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SHIB Picture of Dogecoin (Doge) versus a Shiba Inu (SHIB)

Is Shiba Inu Dead Or Is There Still Hope To Flip Dogecoin?

Scott Matherson
by Scott Matherson
5 months ago
·
Posted in Shiba Inu
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Back in 2021, at the height of the meme coin bull run, Shiba Inu ran over 7,000,000% to outperform the more established Dogecoin. This performance was achieved with the expectation that Shiba Inu was the “Dogecoin killer” and that the meme coin would eventually flip DOGE to become the leading meme coin.

However, with the passage of time, both Dogecoin and Shiba Inu have declined, with their prices falling over 80% from their all-time highs. Above all, Shiba Inu has failed to actually topple Dogecoin, with the SHIB market cap remaining well below that of DOGE. But as the market inches toward what is expected to be another bull market, the question now is, is it still possible for Shiba Inu to overtake Dogecoin as the number 1 meme coin?

Dogecoin Gets ETF Filings While Shiba Inu Gets Snubbed

Crypto exchange-traded product (ETF) approvals by the Securities and Exchange Commission (SEC) have been the major driver behind this bull run. Bitcoin and Ethereum ETFs have already gotten the green light, so attention has shifted to other altcoins. XRP, Solana, Litecoin, and Dogecoin have been the favorites, while the likes of Shiba Inu have been nowhere to be found, despite constant push from the SHIB community.

Related Reading: Dogecoin Whales Could Drive Next Wave Of Price Crashes Amid Massive Dumps

For example, there have been four filings for Dogecoin ETFs from Bitwise, Grayscale, Osprey Fund, and 21Shares. The decision for the first of these applications, which is the Grayscale Dogecoin ETF, is expected to happen on May 21, which is only a month from now.

Meanwhile, there have been no official filings for a Shiba Inu ETF, despite the SHIB team giving reasons why it should be. Lucie, the Shiba Inu marketing lead, explained in an X (formerly Twitter) post that SHIB is a good candidate for an ETF being listed on over 110 exchanges and 212 trading pairs. “It’s basically everywhere: easy to access, easy to trade,” Lucie argued.

DOGE Open interest Above $1.5 Billion While SHIB Wanes

Another major metric where Dogecoin continues to outperform Shiba Inu is in terms of interest. While open interest has waned across the board, DOGE’s open interest remains significantly higher than that of SHIB.

Related Reading: Bitcoin Price Bullish Confirmation: What Needs To Happen For Next Leg Up To $130,000

CoinGlass’ data shows that the Dogecoin open interest is still sitting at about $1.5 billion, while the Shiba Inu open interest is still at $131 million.

Dogecoin open interest
Source: Coinglass
Shiba Inu open interest
Source: Coinglass

This suggests that crypto traders are more interested in DOGE compared to SHIB, and with meme coins being driven by interest, it suggests that DOGE would continue to be ahead of SHIB.

Shiba Inu price chart from Tradingview.com (Dogecoin)
SHIB price recovers with the rest of the market | Source: SHIBUSDT on Tradingview.com
Chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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