- Explore the possibility of Shiba Inu (SHIB) becoming the largest meme coin during the current cryptocurrency cycle, considering its recent surge in value and market cap.
- Factors such as community support, market sentiment, exchange listings, development efforts, and competition determine SHIB’s potential to surpass Dogecoin and emerge as the top meme coin.
During the last several bull markets, at least one type of niche asset class within the cryptocurrency industry has grown to be a major player. The previous run that ended abruptly in 2022 consisted of NFTs and meme coins.
Read: 1 Zero Down, 4 To Go! Analyzing Shiba Inu’s (SHIB) Potential Journey to $1
With many experts commenting that Bitcoin and the rest of the market have already begun the new bull cycle, given the recent price explosions, the community speculates on whether there will be some new trend, or will history repeat with a certain asset class.
Meme coins have already been charting massive gains, leading to substantial profits for some investors. As such, we decided to ask ChatGPT on what would transpire on that front and more importantly, whether Shiba Inu will become the largest representative of that cohort.
After a few weeks of trailing quietly behind Bitcoin and some other altcoins, Shiba Inu went on the offensive hard in the past ten days or so. On a weekly scale, the native token of the protocol is up by 130% and tapped a multi-month peak of its own at $0.000022. As such, SHIB became the 13th largest cryptocurrency by market cap (almost $12.5 billion as of now). Dogecoin, on the other hand, the first even such token, which is currently the largest by this metric, is at the 10th spot with a market cap of just over $19 billion.
Community Support and Other Factors
Being so close now, we asked ChatGPT whether SHIB actually has a chance to surpass its older brother. After warning that predicting the future price movements of cryptocurrencies is a difficult task, the popular AI chatbot highlighted five factors that will determine which will be the largest meme coin.
- Community Support: Shiba Inu has a strong and active community, which is essential for meme coins to gain traction and maintain momentum. Continued support from the community could contribute to its growth.
- Market Sentiment: Market sentiment plays a significant role in the success of meme coins. Positive sentiment, fueled by hype and speculation, could drive the price of Shiba Inu higher and increase its popularity.
- Listing on Major Exchanges: Availability on major cryptocurrency exchanges can increase accessibility and liquidity for a meme coin like Shiba Inu, potentially attracting more investors and traders.
- Development and Innovation: Ongoing development efforts, including the introduction of new features and initiatives, could enhance Shiba Inu’s appeal and utility, leading to increased demand.
- Competition: The cryptocurrency market is highly competitive, with numerous meme coins vying for attention. Shiba Inu faces competition from other meme coins, each with its own unique features and community support.
While Shiba Inu has shown impressive growth and has potential to become the largest meme coin during this cycle, various factors will ultimately determine its success. Community support, market sentiment, exchange listings, development efforts, and competition will all play crucial roles in shaping its trajectory in the coming months. Only time will tell if SHIB will surpass Dogecoin and emerge as the king of meme coins.
