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

尽管后者取得了显着的发展，但狗狗币的市值是 SHIB 的 2 倍。

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

专家们一致认为，SHIB 不会颠覆 DOGE，但注意力可能会从加密货币转移。

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.

尽管市场参与者预计当其他山寨币上涨时，meme 币也会飙升，但市场上排名前两位的 meme 币 Shiba Inu [SHIB] 和 Dogecoin [DOGE] 未能站在 2023 年上涨的最前沿。

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，表现不佳并不是加密货币的主要问题。相反，关于柴犬能否超越狗狗币的争论在不同时期出现。

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，加密货币投资者 Jake Gagain 于 2023 年 9 月 5 日自信地表示，SHIB 将在 2024 年周期翻转 DOGE。

$SHIB Will Flip $DOGE Next Cycle.

$SHIB 将在下一个周期翻转 $DOGE。

— JAKE (@JakeGagain) September 5, 2023

— 杰克 (@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.

但仅靠意见并不能赢得加密货币市场的游戏。这就是为什么 AMBCrypto 自行评估这种可能性。截至撰写本文时，柴犬的市值为 61.1 亿美元。

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

另一方面，狗狗币的市值是 SHIB 的两倍多，达到 128.3 亿美元。

Source: Santiment

资料来源：Santiment

Shiba Inu evolves, but Dogecoin does not sleep

柴犬进化，但狗狗币不睡觉

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.

一些玩家认为柴犬可以翻转狗狗币的原因之一是因为生态系统的变化。在2021年最后一次牛市之前，狗狗币已经演变成一种支付方式。

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

在某种程度上，特斯拉、Twitch 和 Newegg 等公司都将其作为支付选项。

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.

在那段时期，柴犬仅依靠其社区来成长。然而，在过去的一年半中，柴犬一直在为其生态系统开发用例。最显着的发展是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 生态系统的第二层 (L2) 网络，建立在以太坊 [ETH] 区块链上。值得注意的是，与同类货币不同，狗狗币拥有自己的区块链。

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 的发展伴随着一定程度的炒作。这也是一些玩家认为SHIB翻转DOGE的时机已经临近的原因之一。

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，狗狗币并没有就此停歇。此外，埃隆·马斯克 (Elon Musk) 对 X（前身为 Twitter）的收购使该代币在 2024 年的采用率增加方面处于领先地位。

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.

这是因为 X 团队计划在年内整合支付系统，而马斯克对 DOGE 的喜爱意味着该币可能成为此举的一个选择。

No drama for both in 2024

2024 年两人都没有戏剧性的表现

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.

如果发生这种情况，并且 Shiba Inu 取得了 L2 的进步，那么两个项目之间的战斗可能会加剧。 AMBCrypto 决定与一些专家讨论这种可能性。

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

我们采访的第一个人是大卫·凯默勒（David Kemmerer）。 Kemmerer 是加密税务软件 CoinLedger 的首席执行官。

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 认为，SHIB 可能会在 2024 年取得巨大进步，但可能无法在一年内翻转 DOGE。他说，

“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.”

“我怀疑我们会看到它翻转 DOGE。这主要是因为这些代币已经存在了很长时间——SHIB 只是没有看到在短短一年内超越像 DOGE 这样历史悠久的代币所需的那种戏剧性增长。”

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，其他因素也可能会影响 Shiba Inu 在 2024 年的地位。其中一个重要因素是 SHIB 销毁。

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团队引入了销毁机制来控制代币的供应并长期增加其价值。

SHIB fights DOGE for demand

SHIB 与 DOGE 争夺需求

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.

根据 Shibburn 网站的信息，截至本文撰写时，SHIB 被销毁的总数已超过 410 万亿。 2023 年 12 月 4 日，柴犬通知其社区，它正在改变燃烧模式。

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

根据声明，新机制将于 2024 年 1 月启动，并指出代币价值将会增加。

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，与狗狗币相比，SHIB 在该策略上面临着很大的障碍。这主要是因为它的流通供应。根据 CoinMarketCap 的数据，流通中的 SHIB 代币数量为 589.54 万亿个。

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 尽管供应量无限，但流通中的代币数量为 1,424.3 亿枚。如果两种加密货币的需求以相同的速度增长，柴犬会发现很难翻转狗狗币。

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

然而，SHIB 和 DOGE 在 2023 年的价格表现相似。

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.

截至发稿时，DOGE 的价格为 0.09 美元。该值较年初至今 (YTD) 增长了 29.14%。截至撰写本文时，SHIB 的价格为 0.000010 美元，上涨 28.33%。

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

进入 2024 年，加密货币很有可能继续保持相关性。

Source: CoinMarketCap

资料来源：CoinMarketCap

New competition for the former bull market kings

前牛市之王的新竞争

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，柴犬和狗狗币可能不是 2024 年周期中领先的模因币。这是因为出现了其他模因，并且其表现完全优于加密货币。

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，青蛙主题的佩佩[PEPE]上涨了2.253%。总部位于 Solana 的 BONK 同期上涨 4,560%。 2021 年牛市反弹较晚的 FLOKI 也上涨了 338%。

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

这些表现让 AMBCrypto 询问 Gracy Chen 对模因币时代的看法。

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 是加密货币交易所 Bitget 的董事总经理 (MD)。她表示，DOGE 和 SHIB 可能不会像 2021 年那样受到关注。

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

她还提到，像 BONK 和 Dogwifhat [WIF] 这样的加密货币可能在 2024 年会有更好的表现。

Concerning Shiba Inu, Chen noted,

关于柴犬，陈指出，

“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 年成为领先的 meme 代币——要实现这一目标，它至少需要将目前 60 亿美元的市值增加一倍。如果考虑到该币的价格，要超过 DOGE，它需要增长 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 也谈到了狗狗币。据她称，到 2024 年，狗狗币仍将是市值第一的模因币。她给出了理由，她说：

“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 个人资料中显示狗狗币标志，这一事实将继续推动该币的发展，并为其价值增长做出贡献。”

HODLers prefer DOGE but…

HODLers 更喜欢 DOGE，但是……

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.

从持有者数量来看，AMBCrypto 发现 DOGE 主导了 SHIB。截至发稿，SHIB持有者总数为136万。 Santiment 的数据显示，DOGE 持有者数量是 SHIB 的 4 倍，达到 571 万。

Source: Santiment

资料来源：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.

还值得一提的是，2023 年 DOGE 持有者数量的增长远远超过 SHIB。这样的情况表明，很大一部分市场都押注狗狗币在未来几个月会有更好的表现。

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

不管现实与否，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.

进入 2024 年，尽管柴犬最近取得了一些里程碑式的成就，但它可能不会翻转狗狗币。

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.

考虑到当前和潜在的前景，DOGE 可能仍然是按市值计算的顶级模因币。柴犬也可能保持第二名。但这两个项目可能都需要留意其他轰动的模因——尤其是 BONK。