SHIB Analyst says Shiba Inu will switch to Dogecoin as SHIB burn rate increases...

Altcoin cryptocurrency analyst Sherpa recently raised the possibility of Shiba Inu (SHIB) surpassing Dogecoin (DOGE) as the largest memecoin by market cap. This announcement comes at a time when SHIB fundamentals are showing strength and the token's burn rate has increased significantly in the last 24 hours.

Sherpa suggested in a post: DOGE and SHIB are the main memecoins and occupy the eighth and twelfth places, respectively, among the largest cryptocurrencies by market cap.

Meanwhile, the cryptocurrency analyst noted that “there are some things going on” in terms of SHIB's fundamentals, highlighting the Shibarium Layer 2 network as one of them. Shibarium has undeniably contributed to the growth of SHIB since its launch, positioning it as more than just a memecoin.

“Therefore, SHIB appears to have an advantage over DOGE. Unlike DOGE, which someone like Ripple CEO Brad Garlinghouse has criticized for not providing real value, Shibarium has real-life utility. Additionally, the Shiba Inu team is actively involved in construction and continues to develop initiatives that will help increase the value of SHIB,” said analyst Scott Matherson.

Shiba Inu

Such an initiative involves regular burning of SHIB tokens. Surprisingly, the team also allocated a portion of the transaction fees earned on the Shibarium network to burning SHIB. It's worth noting that the SHIB burn rate has increased recently, with burn tracking site Shibburn reporting an 89% increase in the last seven days.

The consumption rate in the last 24 hours is even more impressive.