Is Shiba Inu On Track To Dethrone Dogecoin? Here’s What The Experts Say

A recent poll indicates that financial experts remain skeptical if Shiba Inu is able to overtake Dogecoin in value. The poll, conducted by Finders, surveyed 14 finance experts for their opinion on whether SHIB will ever overtake DOGE in market capitalization.

Their findings? A whopping 79% of the total participants believe that Shiba Inu will never flip Dogecoin in the area of market capitalization.

The results point to a distinct stance by the majority of experts. A mere 7% of those polled showed confidence that SHIB would at some point in the future surpass DOGE, and these few stalwarts predicted it could occur as soon as 2026.

The other 14% were uncertain about SHIB’s fate. The overwhelming rejection of Shiba Inu’s ability to replace DOGE as the leading meme coin mirrors wider market opinion regarding the two tokens.

Huge challenges in the SHIB token supply are one potential consideration preventing overtaking Dogecoin, Dr. Sathvik Vishwanath, Unnocoin’s jurisdictional head, disclosed.

Consider the circulating supply of SHIB at 589.25 trillion versus just 148.82 billion for DOGE: the supply gap is massive. Vishwanath said that despite Shiba Inu’s excellent tokenomics and solid community support, the massive token supply keeps SHIB from taking over DOGE’s market cap.

At present, Dogecoin is at the eighth position among cryptos with a market cap of $24.60 billion, while Shiba Inu holds 17th place with a market capitalization of $7.3 billion. SHIB would have to increase its worth by 240% to reach DOGE’s current rank by assuming that Dogecoin’s price remains constant, and both tokens share the same circulating supply.

Contrary to the negative expectations of analysts, new trading statistics show a significant Shiba Inu rise. According to IntoTheBlock, with whales dominating, SHIB daily trade volume rose to 224 billion tokens in 24 hours.

Inflows from large-holders increased from 96 billion SHIB on April 13 to over 224 billion on April 14. This rise in interest from major investors could be a sign of changing sentiment as whales will set up before they anticipate a move in prices.

This isn’t the first time these cryptocurrencies have seen conflicts regarding superiority. In 2021, Shiba Inu briefly dethroned Dogecoin when its market cap touched $39 billion. Alas, this victory was short-lived as DOGE quickly reclaimed the title of the number one meme coin.

Featured image from Pixabay, chart from TradingView