Researcher Praises Shiba Inu’s Dominance and Its Market Cap Leads

• Ethereum researcher Justin Drake has praised Shiba Inu’s remarkable market dominance, which is greater than that of Solana memecoins combined.
• Shiba Inu has demonstrated superior quality and substantial market influence, positioning it as a market leader among memecoins.

In a recent interview, Ethereum researcher Justin Drake praised Shiba Inu for his recent achievements. Speaking to Anatoly Yakovenko, co-founder of Solana, and David Hoffman of Bankless, the trio sought to highlight the different strengths and weaknesses of a number of blockchains.

Drake pointed out that despite competing in a crowded space, Shiba Inu has become a market leader. Concretely, the researcher mentioned its superior quality and substantial influence on the market. Shiba Inu’s market cap is around $15 billion, while Solana memecoins have a combined market cap of around $10 billion.

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SHIB’s performance allowed it to rise to 12th place, but its market capitalization even briefly reached the top ten coins earlier this year. Market experts predicted that the coin would consolidate its position in the top ten and could possibly topple Dogecoin (DOGE).

Although Solana-based memecoins including Bonk (BONK) And Dog Hat (WIF), have become key players in the memecoin sector, their volatility has been their greatest strength and their greatest weakness. SHIB, on the other hand, has shown great resilience, especially when prices are struggling.

This is not surprising due to its innovative technology and growing ecosystem. The development team, led by Shytoshi Kusama, insisted that the project would create utility and drive adoption. This will ultimately lead to the project and coin moving out of their memecoin status.

Based on network growth, Shiba Inu emerges as a rival to Solana and Ethereum. Shiba Inu is poised to develop one of the most innovative and sought-after ecosystems, challenging any blockchain on the market. However, even though the network’s growth is on track, its market capitalization falls far short of rivaling that of Solana (SOL) and Ethereum (ETH). SOL’s market cap currently stands at $73.4 billion, while ETH’s stands at $443 billion.

Shiba Inu (SHIB) Price Outlook

At the time of writing, SHIB is trading at $0.00002318 after a marginal change in the last 24 hours. The altcoin, like the rest of the market, has been under immense bearish pressure. This saw it fall almost 7% last week. But with the strength of key support positions, investors are confident of a rebound.

One of the main catalysts for a bullish breakout is the increase in burn rate. As the CNF recently reportedShiba Inu has seen a sharp increase in the burn rate of its SHIB tokens, with millions of tokens destroyed as the community pushes for a long-awaited price hike.

Additionally, there is speculation that a spot SHIB ETF could be next in line after an Ethereum ETF is approved. Led by Shytoshi Kusama, the community has called for the filing and approval of a SHIB ETF soon.

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