Will Shiba Inu (SHIB) Outperform Dogecoin (DOGE) in 2023?
Shiba Inu has been one of the most explosive cryptocurrencies, and it witnessed perhaps the most impressive bull run in 2021 when it became a part of the top 20 altcoins by means of total market cap and has retained that position since.
Back in 2021, when SHIB came to fame, the cryptocurrency was nicknamed the “dogecoin killer” within its community.
It’s true that the project has undergone a tremendous change since it was released, and there are a lot of technical changes to it, but it’s become etched into its identity that it competes with Dogecoin. That said, we decided to talk to ChatGPT about its potential to outperform its rival throughout the remainder of 2023.
It’s important to note that SHIB and DOGE are the largest meme coins, but there are many others that are exciting in their performance and communities. You can take a closer look at our most recent video on the matter:
Shiba Inu (SHIB) v. Dogecoin (DOGE): Which One Will Outperform in 2023?
Before checking what ChatGPT has to say on the matter, it’s important to see how both cryptocurrencies have performed this year.
Starting out with Dogecoin (DOGE), since it’s the larger by means of market capitalization, the cryptocurrency is literally trading flat for the past 12 months.
As seen in the chart above, it experienced a major push of around 130% to reach highs at about $0.14. The cryptocurrency was unable to sustain these gains and subsequently retraced, trading in a range for the rest of the year.
Shiba Inu (SHIB) on the other hand, is down a considerable 34% throughout the same period.
As seen in the chart, SHIB was unable to break out, despite the serious attempt in the first quarter of 2023, when it reached a local high at around $0.000014.
ChatGPT’s Verdict
ChatGPT said that the performance of both cryptocurrencies and whether one of them will outperform the other is based on a number of factors.
These include:
- Trading activity
- External events
- Community support
- Overall cryptocurrency market conditions
Technical developments are also on the radar.
Improvements or updates to the underlying technology of a cryptocurrency can positively influence its long-term prospects and price potential.
To that end, Shiba Inu (SHIB) has been quite active lately. The team recently launched the long-awaited Shibarium – a layer-two network designed to expand the project’s ecosystem. You can find out more about it in our detailed guide here:
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