Shiba Inu (SHIB), the internet’s favorite underdog, is once again making waves in the crypto scene. With a fresh surge in market enthusiasm and renewed attention on meme coins, a growing number of investors are wondering: could SHIB realistically challenge Dogecoin (DOGE) for the top meme coin spot once more?
This isn’t just idle speculation. SHIB already pulled off this feat back in 2021, briefly flipping Dogecoin’s market cap and becoming the dominant meme token. Now, with bullish momentum building, it’s worth asking — what would it take for Shiba Inu to reclaim that title?
Shiba Inu Price Targets if It Matches Dogecoin’s Market Cap
Let’s crunch the numbers. At the time of writing, Dogecoin holds a market cap of around $33 billion, while Shiba Inu trails behind at approximately $8.8 billion. To match DOGE, SHIB would need to climb over 4x from its current valuation.
Given SHIB’s vast circulating supply — roughly 589 trillion tokens — a $33 billion market cap translates to a SHIB price of about $0.000056. That alone would be a huge move from current levels, but it’s not outside the realm of possibility, especially in a bullish market environment.
Now consider this: Dogecoin’s all-time high market cap during the 2021 bull run hit an eye-popping $73 billion. If Dogecoin revisits that level and SHIB rallies in tandem to overtake it, Shiba Inu’s price would need to climb to $0.00012 — roughly an 8x gain from today’s price.
Both of these targets remain within historical reach. SHIB’s all-time high stands at around $0.00008, so hitting or surpassing these price points wouldn’t be unprecedented. It would, however, require a combination of favorable market conditions and strategic progress within the SHIB ecosystem.
What Could Drive Another SHIB Breakout?
Several catalysts are working in SHIB’s favor — and these go far beyond hype.
One of the most important developments is Shibarium, Shiba Inu’s Layer 2 blockchain. Designed to increase scalability and lower transaction costs, Shibarium gives SHIB real utility — a far cry from its meme-only reputation. As of now, Shibarium has pushed Shiba Inu’s total value locked (TVL) in DeFi to about $3.57 million, with a 43% month-over-month gain on its decentralized exchange, ShibaSwap, according to DeFiLlama.
Another factor fueling optimism is the SHIB burn mechanism. Nearly half of SHIB’s total supply has already been taken out of circulation since its launch. Community-led and automated burns are playing a growing role in creating scarcity, and some SHIB supporters even dream of burning 1 trillion tokens per day. While that’s an ambitious goal, any sustained increase in the burn rate could tighten supply just as demand rises — a perfect storm for price action.
So, Can SHIB Realistically Surpass DOGE Again?
The short answer: it’s possible — and it’s happened before. SHIB’s 2021 run showed that market sentiment, coupled with innovation and scarcity, can push meme tokens into serious territory. If Shibarium continues to gain traction and token burns intensify, SHIB could again approach — or even exceed — DOGE’s market cap.
To get there, SHIB would need to rally to somewhere between $0.000056 and $0.00012, depending on how high Dogecoin’s cap climbs in the next bull wave. While the path won’t be easy, Shiba Inu has already shown that it can surprise the crypto world when the stars align.
So, while Dogecoin may still wear the crown for now, the Shiba Inu army isn’t ready to bow out. If history rhymes, a new top meme coin could be just one rally away.
