Shiba Inu, the self-proclaimed Dogecoin killer, has been generating a lot of buzz in the cryptocurrency world recently. It has been making headlines due to its meteoric rise and unique use cases, especially its forthcoming metaverse of SHIB, which has piqued the interest of many investors.
According to a new article by CNBC, Shiba Inu has the potential to displace Dogecoin as the largest meme coin in the market. While Dogecoin still holds a considerable lead over SHIB in terms of market capitalization, CNBC believes that SHIB will eventually surpass its competitor with its “unique use cases.”
Dogecoin, which is widely recognized for its celebrity endorsements and early mover advantage, currently boasts a network with over 50,000 daily active addresses, while Shiba Inu averages around 5,000 to 6,000 transactions per day. However, Shiba Inu’s initiatives in DeFi, NFT creation and trading, and its upcoming metaverse may give it an edge over Dogecoin in the long run.
The article emphasizes that the utility of a project is the most significant indicator of its potential, and Shiba Inu’s broader use cases could give it an advantage over Dogecoin’s narrow focus on payment method utility.
Overall, CNBC predicts that it may take more than a year for Shiba Inu to overtake Dogecoin’s market dominance in the meme coin sector. But with its unique use cases and growing community, it’s certainly worth keeping an eye on SHIB.
Disclaimer: This blog post is not financial advice, and there may be errors or inaccuracies in the information provided. Please do your research before investing in any cryptocurrency