Shiba Inu (SHIB) has gained significant attention as one of the most explosive cryptocurrencies in 2021. It experienced a remarkable bull run that propelled it into the top 20 altcoins based on total market capitalization. Since then, it has maintained its position in the rankings. In its community, SHIB was initially dubbed the “dogecoin killer.” While the project has undergone significant technical changes, it has established itself as a competitor to Dogecoin. With this in mind, we turned to ChatGPT to discuss the potential for SHIB to outperform DOGE in 2023.
It is worth noting that while SHIB and DOGE are the largest meme coins, there are other exciting meme coins with their own performance and communities. To delve deeper into this topic, you can watch our most recent video.
Before exploring ChatGPT’s insight, let’s review the performance of both cryptocurrencies this year. Dogecoin (DOGE), being the larger of the two in terms of market capitalization, has been trading relatively flat for the past 12 months. As depicted in the chart, DOGE experienced a significant surge of around 130%, reaching highs of approximately $0.14. However, the gains were not sustained, and the cryptocurrency has been trading within a range for the rest of the year.
On the other hand, Shiba Inu (SHIB) has witnessed a considerable decline of 34% during the same period. The chart shows that despite a strong attempt in the first quarter of 2023, with SHIB reaching a local high of around $0.000014, it was unable to break out of its range.
Cryptocurrency | Market Capitalization | 12-Month Trading Performance | Highs Reached | Peak Value (Approx.) | Decline (%) |
---|---|---|---|---|---|
Dogecoin (DOGE) | Larger market cap | Trading relatively flat | Around 130% | Approximately $0.14 | Not Sustained |
Shiba Inu (SHIB) | Smaller market cap | Considerable decline (-34%) | First quarter | Around $0.000014 | Unable to break out |
According to ChatGPT’s analysis, the performance and potential outperformance of both cryptocurrencies depend on several factors. These factors include trading activity, external events, community support, and overall market conditions for cryptocurrencies. Technical developments also play a crucial role.
Improvements or updates to a cryptocurrency’s underlying technology can have a positive impact on its long-term prospects and price potential. In this regard, Shiba Inu (SHIB) has been active recently. The team recently launched Shibarium, a layer-two network designed to expand the project’s ecosystem. More information about Shibarium can be found in our detailed guide.
It is important to consider these factors and closely monitor the progress and developments of both SHIB and DOGE to determine which cryptocurrency may outperform the other in 2023.