In 2021, Shiba Inu (SHIB) exploded, far outpacing Dogecoin (DOGE). Many believed SHIB would become the top meme coin, surpassing DOGE. But both coins have since dropped significantly from their all-time highs. So, can SHIB still beat DOGE?
The ETF Advantage for Dogecoin
A big factor is the push for cryptocurrency exchange-traded funds (ETFs). The SEC has approved Bitcoin and Ethereum ETFs, and applications for DOGE ETFs are flooding in. Companies like Grayscale, Bitwise, and Osprey Fund have all filed applications. One is expected to be approved soon. Meanwhile, despite efforts by the SHIB team to highlight its suitability, there are no SHIB ETF filings. The SHIB team points to its wide availability on numerous exchanges as a reason for approval.
Trader Interest Favors Dogecoin
Another key difference is trader interest. Open interest, a measure of outstanding futures contracts, shows significantly higher interest in DOGE than SHIB. DOGE’s open interest is around $1.5 billion, while SHIB’s is just $131 million. This suggests traders are much more bullish on DOGE, which is crucial for meme coins driven by hype and speculation.
Conclusion: An Uphill Battle for Shiba Inu
Currently, Dogecoin holds a substantial lead over Shiba Inu. The lack of ETF filings and lower trader interest make it an uphill battle for SHIB to overtake DOGE. While anything is possible in the volatile crypto market, the current indicators strongly favor Dogecoin.
