The #BullRun Has Formally Begun.
— JAKE (@JakeGagain) September 27, 2023
DOGE Has Elon, SHIB Has?
In response to Gagain’s tweet, one other X consumer laughed at the opportunity of this taking place and stated that DOGE had Elon Musk seemingly suggesting that there was no approach SHIB may topple the biggest meme coin because it had the help of the world’s richest man.
Musk has been identified to be an enormous admirer of DOGE and has partially contributed to the token’s progress, particularly when it soared by 23,000% to hit an all-time excessive of $0.7 in 2021. It was additionally recently revealed that apart from his vocal help, Musk is invested within the meme coin as he has been “quietly funding” the token’s growth.
With this in thoughts, many imagine that there isn’t any approach that SHIB may topple DOGE, which occurs to be ranked because the eighth largest cryptocurrency by market cap, with SHIB coming far behind at nineteenth.
Nevertheless, whereas it’s undoubtedly an enormous process, there are indicators that SHIB might be large (and probably go head-to-head with DOGE) when the bull market returns. The basics behind SHIB are stronger than ever, particularly with the rejuvenation of Shibarium following its botched launch and the elevated utility the layer-2 community is presently having fun with.
Crypto market cap presently at $1.055 trillion. Chart: TradingView.com
Moreover, SHIB’s burn fee has increased significantly, which may spark a surge within the token’s value as increasingly SHIB tokens are lower out of circulation. Additionally it is value mentioning that SHIB as soon as surpassed DOGE in market cap sooner or later in 2021, based on data from CoinGeko.
Crypto: Pepe In The Combine
In the meantime, Pepe is one other meme coin through which Gagain said that he was bullish and gave 4 causes for his stance. The primary purpose he gave was that main gamers, together with crypto exchanges like Binance, OKX, Crypto.com, and Bybit, kind a part of the biggest holders of the token and famous that these companies are holding their Pepe baggage slightly than promoting.
His second purpose was that Pepe survived the saga, which concerned three of the challenge’s builders dumping $15.6 million value of Pepe in the marketplace. Regardless of this, the token has risen in market cap since that occasion, which may seemingly imply that the token has bottomed out, in Gargain’s opinion.
The third purpose is that Pepe is presently listed on over 100 exchanges, together with the most important centralised and decentralised exchanges. That is one thing which Gargain believes may give the token extra visibility and liquidity by extension.
Lastly, he famous that Pepe is presently ranked within the prime 100 tokens by market cap and, particularly, the third-largest meme coin by market. As such, it’s nicely positioned to surge massively, particularly as a result of meme cash will dominate the subsequent bull run.
Featured picture from The Mega Maxi