Back in 2021, at the peak of Meme Coin Bull Run, Shiba Inu ran over 7,000,000%, surpassing the more established Dogecoin. This show is achieved by expecting Shiba Inu to be the “Dogecoin killer” and the meme coin will eventually flip Doge into the leading meme coin.
However, both Dogecoin and Shiba Inu have dropped as time goes by, with prices down 80% from their all-time highs. Most importantly, Shiba Inu actually failed to really overturn Dogecoin, and Shib’s market cap is still lower than Doge. But with the market expectation of another bull market, the question now is, is it still possible for Shiba Inu to surpass Dogecoin as a No. 1 meme coin?
Dogecoin gets ETF archives
The U.S. Securities and Exchange Commission’s (SEC) crypto exchange-traded product (ETF) approval is the main driver behind the bull’s run. Bitcoin and Ethereum ETFs have already received the green light, so the attention has shifted to other altcoins. XRP, Solana, Litecoin and Dogecoin have been favorites and despite the constant push of Shib Community, there is still no one like Shiba Inu to find.
For example, the Dogecoin ETF from Bitwise, Grayscale, Osprey Fund and 21shares submitted four documents. The decision to the first application (i.e. the gray dogecoin ETF) that is expected to take place on May 21 is one month from now.
Meanwhile, while the Shib team’s reasons should do so, there are no official documents on the Shiba Inu ETF. Shiba INU marketing director Lucie explained in an X (formerly Twitter) post that Shib is a good candidate for ETFs listed on over 110 exchanges and 212 trading pairs. “Basically everywhere: easy to access, easy to trade,” Lucy said.
Doge opens interest for more than $1.5 billion, while SHIB drops
Another major indicator of Dogecoin’s continued victory over INU is of interest. Although open interest gradually weakens, Doge’s open interest is still much higher than Shib.
Coinglass data show Dogecoin open interest is still at a price of about $1.5 billion, while Shiba INU open interest is still at $131 million.
This suggests that cryptocurrency traders are more interested in Doge than Shib, and as Meme Coins is driven by interest, it suggests that Doge will continue to lead the way ahead of Shib.
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