Dogecoin, Shiba Inu May Fall Short Against Stronger Cryptos, Trader Predicts

Dogecoin (DOGE/USD) and Shiba Inu (SHIB/USD) have strong fundamentals, yet many traders remain cautious about their ability to outshine other rising cryptocurrencies.

Recent Developments: According to data from Shibburn, approximately 6.02 million SHIB tokens were burned in the last 24 hours. This remarkable activity has increased the burn rate by a staggering 661.7%.

Key transactions included two substantial burns of 3.5 million and 2.3 million SHIB, indicating a spike in on-chain activities.

Moreover, Shibarium’s upcoming update in December 2024 will bring a significant mainnet upgrade. This has led to impressive milestones, as the network has surpassed 688 million transactions, achieved new all-time highs in total value locked, and maintained a healthy volume of around 4 million daily transactions.

The integration with Chainlink is expected to enhance Shibarium's cross-chain capabilities, boost on-chain activity, and further accelerate the SHIB burn process.

Turning to Dogecoin, crypto analyst Ali Martinez pointed out that history shows DOGE tends to experience notable rallies following major price pullbacks. For instance, DOGE saw exponential growth in 2017 and 2021 after such retracements. In 2024, following a rally of 440% and a subsequent 46% dip, analysts speculate another significant price movement may be forthcoming.

Current Market Sentiment

Despite these developments, trader Altcoin Sherpa believes that while smaller meme coins could thrive, larger-cap meme coins may struggle to outperform other cryptocurrency assets. He suggests that big-cap meme tokens like Dogecoin and Shiba Inu are likely to remain closely linked to the overall market trends.

Although Dogecoin's well-established brand and celebrity endorsements, like those from Elon Musk, provide it a unique advantage, Sherpa opines that smaller meme coins such as Pepe (PEPE/USD) and Dogwifhat (WIF/USD) have the potential to outperform their larger counterparts.

He anticipates that larger meme coins will be significantly influenced by broader market shifts. He believes that strong movements in major cryptocurrencies like Ethereum (ETH/USD) could uplift these meme assets.

In summary, while well-known tokens like Shiba Inu, Floki (FLOKI/USD), and Dogwifhat may perform steadily, Sherpa asserts that they are unlikely to surpass the performance of top utility tokens like Aave (AAVE/USD), Hyperliquid (HYPE/USD), and Ethena (ENA/USD) or other trending sectors like AI-focused projects.

Dogecoin, ShibaInu, Crypto