Following the early success of Bitcoin, numerous other coins sprung up, with most of them trying to make a loop of it. Dogecoin is one of the coins minted in 2013 largely as a joke to make fun of the speculative frenzy around Bitcoin. Beyond everyone’s expectations, a new cryptocurrency, the Shiba Inu coin, an apparent inspiration of Dogecoin, was created by an anonymous developer.
Shiba Inu, also known as SHIB, is an Ethereum based digital coin that has attracted more than 714,000 holders. It’s a dog-themed cryptocurrency that seeks to be an alternative to the popular meme-coin, Dogecoin. Shiba Inu is, however, different from most of the traditional cryptocurrencies, such as Bitcoin. This canine-themed dog coin is designed to be abundant, unlike Bitcoin that is scarce intentionally. The SHIB network also supports the existence of decentralized exchanges such as Shibaswap and NFTs art incubators. This is unlike Dogecoin that is less compatible with the Ethereum ecosystem.
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Despite its present meteoric rise of up to 900% within the last month, Shiba Inu remains one of the least costly cryptos to purchase. One Shiba Inu will cost you at most a fraction of a cent, implying that if you had bought 20 million Shiba worth of $1000 before its surge last September, you would presently be owning coins worth $9000.
SHIB’s low cost in comparison to the Dogecoin has earned it the nickname “dogecoin killer.” But this is likely to change with the projected continued value increase of the SHIB coin moving forward.
This shows how the surge of SHIB is a great opportunity for crypto traders. But it’s also good to have in mind that, like many other cryptocurrencies, the Shiba Inu coin is also not often used for commercial transactions because of its high risks and the larger volatility of the crypto markets. For this reason, experts in the cryptocurrency world say that investors need to be extra careful with their decision.
Cryptocurrency Has Officially Gone To the Dogs
What started as dog “meme coins” have gradually sparked attention in the markets, with traders showing great interest in the two cryptocurrencies. The Shiba Inu coin and Dogecoin now claim the ninth and tenth position in the list of highly ranked cryptocurrencies in terms of value. Market capitalists estimate that the two dog-themed coins to be valued at $97 billion collectively.
Cryptocurrency experts say that the two coins have no major underlying purpose and that they mainly increase in value out of speculative market demand. It started with the price of major cryptocurrencies such as Bitcoin skyrocketing, but it’s now happening to the smaller coins such as SHIB and Dogecoin.
Joke Coin, Shiba Inu Surpasses Its Cousin and Apparent Inspiration Dogecoin
Dogecoin has been the supreme of the two since the launch of Shiba Inu in august last year. However, since October last year, the Shiba Inu coin has been skyrocketing in value, claiming dominance over its apparent inspiration Dogecoin. Its listing on Coinbase global is thought to be one of the major catalysts behind its growth. Shiba Inu coin also gained market interest from its projected listing on the Robinhood exchange.
SHIB, commonly billed as the joke coin or a dog meme, has gained supreme on the canine-themed coins driving its way into the top ten most valued cryptocurrencies based on market value. Shiba Inu has hit a market value of $40 billion above its cousin, Dogecoin.