Shiba Inu Set to Overtake Dogecoin with 73% Rally and SHIB Price Hitting $0.00001774 – Crypto News Flash

The second largest meme coin, Shiba Inu (SHIB) has attracted a lot of crypto traders’ attention while most other digital assets remain in limbo. The announcement over the weekend by popular cryptocurrency exchange KuCoin that the Shibarium layer two (L2) network will launch on August 15 has seen increased speculation on the respective crypto assets.
Furthermore, the launch of the Shibarium layer two scaling solution is expected to increase the on-chain activities, which in turn reciprocate to higher SHIB burn. Additionally, more DeFi users will interact with the Shiba Inu ecosystem after the official mainnet launch of the Shibarium network.
Notably, the lead Shiba Inu developer Shytoshi Kusama is expected to give a speech during the Toronto-held Futurist 2023 event titled ‘Dear Humanity: An Insider’s Perspective’. The event is expected to be available virtually to all Shibarmy starting from 14:10 EDT, where most expect the official launch of the Shibarium layer two scaling solution.
The recent rise in Shiba Inu has undeniably threatened Dogecoin as the top-rated meme coin in market value and traded volume. According to the latest crypto market data on Tuesday, Shiba Inu had a market capitalization of about $6.04 billion while Elon Musk-backed Dogecoin has a market cap of about $10.44 billion.
Worth noting that Shiba Inu has a total supply of about 589.589 trillion whereas Dogecou has a total supply of approximately 140.598 billion with an infinite maximum supply.
As a result, Shiba Inu had a reported fully diluted valuation of approximately $10.2 billion whereas Dogecoin had an FDV of about $10.44 billion on Tuesday. Interestingly, it could only take Shiba Inu a rise of about 73 percent to overtake Dogecoin in market capitalization. Notably, if Shiba Inu manages to trade above $0.0000177, and the Dogecoin price continues to consolidate horizontally, then the former will lead the meme coin industry.
The task is not, however, as easy and direct as most would suppose as Dogecoin is heavily bolstered by the world’s richest and most influential man, Elon Musk. Additionally, on-chain data shows that Dogecoin and Shiba Inu have a high correlation that allows one to rally in tandem if the other spikes.
1/2 Data from @intotheblock shows a strong positive correlation of 0.74 between $SHIB and $DOGE. This means that when #SHIB's price moves, #DOGE often follows in the same direction. pic.twitter.com/pavkJSv79n
— Ali (@ali_charts) August 10, 2023

Shiba Inu is one of the most important projects on the Ethereum network as it helps keep its activities vibrant. The success of Shiba Inu is largely attributed to the close association with Ethereum’s co-founder Vitalik Buterin who donated most of his share to India’s Covid recovery boost.
The Shiba Inu ecosystem has significantly thrived due to its ability to incentivize holders through the LEASH token which has risen over 26 percent and 49 percent in the past week and two weeks respectively.
Let’s delve into the realms of crypto, the Metaverse, NFTs, and CeDeFi, all while placing a strong emphasis on multi-chain technology as the future of blockchain innovation. Analyzing on-chain data for dependable investment opportunities is a particular interest. The goal is to uncover insights within the data and offer guidance to those seeking to navigate the ever-evolving landscape of digital assets and blockchain technology.
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