A growing number of traders are swapping their Dogecoin for its spin-off meme cryptocurrency, the projected "Doge killer" Shiba Inu, with a milestone of over a million traders already investing in the SHIB token this week.
Would you do the same? There are some indicators that may encourage investors to do so.
ChangeNOW, a cryptocurrency exchange platform, gave investors the choice of swapping Dogecoin for Shiba Inu tokens, FX Street reported. These traders took advantage of this offer to add more SHIB tokens as they await a supposed listing on the zero-commission financial service Robinhood.
An FX Street source claimed that Robinhood took notice of the immense social media support for SHIB, and planned to list the token soon.
Currency Exchange Support, Wider Adoption for SHIB
Robinhood is considered among the popular mainstream crypto and investment exchange services, and the addition of SHIB to its listing would certainly offer a big boost for the wider adoption of the coin, which has already reached a similarly popular platform, Coinbase. Retail trading app Public has also added SHIB into its lineup of supported cryptocurrencies, Business Insider noted in a report. According to a spokesperson quoted in the report, SHIB's addition to Public provides more options for investors.
Shiba Inu has since been among the top 20 cryptocurrencies, reaching a market capitalization of $11.1 billion. With SHIB's incredible momentum, many observers are asking what would it take for it to surpass the original meme token Dogecoin.
As per Coindesk, Dogecoin rose 1.27 percent in the last 24 hours, reaching $0.2498 on Saturday.
What Shiba Inu Needs to Outbark Dogecoin
According to CoinMarketCap, for SHIB to overtake DOGE's market cap of $29.3 billion, it needs to attain a price of $0.0000743. At this price level, SHIB's circulating supply of 394 trillion would push a higher market cap than that of DOGE, bringing it to the top 10 cryptocurrencies in the market. For this to happen, SHIB price would skyrocket by 165 percent to the aforementioned price, a 91.5 increase over its all-time high of $0.0000388 in May.
Even with such a high target, the goal of SHIB seems reachable, given that Shiba Inu has soared 331 percent in the last 30 days. A real-time tracker on CoinMarketCap indicated that SHIB rose 25.84 percent on Saturday to $0.00003509, showing continued market strength.
As SHIB and DOGE are firmly linked, it may take a more massive rise than the projected 165.5 percent increase for Shiba Inu to overtake Dogecoin's market cap. But the hope for this to take place is rising.
Benzinga quoted popular crypto influencer CryptosRUs as saying that Shiba Inu is better than Dogecoin due to its wealth of use cases and its distribution model. The influencer stressed that one quadrillion SHIB tokens were created as its team members investing on it just like other traders in the market. Half of the token's supply was gifted to Ethereum co-founder Vitalik Buterin, who unloaded most of his holdings for SHIB.
Shiba Inu is also expanding adoption, with crypto payments processor NOWPayments supporting SHIB tokens, along with BONE and LEASH coins. There were also reports that daily trading volume for SHIB during a certain day surpassed Dogecoin, proving its promise of outbarking its older brother.