SHIB is currently the 13th ranked cryptocurrency and DOGE is ranked 10th.
During the recent bull market, Will Shiba Inu (SHIB) become the biggest meme coin of this cycle? at least one niche asset class within the crypto industry has emerged as a major player. The previous run, which ended abruptly in 2022, consisted of NFTs and meme coins.
Many experts say that Bitcoin and other markets are already starting a new bullish cycle following the recent price surge, and the community is wondering if there will be a new trend or if a specific We are speculating whether history will repeat itself in the asset class.
Memecoin has already been highly profitable and has given some investors big returns. For this reason, we decided to ask ChatGPT what will happen on this front and, more importantly, whether the Shiba Inu will become the greatest representative of this population.
And ChatGPT Says…
Shiba Inu has been quietly lagging behind Bitcoin and other altcoins for several weeks, but in the last 10 days or so it has started to make a big push. On a weekly basis, the protocol’s native token rose by 130%, hitting a multi-month high of $0.000022.
This makes SHIB his 13th largest cryptocurrency by market capitalization (currently around $12.5 billion). Meanwhile, Dogecoin, the first token of its kind and currently the largest in this index, comes in 10th place with a market capitalization of just over $19 billion.
Now that we’re this close, we asked ChatGPT if SHIB actually has a chance to surpass its big brother. After warning that it is difficult to predict future cryptocurrency price movements, the popular AI chatbot highlighted his five factors that will determine which will become the biggest meme coin.
Go with the flow ⤴️ pic.twitter.com/gruQXIj8nY
— Shib (@Shibtoken) March 2, 2024
The 5 Factors
Shiba Inu is an Ethereum-based ERC-20 token. This means that it is created and hosted on the Ethereum blockchain rather than its own blockchain.
In his article, Ryoshi stated that he chose to build the Shiba Inu ecosystem on Ethereum because it is already secure and well-established, and allows the project to remain decentralized.
Ta. . 7 grass tokens.This is expected to reduce congestion, engage stakeholders in the ecosystem, reduce gas fees, and provide a framework for decentralized applications and Web 3 extensions. 8th place
The continued support of the community contributes to growth.
Market Sentiment: Market sentiment plays an important role in the success of meme coins. Hype and speculation can fuel positive emotions and increase the price and popularity of the Shiba Inu.
Listing on major exchanges: Availability on major crypto exchanges increases the accessibility and liquidity of meme coins like Shiba Inu, attracting more investors and traders. It’s possible.
Development and Innovation: Continued development efforts, including the introduction of new features and initiatives, may increase the Shiba Inu’s attractiveness and usefulness and increase its demand.
Shiba Inu competes with other meme coins, each with their own unique characteristics and community support.
Additionally, the Shiba Inu team has continually updated the protocol by introducing several features beyond Shibarium. For more information on the latter, see the video below.
Shiba Inu Overview
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Shiba Inu is a decentralized meme token named after a Japanese dog breed and created in August 2020. It is marketed as "Doge Killer" and aims to provide a new perspective on the world of cryptocurrencies.
Shiba Inu’s Growth Story
was founded and listed on a small exchange - Shiba Inu emerged in August 2020 amidst the rising trend of meme coins. The creator designed SHIB with the goal of promoting community-run cryptocurrencies rather than centralizing power within a central organization.