Shiba Inu (SHIB) could rise comparatively sharply if the market cap of Dogecoin (DOGE), the original meme coin, doubles.
The meme coin narrative has gained attention following the introduction of new market entrants such as Ethereum-based ones Pepe (PEPE) and the Solana native tokens dogwifhat (WIF) and Bonk (BONK). However, the two leading meme assets DOGE and SHIB have retained their importance.
The potential of Dogecoin
For comparison, Dogecoin and Shiba Inu valuations account for about 62% of the total meme coin market cap, with DOGE leading the way. As the original meme coin, Dogecoin currently has a market cap of $46.5 billion, accounting for over 48% of the meme coin market at $95.54 billion.
As the seventh largest crypto asset Dogecoin has a higher valuation than most leading mainstream tokens such as stablecoin USDC and risk assets Cardano (ADA) and Tron (TRX). Despite its high position, analysts believe that Dogecoin has the potential to claim higher positions.
Amid price targets, an analyst earlier this month predicted an impending rise to a price of $0.66, a 112% increase from the current price of $0.31. While this target is still below the meme coin’s 2021 all-time high of $0.73, it would essentially doubling its current market cap to about $93 billion.
Shiba Inu price if Dogecoin market cap doubles
Interestingly, given Dogecoin’s relationship with Shiba Inu, some expect a rally in DOGE to spill over into the Shiba Inu market. This phenomenon occurred during the meme coin craze in March and resulted in Shiba Inu rising more than 300% to a Annual high of $0.000045.
Market data also confirms that Dogecoin and Shiba Inu…
