Ethereum researcher Justin Drake recently praised Shiba Inu for its remarkable market dominance, which surpasses the combined market cap of Solana memecoins. Shiba Inu has established itself as a market leader among memecoins, showcasing superior quality and significant market influence.
In a conversation with Anatoly Yakovenko, co-founder of Solana, and David Hoffman of Bankless, Drake highlighted Shiba Inu’s emergence as a market leader despite stiff competition in the space. The coin’s market cap currently stands at around $15 billion, outperforming the combined market cap of Solana memecoins, which is approximately $10 billion.
SHIB has climbed to the 12th position in terms of market cap rankings and even briefly entered the top ten earlier this year. Market experts anticipate that the coin will solidify its position in the top ten and potentially surpass Dogecoin (DOGE).
While Solana-based memecoins like Bonk (BONK) and Dogwifhat (WIF) have gained prominence in the industry, their volatility remains a double-edged sword. On the other hand, SHIB has demonstrated resilience, particularly during challenging market conditions.
Driven by innovative technology and a growing ecosystem, Shiba Inu’s development team, led by Shytoshi Kusama, is focused on enhancing utility and driving adoption. This strategic approach aims to propel the project beyond its memecoin status.
With its network expansion, Shiba Inu is positioning itself as a competitor to Solana and Ethereum. The coin is on track to establish one of the most innovative and sought-after ecosystems, challenging leading blockchains in the market. However, despite network growth, SHIB’s market cap still lags behind that of Solana (SOL) and Ethereum (ETH).
In terms of price outlook, SHIB is currently trading at $0.00002318 with a slight fluctuation over the past 24 hours. Like the broader market, SHIB has faced bearish pressure, resulting in a nearly 7% decline in the previous week. However, strong support levels indicate potential for a rebound.
One key factor that could trigger a bullish breakout is the increasing burn rate of SHIB tokens, with millions of tokens being destroyed as the community pushes for a price rally. Furthermore, there is speculation about the approval of a SHIB spot ETF following the recent approval of an Ethereum ETF. Led by Shytoshi Kusama, the community is advocating for the filing and approval of a SHIB ETF in the near future.