In the world of cryptocurrencies, there are always new and exciting coins that capture the market’s attention. Dogecoin and Shiba Inu have both been in the limelight due to their impressive rallies and immense popularity. But which one is likely to hit the $1 mark first? Let’s dive deep into Dogecoin vs. Shiba Inu financials and growth trends.
Dogecoin (DOGE): Originating as a meme coin in 2013, Dogecoin quickly garnered attention due to its quirky Shiba Inu dog mascot and robust community. From nearly negligible prices, DOGE achieved an all-time high above $0.69 in 2021, representing a massive increase in value.
Shiba Inu (SHIB): Deemed as the ‘Dogecoin killer’ by some, Shiba Inu was launched in August 2020. Despite being a newcomer, SHIB too witnessed an explosive rise in 2021, reaching highs that caught the attention of crypto enthusiasts worldwide.
Dogecoin vs. Shiba Inu: Present State of Affairs
Dogecoin (DOGE):
- Current Price: $0.06343
- Market Cap: $8,952,283,022
- 30-Day Price Change: -16.18%
Shiba Inu (SHIB):
The Road to $1: A Mathematical Analysis- Dogecoin vs. Shiba Inu
To assess the feasibility of each coin reaching the $1 mark, we must consider their respective market capitalizations upon reaching that price point.
For DOGE to reach $1:
MarketCap=CurrentPricex(TargetPrice/CurrentPrice)xCurrentMarketCap= $0.06343 x (1/$0.06343) x $8,952,283,022
Market Cap = $141,236,604,400
For SHIB to reach $1: Market Cap = $0.000007507 x (1/$0.000007507) x $4,424,010,208
Market Cap = $590,324,229,900,208
Dogecoin vs. Shiba Inu: Assessment and Prediction
From the above calculations:
- DOGE would need a market cap of approximately $141.24 billion to reach $1.
- SHIB would require an enormous market cap of around $590.32 trillion to reach $1.
Considering the total market cap of all cryptocurrencies combined was around $2 trillion as of 2021, SHIB reaching a market cap of $590.32 trillion seems far-fetched.
Thus, based purely on the required market capitalizations, DOGE appears to have a more realistic (albeit still challenging) path to $1 compared to SHIB.
Dogecoin vs. Shiba Inu: Percentage Growth Needed for Market Caps
To comprehend the magnitude of growth required, it’s useful to look at the percentage increase in market capitalization both coins would need to reach the $1 mark.
Calculating Percentage Growth
Percentage growth can be calculated using the formula:
Percentage Growth=(Target Market Cap−Current Market Cap/Current Market Cap)×100
For DOGE:
Percentage Growth=(141,236,604,400−8,952,283,022/8,952,283,022)×100
Percentage Growth=1477.68%
For SHIB:
Percentage Growth=(590,324,229,900,208−4,424,010,208/4,424,010,208)×100
Percentage Growth=13,337,747,112.36%
Assessment
From the calculations:
- DOGE would need to see a 1477.68% increase in its market capitalization to reach $1.
- SHIB, on the other hand, would require an astounding 13,337,747,112.36% increase in its market cap to attain the same milestone.
The contrast in required growth showcases the significant challenge SHIB faces in reaching $1 compared to DOGE, at least in the context of current market dynamics.
Analyzing the percentage growth required provides a clearer perspective on the relative challenges both coins face in their quest to reach the $1 mark. It reiterates the earlier conclusion that Dogecoin seems to have a more achievable path, from a market cap perspective, than Shiba Inu. However, the world of cryptocurrencies is ever-evolving, and these numbers are just snapshots in time.
Dogecoin vs. Shiba Inu: Other Factors to Consider
- Community & Adoption: Both coins have strong communities. The more widespread the adoption, the higher the potential for price increases.
- Development & Utility: If either coin develops more use cases or platforms, it could boost its price.
- Market Sentiment: The crypto market is highly driven by sentiment. News, events, and celebrity endorsements can greatly influence prices.
- Regulation: Any stringent regulations or bans in key markets could impact the growth of these coins.
Conclusion
While both Dogecoin and Shiba Inu have captivated audiences and made significant gains, the path to $1 is steep. Based on current market caps and prices, Dogecoin appears to have a more feasible journey to the coveted $1 mark. However, it’s important to remember that cryptocurrency investments are speculative and can be highly volatile. Always conduct thorough research and consult with financial experts before making any investment decisions.
- Current Price: $0.000007507
- Market Cap: $4,424,010,208
- 30-Day Price Change: -21.47%
