- Forbes just included Dogecoin (DOGE) and Shiba Inu (SHIB) in its top 10 best cryptocurrencies to invest in for this month.
- Both coins are in a consolidation phase right now, but they have shown massive gains in the past year.
Forbes’ Crypto Recommendations for March 2024
Forbes just released its list of “10 Best Cryptocurrencies To Invest In March 2024.” According to the American publication, these are the digital currencies that you should keep on your radar:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Binance Coin (BNB)
- Solana (SOL)
- XRP
- US Dollar Coin (USDC)
- Cardano (ADA)
- Dogecoin (DOGE)
- Shiba Inu (SHIB)
Inclusion of Dogecoin and Shiba Inu Meme Coins
Interestingly, both dog-themed meme coins DOGE and SHIB made it into Forbes’ best crypto rankings. Despite being rooted in gags and parodies during their inception, this mainstream coverage shows a big shout-out for these two, which could be indicative of their potential inclusion in the sights of the wider financial market.
Forbes noted how Dogecoin started as a joke in 2013 but has rapidly gained recognition because of its dedicated community and engagements through memes. However, the publication cited the coin’s lack of deflationary feature as a main concern, which increases its vulnerability to devaluation over time as its supply rises.
For some reason, not much was said about Shiba Inu except its current market cap and price. This could signify their lack of interest or time to research and write more about it. Regardless, this exposure places it in line with other leading investments not only in the crypto niche but also across the world of finance.
Unlike DOGE, SHIB has a burn rate mechanism that reduces its circulating supply gradually. This, in turn, creates scarcity for the coin along the way which could exponentially increase its price as demand grows.
As we speak, there’s an ongoing petition for Grayscale CEO Michael Sonnenshein to consider adding a spot Shiba Inu exchange-traded fund (ETF) in their investment portfolio. The campaign’s goal is to capitalize on the coin’s popularity by opening it up to a broader market that’s bound to regulatory scrutiny.
Dogecoin and Shiba Inu Status Today
As of this writing at 3:30 AM UTC on Sunday, both DOGE and SHIB appear to be trading at a consolidation phase after Bitcoin’s new all-time high of $70,083.05 on Friday triggered another correction in the market.
DOGE went up by 3% on the 24-hour chart at $0.177 while SHIB lost around 4% of its value at $0.00003459 during the same period. However, zooming out the charts starting at the weekly frame displays massive gains within these two assets.
So far, Dogecoin is up by 26% within the week, 118% for the month, and 167% over the year. Shiba Inu, on the other hand, has outperformed its dog-themed counterpart with 52%, 263%, and 240% gains across the seven-day, 30-day, and one-year charts, respectively.