The competition to reach the $1 milestone is underway between the leading meme cryptocurrencies Shiba Inu and Dogecoin. Dogecoin came close to achieving this goal when it reached a peak of $0.73 in May 2021 but experienced a subsequent decline in price. Despite various tweets from Tesla CEO Elon Musk mentioning the cryptocurrency, Dogecoin has struggled to regain its previous popularity, and investor enthusiasm has waned.
In contrast, Shiba Inu has yet to surpass the $0.01 mark, and investors are optimistic about it reaching the 1-Cent milestone and eventually hitting $1. Therefore, both Dogecoin and Shiba Inu are actively pursuing the goal of reaching $1, with the potential to turn investors into millionaires and billionaires.
Regarding the race to $1, Dogecoin appears to have a higher likelihood of reaching the milestone before Shiba Inu. Dogecoin has previously come close to $1 at $0.73, missing the mark by a margin of 27 cents. Currently trading at $0.08, Dogecoin only needs to eliminate two decimal places to reach $1. On the contrary, Shiba Inu has not yet achieved the foundational milestone of $0.01 since its inception in August 2020.
Furthermore, Shiba Inu is currently trading at the $0.00000820 level and faces the challenge of eliminating five additional zeroes before reaching $1. The prospect of successfully removing five consecutive zeroes without experiencing a market downturn appears daunting at present. Moreover, the Shibarium layer-2 network is not actively burning trillions of SHIB tokens, which would otherwise contribute to reducing the circulating supply. This development may pose challenges for SHIB in even removing two zeroes from its price.
In summary, Dogecoin seems to have a greater likelihood of reaching $1 before its competitor, Shiba Inu. However, the exact timeline for both DOGE and SHIB to attain $1 or $0.01 remains uncertain and can only be revealed over time.
