*****, the meme coin inspired by former U.S. President Donald *****, briefly overtook Shiba Inu (SHIB) in market capitalization, earning the title of the second-largest meme coin.
The rapid ascent fueled speculation about whether Dogecoin (DOGE), the reigning meme coin, could be next on *****’s target list.
Notably, in just 36 hours after its launch, the token’s market capitalization surged to an astounding $15 billion, catapulting it to the 14th spot in global crypto rankings on Sunday. At its peak, *****’s fully diluted valuation (FDV) exceeded $70 billion, momentarily surpassing DOGE and established giants like USDC and BNB, making it the sixth-largest FDV in the crypto market.
However, this explosive rally was short-lived, as ***** slipped back to the 18th position following mass profit-taking, trailing just behind SHIB, which reclaimed 17th place at press time.
That said, the SHIB community did not take *****’s brief dominance lightly. Earlier on Sunday, Shytoshi Kusama, the lead developer of Shiba Inu, acknowledged the milestone, calling it a “temporary achievement” in a comment responding to a community member’s screenshot showing *****’s rise over SHIB.
“Wow, indeed. Congrats to the President of the United States for this temporary achievement.” he tweeted.
Earlier on Saturday, Kusama had tweeted, “We bow to no meme,” in response to a viral meme depicting various memecoins bowing to *****.
LUCIE, the Shiba Inu ecosystem’s lead marketer, also weighed in, tweeting, “No, I don’t buy any ***** coin. I’m down bad, just like the rest of the SHIB Army, holding the same coins. But I believe things will go well for crypto. Some will run first, some later—what’s important is not giving up.”
That said, with ***** briefly solidifying its position as the second-largest meme coin, the crypto community is buzzing with speculation about whether it can dethrone Dogecoin. Analysts at CoinGecko estimated that ***** would need to hit $300 per token to surpass DOGE’s current market cap of $58 billion.
Remarkably, with ***** achieving an impressive market cap and FDV, some observers believe such a milestone may not be far-fetched.
“There’s a decent argument for $***** to go absolutely ballistic to $100B circulating market cap/$500M FDV and flip DOGE. *****’s brand is far more attractive than a random dog coin.” Tweeted Mechanism Capital co-founder Andrew Kang.
Popular crypto analyst Dr. Profit echoed this sentiment, comparing *****’s trajectory to DOGE’s meteoric rise in 2021. “If $***** follows the same path, its price could hit between $350 and $500 in the coming months,” he predicted.
As ***** continues its climb, outperforming prominent tokens like PEPE, UNI, and TON, it appears poised to keep drawing liquidity from across the market. However, whether ***** can surpass DOGE remains uncertain.
***** was trading at $67.66 at press time, reflecting an impressive 100% surge over the past 24 hours. In contrast, DOGE was priced at $0.39, experiencing a 3.50% decline during the same period.