Murad Mahmudov, a former analyst at Goldman Sachs, has made a bold prediction, stating that Shiba Inu (SHIB) will surpass Dogecoin (DOGE) in the next crypto bull run. Currently, Dogecoin ranks as the eighth-largest cryptocurrency, boasting a market capitalization of $15.8 billion. Meanwhile, Shiba Inu holds the 13th position with a market cap of $8.8 billion—nearly half of Dogecoin’s value.
Mahmudov argues that one of the biggest misconceptions among unsuspecting crypto investors is the belief that outperforming Dogecoin is nearly impossible.
The biggest trick they played on you is to convince you that DOGE cannot be flipped
— Murad (@MustStopMurad) August 22, 2024
The former Goldman Sachs analyst suggests that promoting the idea of Dogecoin’s invincibility is a strategic manipulation to maintain its dominance and stifle competition from other projects.
Murad further clarified that his statement specifically targets Dogecoin’s stronghold in the meme coin market. He speculates that another meme coin could potentially surpass Dogecoin during the 2024/2025 market cycle.
For a long time, Dogecoin supporters, bolstered by endorsements from Elon Musk, have asserted that Dogecoin is unshakeable. However, during the late 2021 bull run, Shiba Inu challenged this notion by briefly surpassing Dogecoin in market cap. Shiba Inu experienced a daily surge of 45%, pushing its market capitalization above $32.7 billion and dethroning Dogecoin, albeit for a short time.
Will Shiba Inu Overtake Dogecoin Again?
During the 2021 bull run, Shiba Inu’s (SHIB) massive rally positioned it as one of the most formidable cryptocurrencies to watch, bringing it substantial attention. Despite its brief triumph over Dogecoin, Shiba Inu eventually underwent a significant correction and is currently trading at a 50% discount compared to Dogecoin’s valuation.
Despite facing a massive correction, Shiba Inu’s development team has made concerted efforts to build a separate ecosystem around the meme coin, positioning it as a strong contender for the upcoming bullish cycle.
At the time of writing, Shiba Inu is trading down 2.44% at $0.0000151, with a market capitalization of $8.9 billion. Daily trading volume has increased by 10% to $1.23 billion.