Cryptocurrency analyst reveals which meme will topple Dogecoin on Bul cryptoforbs

Popular crypto YouTuber Jake Gagain recently He expressed His opinions on when the bull market will start and the number of meme coins balanced To control the market when that happens.

Specifically, he seemed more optimistic Shiba Inu (Sheep), Confirming SHIB will topple the largest meme coin by market capitalization, Dogecoin (Doug).

the #BullRun It’s officially started.

– Jake (@JakeGagain) September 27, 2023

DOGE has Elon, SHIB has?

In response to Gagain’s tweet, another X user laughed at the possibility of this happening and advertiser That DOGE was likely due to Elon Musk pointing out that there is no way SHIB could drop the biggest meme coin because it has the backing of the richest man in the world.

Musk is known to be a big fan of DOGE and has partly contributed to the token’s growth, especially when it rose 23,000% to reach an all-time high of $0.7 in 2021. Recently revealed Along with his vocal support, Musk is investing in the meme coin as he has been “quietly funding” the development of the token.

With this in mind, many believe there is no way SHIB can unseat DOGE, which ranks as the eighth-largest cryptocurrency by market cap, with SHIB far behind in 19th place.

However, while it is undoubtedly a huge undertaking, there are signs that SHIB could be huge (and possibly compete with DOGE) when the bull market returns. The fundamentals behind SHIB are stronger than ever, especially with Shibarium renewal following her Failed launch And increase the benefit that the Layer 2 network currently enjoys.

Crypto market cap currently at $1.055 trillion. Chart: TradingView.com

Furthermore, SHIB’s burn rate has increased It increased significantly, which could lead to a significant rise in the price of the token as more and more SHIB tokens are excluded from trading. It’s also worth noting that SHIB once surpassed DOGE in terms of market capitalization at some point in 2021, according to Data From Queen Gekko.

Crypto: Baby in the mix

while, baby is another meme in which Gagin stated that he was an optimist and gave four reasons for his position. The first reason he gave was that major players, including cryptocurrency exchanges like Binance, OKX, Crypto.com, and Bybit, make up part of the largest token holders and he noted that these companies are holding their Pepe bags rather than selling.

The second reason is that Pepe survived the saga in which three of the project’s developers were involved Dumping $15.6 million Baby’s market value. However, the token’s market cap has risen since that event, which likely means the token has hit bottom, in Gargin’s opinion.

The third reason is that Pepe is currently listed on more than 100 exchanges, including the largest centralized and decentralized exchanges. This is something that Gargain believes can give the token more visibility and liquidity by scaling.

Finally, he noted that Pepe is currently ranked in the top 100 tokens by market cap, and specifically, the third largest meme coin by market. As such, it is well-positioned to rise significantly, especially since meme cryptocurrencies will dominate the next uptrend.