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DOGE and SHIB Have Never Been So Close to Losing Their Places at Market Cap Top

Tue, 08/23/2022 - 15:02
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Gamza Khanzadaev
Shiba Inu and Dogecoin positions in market cap top at great risk
DOGE and SHIB Have Never Been So Close to Losing Their Places at Market Cap Top
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It seems that two cryptocurrencies that stand out from the whole picture will soon have to move or give up their places at the top of the market capitalization. We are talking about SHIB and DOGE, which are ranked 12th and 10th, respectively. If Shiba Inu is new to this place, Dogecoin has been comfortably holding it for a long time, but given the trends, things may soon change.

What is wrong with SHIB and DOGE at the top?

The reason for the potential fall of both SHIB and DOGE from the top lies in who exactly is stepping on their toes, the general sentiment prevailing on the crypto market and what both of these projects can offer to the crypto space.

For example, DOT, the token of the Polkadot project, is only 600 million dollars behind DOGE. Here it can be remarked that Polkadot, being an extremely strong fundamental project, has never had a capitalization of more than $55 billion, while Dogecoin has had up to $90 billion in its values. This is true, but Polkadot's development itself has been natural and harmonious, without pumps from eccentric billionaires who helped DOGE to get to where it is today. It is more stable and has more chances for success.

With Shiba Inu, the case is also ambiguous. On the one hand, the project is really interested in the comprehensive development of the brand, launching GameFi projects and announcing Layer 2 solutions. On the other hand, right behind it are stablecoin DAI and Polygon blockchain. The first has all chances to increase capitalization in this period, when all investors hurry to risk off and cash out. As for Polygon, It was hard not to notice its successes recently, when the project came under the wing of Disney, and its infrastructure for creating dApps attracts more and more developers every day.

Of course, predicting events on the crypto market is an unappreciated pastime, but with its gradual "adulting" and institutionalization, it seems that the main roles here will take fundamentally strong projects. Whether it will be DOGE and SHIB, at the end of the day, is debatable.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.