The competition between two big players in the meme coin scene—Dogecoin and Shiba Inu—remains a hot topic among crypto market participants. While both meme coins are backed up by strong online communities and internet culture, there are fundamental differences between the two, both in terms of market cap and token structure.
Back in 2021, Shiba Inu succeeded in outperforming Dogecoin, but this achievement didn’t last long, as the latter reclaimed its position soon after that. The question is: could Shiba inu coin unseat Dogecoin as the leading meme coin? This blog aims to answer this question, so keep reading to find out more.
Dogecoin Versus Shiba Inu: Key Features And Differences
Dogecoin is the largest meme coin by market cap, which gives it a significant advantage. Beyond this aspect, it was the first major cryptocurrency that emerged – it was created as a humorous alternative to Bitcoin in 2013, and those who purchased the dog-themed token and held it for the longer term experienced substantial profits. For investors seeking a meme coin with staying power, Dogecoin is indeed a go-to option, and its track record proves it. However, one of the main catalysts for pushing the crypto higher is the support it receives from influential people such as Elon Musk. The tech leader has powered massive valuation for the meme coin, considerably impacting its price.
Compared to Dogecoin, Shiba Inu is cheaper on a pure-dollar basis, meaning that investors can buy a more significant number of Shiba Inu coins for the same amount. That’s not to say that Shiba Inu will necessarily outpace Dogecoin in the near future, but the token is still one of the most appealing meme coins for investors. A notable difference between Shiba Inu and Dogecoin is that the former has a smaller market cap, which leaves the door open for it to see more explosive growth than its rival throughout the time.
Furthermore, projects within the Shiba Inu ecosystem highlight that the token could have some fundamental benefits compared to Dogecoin. For instance, back in 2023, the Shibarium Layer-2 blockchain solution was designed to boost scalability and decrease transaction costs within the Shiba Inu ecosystem, and throughout that time, the team has continued to improve the features, security, and functionality of the project. Moreover, they have also been working on a metaverse project, which aims to be a socialization and discussion hub for the Shiba Inu community, potentially attracting new investors. The metaverse of the project could be widely launched in the following year, and there’s a good chance that the virtual world could become a catalyst for SHIB, helping push its price higher.
Shiba Inu Historical Overview
Shiba Inu was launched in August 2020 as an experiment in community-driven crypto, and it initially had negligible value, trading only at fractions of a cent. It began to capture investors’ attention in January 2021, fueled by the popularity of Dogecoin. Back then, it still had a very low price, around $0.00000001, but it experienced a peak at $0.0000388 on May 10 of the same year. After the peak, the price of SHIB faced a sharp correction and saw a decline to around $0.000007. This volatility was common for many crypto assets during that period as market sentiment changed. In late 2021, the price of the meme coin surged again, achieving an all-time high of around $0.00008616, fueled by a combination of marketing campaigns, robust community engagement, and listings on crypto exchanges.
After this milestone, however, the price of SHIB started to decline due to profit-taking and broader market corrections, settling around $0.00005 to $0.00006 during the middle of November. In the following year, Shiba Inu went through continued volatility, with its price marked by fluctuations, and market sentiment was affected by regulatory concerns and macroeconomic factors. From May to July, the performance of SHIB saw a significant drop amid a broader market downturn, with its price falling to around $0.00001. During 2023, the price of Shiba Inu started to stabilize, trading between $0.00001 and $0.000012, and interest was renewed with the Shiba Inu ecosystem’s development, including ShibaSwap and other projects. As the broader market started to recover gradually, the price of the meme coin experienced a slight increase and achieved a $0.000015 price by mid-summer.
During 2024, the price continued to be volatile, with fluctuations marked by community initiatives, market trends, and the overall sentiment towards digital assets. By the end of the year, SHIB traded between $0.000007 and $0.000009, demonstrating challenges and recovery potential within the crypto space. As of April 2025, the meme coin is trading around $0.00001376, reflecting broader market weakness due to economic and geopolitical tensions.
What Are Experts’ Opinions On The Prospect Of Shib Beating Doge?
According to recent data from Finders, 79% of financial experts stated that Shiba Inu can’t outpace Dogecoin in terms of market cap, while 7% were optimistic about the prospect, stating that such a milestone could happen as early as 2026. The remaining 14% are unsure about the possibility of SHIB flipping DOGE, showing hesitancy among crypto market watchers. The results of the survey illustrate that the market currently favors Dogecoin as a leader of meme-themed cryptocurrencies.
One of the main reasons why so many experts are skeptical about the potential of Shiba Inu in the long run is the considerable amount of supply. Currently, the circulating supply of the meme coin stands at 589.25 trillion tokens, exceeding Dogecoin by a significant amount. This imbalance makes it incredibly challenging for the market cap of SHIB to rival DOGE, despite the community efforts and tokenomics scheme that is perceived to be quite good.
Does Shib Whale Activity Show A Potential Change In Market Sentiment?
While most experts are skeptical about SHIB’s performance, recent data shows that large investors are increasingly interested in the meme coin. In fact, the daily trading volume of SHIB rose to 224 billion tokens within just 24 hours, and there was a significant inflow from whales.
This increased activity could signal a potential change in market sentiment. Generally, whale movements occur before price movements, as they tend to accumulate before an increase in value. This could mean that SHIB still has short-term potential, which investors can capitalize on.
Conclusion
The competition between SHIB and DOGE continues to be in the spotlight in the meme coin space, but according to expert opinions and current market data, the latter still has a major advantage. While whale activity could translate into potential price movements for SHIB, structural challenges like the market capitalization gap and the large supply still make it difficult for Shiba Inu to outpace Dogecoin in the near future. For investors, understanding these dynamics is essential before making decisions about their investments.
