Researcher Praises Shiba Inu's Dominance, Market Cap Leads

Ethereum researcher Justin Drake has praised Shiba Inu’s remarkable market dominance which is greater than Solana memecoins combined.
Shiba Inu has shown superior quality and substantial market influence, positioning it as a market leader among memecoins.

In a recent interview, Ethereum researcher Justin Drake praised Shiba Inu for its recent achievements. Speaking with Anatoly Yakovenko, co-founder of Solana, and David Hoffman of Bankless, the trio sought to highlight the various strengths and weaknesses of a number of blockchains.

Drake pointed out that despite competing in a space with many, Shiba Inu has emerged as a market leader. Specifically, the researcher mentioned its superior quality and substantial market influence. Shiba Inu’s market cap stands at about $15 billion while Solana memecoins have a market cap of around $10 billion combined.

The power of the #SHIBARMY shines through! 🌟

In a world full of memecoins, $SHIB rises above as a beacon of quality and unity.

We’re here to support all memecoin lovers and celebrate the diversity of our ecosystems.

Together, we build a future of innovation and prosperity.… pic.twitter.com/AEtIrcJOCW

— Shib (@Shibtoken) June 6, 2024

SHIB’s performance has seen it rise to the 12th ranked coin but market cap, even reaching the top ten ranked coins earlier this year, briefly. Market experts have predicted that the coin will cement its position in the top ten and possibly flip Dogecoin (DOGE).

Although Solana-based memecoins, including Bonk (BONK) and Dogwifhat (WIF), have emerged as key players in the memecoin industry, their volatility has been their greatest strength and weakness. SHIB on the other hand has shown great resilience, especially when prices are struggling.

This is unsurprising due to its innovative technology and growing ecosystem. The development team, led by Shytoshi Kusama, has been adamant that the project will build utility and bolster adoption. This will ultimately lead to the project and coin breaking out of its memecoin status.

Based on the network growth, Shiba Inu is emerging as a Solana and Ethereum rival. Shiba Inu is poised to grow one of the most innovative and sought-after ecosystems, challenging any blockchain in the market. However, while network growth is on track, its market cap is a long way from challenging that of Solana (SOL) and Ethereum (ETH). SOL’s market cap currently stands at $73.4 billion while ETH’s stands at $443 billion.

Shiba Inu (SHIB) Price Outlook

At the time of writing, SHIB is trading at $0.00002318 after a marginal change in the last 24 hours. The altcoin, like the rest of the market, has come under immense bearish pressure. This has seen it drop nearly 7% in the last week. But with key support positions holding strong, investors are confident of a rebound.

One of the key catalysts for a bullish breakout is the increase in burn rate. As CNF recently reported, Shiba Inu has recorded a sharp rise in the burn rate of its SHIB tokens, with millions of tokens destroyed as the community pushes for a long-overdue price rally.

Additionally, there are speculations that a SHIB spot ETF could be next in line after the approval of an Ethereum ETF. Led by Shytoshi Kusama, the community has called for the filing and approval of a SHIB ETF soon.