crypto will have an ETF too. In all fairness, Ether ETF is next in line. It will likely come out by the end of this year, 2024. There is no official word from the Commission. Yet, the chances remain high for an Ether ETF.

Inflows into Bitcoin ETF have sparked interest that Shiba Inu ETF could mirror the behavior. The previous week, Bitcoin ETF reportedly bagged a net inflow of $2.6 billion. This is a jump of 15% in comparison to the week before.

Next, investors are inclined to have more altcoins since the two dominating tokens are experiencing a fall. They retraced to a low of ~$63,000 and ~$3,200 respectively. Many investors assumed that to be a good time for BTC & ETH. Some did this by taking profits home, while others attempted to diversify their portfolios by having less risky assets or economic assets in their hands.

There is a hard call to make regarding Shiba Inu surpassing Dogecoin in terms of Market Cap. It can still do so in terms of trading value. The difference is huge there, too, but the chances are brighter.

SHIB is currently listed at $0.00002696, up by 6.17% in the 24 hours. DOGE is dancing around $0.1521, a surge of 13.68% during the same time window.

Nevertheless, Shiba Inu still has a chance to surpass Dogecoin in terms of Market Cap.

It is important to note that while there is a growing interest in altcoins, they, too, are subjected to risk and volatility. Investing funds in SHIB, DOGE, or any other crypto should only be done after a research and risk assessment.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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