• Dogecoin’s market cap is 2x that of SHIB, despite a notable development with the latter.

儘管後者取得了顯著的發展，但狗狗幣的市值是 SHIB 的 2 倍。

• Experts agree that SHIB won’t flip DOGE, but attention may shift from the cryptocurrencies.

專家們一致認為，SHIB 不會顛覆 DOGE，但注意力可能會從加密貨幣轉移。

Though market participants expect meme coins to skyrocket when other altcoins rise, Shiba Inu [SHIB] and Dogecoin [DOGE], the top two meme coins in the market, failed to be at the forefront of the rally experienced in 2023.

儘管市場參與者預計當其他山寨幣上漲時，meme 幣也會飆升，但市場上排名前兩位的 meme 幣 Shiba Inu [SHIB] 和 Dogecoin [DOGE] 未能站在 2023 年上漲的最前沿。

However, the underwhelming performance was not the major issue with the cryptocurrencies. Instead, the debate about Shiba Inu’s ability to surpass Dogecoin arose at different times.

然而，表現不佳並不是加密貨幣的主要問題。相反，關於柴犬能否超越狗狗幣的爭論在不同時期出現。

For instance, crypto investor Jake Gagain posted confidently on the 5th of September 2023 that SHIB would flip DOGE in the 2024 cycle.

例如，加密貨幣投資者 Jake Gagain 於 2023 年 9 月 5 日自信地表示，SHIB 將在 2024 年周期翻轉 DOGE。

$SHIB Will Flip $DOGE Next Cycle.

$SHIB 將在下一個週期翻轉 $DOGE。

— JAKE (@JakeGagain) September 5, 2023

— 傑克 (@JakeGagain) 2023 年 9 月 5 日

But opinions alone do not win games in the crypto market. That is why AMBCrypto took it upon itself to evaluate the possibility. At the time of writing, Shiba Inu’s market cap was $6.11 billion.

但僅靠意見並不能贏得加密貨幣市場的遊戲。這就是為什麼 AMBCrypto 自行評估這種可能性。截至本文撰寫時，柴犬的市值為 61.1 億美元。

Dogecoin’s market cap, on the other hand, was more than double that of SHIB at $12.83 billion.

另一方面，狗狗幣的市值是 SHIB 的兩倍多，達到 128.3 億美元。

Source: Santiment

資料來源：Santiment

Shiba Inu evolves, but Dogecoin does not sleep

柴犬進化，但狗狗幣不睡覺

One reason why some players think Shiba Inu can flip Dogecoin is because of the changes in the ecosystem. Before the last bull market in 2021, Dogecoin already had evolved into a payment method.

一些玩家認為柴犬可以翻轉狗狗幣的原因之一是因為生態系統的變化。在2021年最後一次多頭市場之前，狗狗幣已經演變成一種支付方式。

At some point, companies including Tesla, Twitch, and Newegg had it as a payment option.

在某種程度上，特斯拉、Twitch 和 Newegg 等公司都將其作為支付選項。

During that period, Shiba Inu only relied on its community for growth. However, in the last year and a half, Shiba Inu has been developing use cases for its ecosystem. The most notable development is Shibarium.

在那段時期，柴犬隻依靠其社區來成長。然而，在過去的一年半中，柴犬一直在為其生態系統開發用例。最顯著的發展是Shibarium。

Shibarium is the Layer-two (L2) network of the Shiba Inu ecosystem, built on the Ethereum [ETH] blockchain. It is important to note that, unlike its counterpart, Dogecoin has its own blockchain.

Shibarium 是 Shiba Inu 生態系統的第二層 (L2) 網絡，建立在以太坊 [ETH] 區塊鏈上。值得注意的是，與同類貨幣不同，狗狗幣擁有自己的區塊鏈。

Shibarium’s development came with some level of hype. It is also one of the reasons some players believe that SHIB’s time to flip DOGE is near.

Shibarium 的發展伴隨著一定程度的炒作。這也是為什麼有些玩家認為SHIB翻轉DOGE的時機已經接近的原因之一。

However, Dogecoin has not been resting on its oars. Furthermore, Elon Musk’s acquisition of X (formerly Twitter) has placed the coin in pole position for increased adoption in 2024.

然而，狗狗幣並沒有就此停下腳步。此外，馬斯克 (Elon Musk) 對 X（前身為 Twitter）的收購使該代幣在 2024 年的採用率增加方面處於領先地位。

This is because the X team has plans to integrate a payment system during the year, and Musk’s love for DOGE means that the coin could be an option in the move.

這是因為 X 團隊計劃在年內整合支付系統，而馬斯克對 DOGE 的熱愛意味著該幣可能成為此舉的一個選擇。

No drama for both in 2024

2024 年兩人都沒有戲劇性的表現

Should this happen, and Shiba Inu succeeds with its L2 strides, then the battle between both projects might intensify. AMBCrypto decided to speak to some experts about the possibility.

如果發生這種情況，而 Shiba Inu 取得了 L2 的進步，那麼兩個項目之間的戰鬥可能會加劇。 AMBCrypto 決定與一些專家討論這種可能性。

The first person we spoke to was David Kemmerer. Kemmerer is the CEO of CoinLedger, a crypto tax software.

我們採訪的第一個人是大衛‧凱默勒（David Kemmerer）。 Kemmerer 是加密稅務軟體 CoinLedger 的執行長。

According to Kemmerer, SHIB might make great strides in 2024, but it might not be able to flip DOGE within a year. He said,

Kemmerer 認為，SHIB 可能會在 2024 年取得巨大進步，但可能無法在一年內翻轉 DOGE。他說，

“I doubt that we will see it flip DOGE. This is mostly just because of how long each of these coins has been around—SHIB is just not seeing the kind of dramatic growth it would need to overtake a long-standing coin like DOGE in just one year.”

「我懷疑我們會看到它翻轉 DOGE。這主要是因為這些代幣已經存在了很長時間——SHIB 只是沒有看到在短短一年內超越像 DOGE 這樣歷史悠久的代幣所需的那種戲劇性增長。”

Besides the market cap and use cases, other factors could impact Shiba Inu’s place in 2024.  One important factor is the SHIB burn.

除了市值和用例之外，其他因素也可能影響 Shiba Inu 在 2024 年的地位。其中一個重要因素是 SHIB 銷毀。

The Shiba Inu team introduced the burning mechanism to control the supply of the token and increase its value in the long term.

Shiba Inu團隊引入了銷毀機制來控制代幣的供應並長期增加其價值。

SHIB fights DOGE for demand

SHIB 與 DOGE 爭取需求

As of this writing, the total number of SHIB burned had crossed 410 trillion, according to information from the Shibburn website. On the 4th of December 2023, Shiba Inu informed its community that it was changing the burning model.

根據 Shibburn 網站的信息，截至本文撰寫時，SHIB 被銷毀的總數已超過 410 兆。 2023 年 12 月 4 日，柴犬通知其社區，它正在改變燃燒模式。

Per the statement, the new mechanism would start in January 2024, noting that the token value will increase.

根據聲明，新機制將於 2024 年 1 月啟動，並指出代幣價值將會增加。

However, SHIB faces a big hurdle with the strategy when compared to Dogecoin. This is mainly because of its circulating supply. According to CoinMarketCap, the number of SHIB tokens in circulation was 589.54 trillion.

然而，與狗狗幣相比，SHIB 在該策略上面臨著很大的障礙。這主要是因為它的流通供應。根據 CoinMarketCap 的數據，流通中的 SHIB 代幣數量為 589.54 兆個。

DOGE, despite having an unlimited supply, has 142.43 billion tokens in circulation. Should demand rise at the same rate for both cryptocurrencies, Shiba Inu would find it hard to flip Dogecoin.

DOGE 儘管供應量無限，但流通中的代幣數量為 1,424.3 億枚。如果兩種加密貨幣的需求以相同的速度成長，柴犬會發現很難翻轉狗狗幣。

However, the price performance of SHIB and DOGE has been similar in 2023.

然而，SHIB 和 DOGE 在 2023 年的價格表現相似。

At press time, DOGE’s price was $0.09. This value represents a 29.14% increase on a Year-To-Date (YTD) basis. SHIB’s price at the time of writing was $0.000010, indicating a 28.33% hike.

截至發稿時，DOGE 的價格為 0.09 美元。該數值較年初至今 (YTD) 增加了 29.14%。截至撰寫本文時，SHIB 的價格為 0.000010 美元，上漲 28.33%。

Going into 2024, there is a high chance that the cryptocurrencies continue to correlate.

進入 2024 年，加密貨幣很有可能繼續保持相關性。

Source: CoinMarketCap

資料來源：CoinMarketCap

New competition for the former bull market kings

前牛市之王的新競爭

However, Shiba Inu and Dogecoin may not be the meme coins that lead in the 2024 cycle. This is because other memes emerged and outright outperformed bother cryptocurrencies.

然而，柴犬和狗狗幣可能不是 2024 年周期中領先的迷因幣。這是因為出現了其他模因，並且其表現完全優於加密貨幣。

For example, frog-themed Pepe [PEPE] increased by 2.253%. Solana-based BONK jumped by 4,560% within the same period. FLOKI, which was late to the 2021 bull rally, also increased by 338%.

例如，青蛙主題的佩佩[PEPE]上漲了2.253%。總部位於 Solana 的 BONK 同期上漲 4,560%。 2021 年多頭反彈較晚的 FLOKI 也上漲了 338%。

These performances led AMBCrypto to ask Gracy Chen what she thought of the meme coin era.

這些表現讓 AMBCrypto 詢問 Gracy Chen 對迷因幣時代的看法。

Chen is the Managing Director  (MD) of crypto exchange Bitget. According to her, DOGE and SHIB might not enjoy the attention they got in 2021.

Chen 是加密貨幣交易所 Bitget 的董事總經理 (MD)。她表示，DOGE 和 SHIB 可能不會像 2021 年那樣受到關注。

She also mentioned that cryptocurrencies like BONK and Dogwifhat [WIF] may have better performances in 2024.

她也提到，像 BONK 和 Dogwifhat [WIF] 這樣的加密貨幣可能在 2024 年會有更好的表現。

Concerning Shiba Inu, Chen noted,

關於柴犬，陳指出，

“It’s unlikely that SHIB will become the leading meme coin in 2024 — to achieve this, it needs at least to double its current market cap of $6 billion. If considering the coin’s price, to surpass DOGE, it would need to grow by 9,000 times.”

「SHIB 不太可能在 2024 年成為領先的 meme 代幣——要實現這一目標，它至少需要將目前 60 億美元的市值增加一倍。如果考慮到該幣的價格，要超過 DOGE，它需要增長 9,000 倍。”

The Bitget MD also touched on Dogecoin. According to her, Dogecoin would remain the number one meme coin in terms of market cap in 2024. She gave her reasons, saying that:

Bitget MD 也談到了狗狗幣。據她稱，到 2024 年，狗狗幣仍將是市值第一的迷因幣。她給了理由，她說：

“The fact that the world’s richest person still displays the Dogecoin logo in his X profile will continue to promote the coin’s narrative and contribute to its value growth.”

“世界首富仍然在他的 X 個人資料中顯示狗狗幣標誌，這一事實將繼續推動該幣的發展，並為其價值增長做出貢獻。”

HODLers prefer DOGE but…

HODLers 更喜歡 DOGE，但…

Looking at the number of holders, AMBCrypto found out that DOGE dominated SHIB. At press time, the total number of SHIB holders was 1.36 million. DOGE holders count was 4x SHIB at 5.71 million, Santiment’s data showed.

從持有者數量來看，AMBCrypto 發現 DOGE 主導了 SHIB。截至發稿，SHIB持有者總數為136萬人。 Santiment 的數據顯示，DOGE 持有者數量是 SHIB 的 4 倍，達到 571 萬。

Source: Santiment

資料來源：Santiment

It is also important to mention that the number of DOGE holders grew much more than SHIB in 2023. A situation like this suggests that a large part of the market is betting on a better performance for Dogecoin in the coming months.

另外值得一提的是，2023 年 DOGE 持有者數量的增長遠遠超過 SHIB。這樣的情況表明，很大一部分市場都押注狗狗幣在未來幾個月會有更好的表現。

Realistic or not, here’s SHIB’s market cap in DOGE’s terms

不管現實與否，以下是 SHIB 以 DOGE 表示的市值

Going into 2024, Shiba Inu may not flip Dogecoin despite some of its recent landmarks.

進入 2024 年，儘管柴犬最近取得了一些里程碑式的成就，但它可能不會翻轉狗狗幣。

Considering the current and potential prospects, DOGE may remain the top meme coin per market cap. Shiba Inu may also remain number two. But both projects may need to watch out for the other roaring memes— especially BONK.

考慮到當前和潛在的前景，DOGE 可能仍然是按市值計算的頂級模因幣。柴犬也可能保持第二名。但這兩個項目可能都需要留意其他轟動的迷因——尤其是 BONK。