Shiba Inu vs. Dogecoin, which meme coin will hit the $1 bullish target first?

Shiba-Inu-themed meme coins Dogecoin and rival Shiba Inu are in a race to hit the bullish target of $1. With the upcoming layer-2 scaling solution Shibarium’s launch, and support from projects in the crypto and Web3 landscape, SHIB has garnered support from the community. 

The Dogecoin-killer’s community expects the bullish catalysts to push SHIB closer to its $1 target, even if this sounds a little far-fetched. 

Also read: Dogecoin Price Prediction: Whales patiently building the cause

Shiba Inu vs. Dogecoin: The race to $1 bullish target ensues

Shiba Inu witnessed a slew of bullish developments throughout 2022. Shytoshi Kusama, the lead developer of SHIB shared a progress update on layer-2 scaling solution Shibarium’s development. 

Kusama said Shibarium’s development was on track, and that DeFi and Web3 projects have voiced their support for the layer-2 scaling solution. 

One of these, Vowel X Network, a technology development firm, expressed their interest in supporting Shibarium, alongside 75+ listed partners, in a tweet:

The community of Shiba Inu holders, SHIB Army, expects the bullish catalysts and Shibarium’s launch to push SHIB closer to its $1 bullish target. 

The $1 target first became relevant in the Dogecoin community when the largest meme coin by market capitalization hit an all-time high of $0.73, in May 2021, nearly two years ago. 

DOGE price chart

The meme coin is currently trading 88.72% below its all-time high, at $0.082. Despite the massive decline in Dogecoin’s price, the DOGE community believe the $1 target is relevant and achievable given the meme coin’s $11.4 billion market capitalization. 

DOGE’s all-time high of $0.73 is 36.9% away from the $1 target. 

For Shiba Inu holders, $1 may be a pipe dream

Dogecoin-killer Shiba Inu hit a more modest all-time high of $0.000086, in October 2021. The Dogecoin-rival has a total supply of 999.99 trillion so if it ever reached $1 a token, SHIB would have a market capitalization of $999.99 trillion. 

SHIB’s current market capitalization is $7.27 billion. Given the total market cap of the whole crypto market is around $1.132 trillion, it seems unlikely that the Dogecoin-killer will ever reach $1 a token. 

SHIB Army’s expectation of a Shiba Inu price rally to $1, therefore, still seems like a pipe dream.