There are hundreds of dog-inspired meme crypto coins on the market today, but Dogecoin and Shiba Inu will always top the list of meme coins to invest in. These two are the most popular meme coins and have garnered massive attention from crypto enthusiasts, celebrities, and even institutional investors.
Given the recent events, these two meme coins are still making headlines and have a huge community following that supports their growth. Between the rivals, investors are curious to know which meme coin will first hit the bullish target of $1 in 2023. Let’s see.
Shiba Inu vs. Dogecoin: The Race To $1 Bullish Target Begins
SHIB is currently trading at $0.00001195, while DOGE sits at $0.08092, both of which are significantly down from their previous all-time highs. But these two popular meme coins have shown an upward trend since the beginning of the year due to multiple factors.
Dogecoin: The OG Meme Token
Dogecoin, the pioneer of meme coins, was created in 2013 as a fun, lighthearted alternative to Bitcoin. But thanks to community support, celebrity endorsements, and media hype, the crypto emerged as a profitable investment option for investors and currently boasts a market capitalization of almost $10 billion.
DOGE has received immense hype from billionaire American corporate heads to Hollywood stars who actively promoted the token across social media platforms. The biggest name and still an ardent advocate of Dogecoin among them is the billionaire and CEO of Tesla, Elon Musk. Musk’s consistent tweets and chats have always been catalysts for Dogecoin’s price rise over the years. It even led DOGE to its 2021 all-time high of $0.7376.
Will Dogecoin Hit $1 Any Time Soon In 2023?
The target price of $1 became a relevant target point for the crypto in 2021 when the largest meme coin hit an all-time high of $0.73. The community still believes that the crypto has the power to hit $1 soon. However, given its current price, DOGE would need to increase significantly in value to reach $1.
There has been a significant increase in DOGE’s social sentiment recently, after the prolonged resistance of 2022. However, the primary catalyst for the spike in price recently is Musk's $44 billion acquisition of Twitter. Since he is one of the most vocal advocates of the meme coin, speculations arose that Musk might integrate DOGE into Twitter as a mode of payment, which could again take its price to the moon. Additionally, the fact that Musk’s SpaceX is almost ready for launch also creates a positive sentiment, as he has already announced his plans to integrate DOGE into the SpaceX mission earlier.
However, for DOGE to reach $1, the coin must have increased use cases and utilities. Currently, the crypto has some real-world use cases, like online tipping, a mode of payment for an on-demand dog-walking mobile app known as Wag, which provides a browser extension that allows users to buy gifts with Dogecoin from e-commerce giants like Amazon.
A promising factor that makes Dogecoin a buy is that the team has started working to enhance the token’s utility to make it a highly efficient mode of payment for users.
Shiba Inu: The Potential Dogecoin Killer
Shiba Inu, the Dogecoin killer, started as a relatively unknown cryptocurrency but gained a significant following in 2021 as interest in meme-based cryptocurrencies surged. Unlike Dogecoin, Shiba Inu was designed as a decentralized platform with a token compatible with the vast Ethereum ecosystem, connecting it to different protocols.
Shiba Inu has been in the limelight for numerous reasons over the years, and the recent spike in its price could be a response to the excitement around the launch of Shibarium and the NFT-powered metaverse. Shibarium, the layer-2 solution for Shiba Inu, would enhance the network’s efficiency and scalability and pave the way for trillions of tokens to be burned. Given the supply and demand dynamics of cryptocurrencies, a significant decrease in supply would increase the demand and price of SHIB in the future.
Shiba Inu also has a fast-growing ecosystem with several dApps and the decentralized exchange, ShibaSwap. The team has plans to add new features, attracting users and making SHIB a good buy for short-term returns. On top of that, several Web3 projects have voiced their support for the layer-2 scaling solution. For instance, Vowel X Network, a technology development firm, tweeted its interest in supporting Shibarium. Furthermore, the crypto has plans to join hands with other projects and companies in the future.
Proud to announce that @VoxelXNetwork is fully supporting @shytoshikusama's vision for a decentralized #Shibarium that welcomes all projects— Voxel X Network (@VoxelXnetwork) February 28, 2023
Excited to see the #crypto community grow & thrive together
Voxel X will actively promote #Shibarium with our 75+ strong listed partners pic.twitter.com/UagcSxDSyw
$1 Would Be a Far-Fetched Dream For Shiba Inu holders
Shiba Inu will certainly continue to be a popular mem coin, with a strong community and growing social media presence in 2023. But, experts believe that SHIB hitting a target of $1 could be a pipe dream, given its more modest all-time high of $0.00008845, in October 2021.
One reason for this is that the total supply of SHIB is 999.99 trillion, so if the token ever hits a target of $1, SHIB would have a market capitalization of $999.99 trillion. The crypto’s current market cap is $6,545,703,640, and given the total market cap of the whole crypto market, which is around $1.132 trillion, it seems unlikely that the popular meme coin would ever reach $1 a token.
It is difficult to say when these meme coins will hit the $1 bullish target as both are community-driven projects with fewer real-world utilities and are subject to dramatic volatility. Dogecoin is more likely to achieve the $1 milestone sooner than Shiba Inu, purely based on its popularity and current valuation. However, SHIB has also shown high promise, and even if it does not hit the $1 mark anytime soon, a bullish run is coming, which is why it is also a smart investment option for now. Do your research well and invest according to your risk appetite.