The #BullRun Has Officially Begun.
— 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 stated that DOGE had Elon Musk likely suggesting that there was no way SHIB could topple the largest meme coin since it had the support of the world’s richest man.
Musk has been known to be a huge admirer of DOGE and has partially contributed to the token’s growth, especially when it soared by 23,000% to hit an all-time high of $0.7 in 2021. It was also recently revealed that besides his vocal support, Musk is invested in the meme coin as he has been “quietly funding” the token’s development.
With this in mind, many believe that there is no way that SHIB could topple DOGE, which happens to be ranked as the eighth largest cryptocurrency by market cap, with SHIB coming far behind at 19th.
However, while it is undoubtedly a huge task, there are signs that SHIB could be massive (and possibly go head-to-head with DOGE) when the bull market returns. The fundamentals behind SHIB are stronger than ever, especially with the rejuvenation of Shibarium following its botched launch and the increased utility the layer-2 network is currently enjoying.
Crypto market cap currently at $1.055 trillion. Chart: TradingView.com
Furthermore, SHIB’s burn rate has increased significantly, which could spark a surge in the token’s price as more and more SHIB tokens are cut out of circulation. It is also worth mentioning that SHIB once surpassed DOGE in market cap at some point in 2021, according to data from CoinGeko.
Crypto: Pepe In The Mix
Meanwhile, Pepe is another meme coin in which Gagain stated that he was bullish and gave four reasons for his stance. The first reason he gave was that major players, including crypto exchanges like Binance, OKX, Crypto.com, and Bybit, form part of the largest holders of the token and noted that these firms are holding their Pepe bags rather than selling.
His second reason was that Pepe survived the saga, which involved three of the project’s developers dumping $15.6 million worth of Pepe on the market. Despite this, the token has risen in market cap since that event, which could likely mean that the token has bottomed out, in Gargain’s opinion.
The third reason is that Pepe is currently listed on over 100 exchanges, including the biggest centralised and decentralised exchanges. This is something which Gargain believes could give the token more visibility and liquidity by extension.
Lastly, 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 surge massively, especially because meme coins will dominate the next bull run.
Featured image from The Mega Maxi