Meme cryptocurrencies may soon have a new top dog.
The Shiba Inu coin – not to be confused with the dogecoin, which is also a tribute to the Japanese dog breed – is growing in value. It was up 35% on Wednesday and doubled in value over the past week.
With a market value of around $ 25 billion, according to CoinMarketCap.com, it is worth more than United Airlines Holdings Inc.,
and it bites on the heels of dogecoin, the joke coin that has become a favorite with online traders during the pandemic and currently has a market value of $ 33 billion.
The Shiba Inu coin, launched in 2020, presents itself as the “dogecoin killer”. In a white paper – make it a “woufpaper” – the anonymous founder of the play called it “a decentralized spontaneous community-building experience”.
As is the case when most investments even go down in tears, it wasn’t entirely clear why the price of Shiba Inu jumped this week. The coin gained attention last spring when Vitalik Buterin, co-creator of the Ethereum crypto network, donated more than $ 1 billion in Shiba Inu coins to an Indian Covid-19 relief fund.
Over 300,000 people have signed a petition asking Robinhood Markets Inc.,
The investment app popular with coin and stock traders even, to list the Shiba Inu coin.
Cheaper coins with enthusiastic communities behind them undermine the primacy of original tokens such as bitcoin and ether. A single Shiba Inu token on Wednesday traded at $ 0.000067.
“Every time any of these coins start to pump a little, everyone starts to think that this might be the next absurd rally,” said Eric Wall, chief investment officer of the cryptocurrency investment company. Arcane Assets. “It’s a casino, and it’s more fun than a roulette table. ”
The competing Shiba Inu-themed pieces have sparked affection in the crypto community for the breed itself. Tesla Inc.
Earlier this month, General Manager Elon Musk posted a new photo of his Shiba Inu puppy, named Floki, skyrocketing the values of the Shiba Inu coin and another meme, named after the puppy.
Meme Shiba Inu (SHIB) cryptocurrency is on fire. Launched as an Ethereum-based rival to the popular Dogecoin coin, Shiba Inu has increased its price by 155% over the past seven days, from $ 0.00002851 to $ 0.00007445, according to data from CoinMarketCap. com at the time of filing this report. As a result, its market capitalization rose from $ 11.2 billion to over $ 42 billion during the period to become the 8th largest cryptocurrency in the world, edging out Dogecoin and Polkadot in the top 10. The coin meme had, in fact, hit its record market cap of $ 52 billion by 8:54 a.m. Thursday morning to become the seventh largest digital currency before slipping to No. 10 with a market value of $ 39 billion at 11:09 a.m.
“The Shiba Inu has climbed more than 1,000% in one month. Most of the growth is due to huge volumes among retail audiences, so much so that volumes have also exceeded that of Bitcoin on most exchanges around the world. The market strongly anticipates that Shiba Inu will be listed on Robinhood which is the force behind the momentum, however, the nature of the coin is responsible for the sudden rally as well. At 1 quadrillion, Shiba Inu was designed to create and generate a plentiful supply, unlike Bitcoin. So the current push is mainly driven by the sentiments of retail investors, ”Bitbns founder and CEO Gaurav Dahake told Financial Express Online.
580 trillion Shiba Inu coins worth $ 41.8 billion were traded in the past 24 hours, compared to 667,000 bitcoins worth $ 40 billion in the same period, according to the reports. data from CoinMarketCap. Shiba Inu’s growth is likely due to growing support for a Change.org petition urging the Robinhood Trading Exchange to list the Shiba Inu coin on its portal. So far, 3.83 lakhs of signatures have been registered for the petition.
“The Shiba Inu token price spike came after Elon Musk tweeted the photo of his new pet dog, Floki, which is the same breed we see on the Shiba Inu token. Another reason could be the vehement support of its followers for the coin to be listed on Robinhood. These surges often happen on a whim and a lot of speculation is at the helm, these tokens are called coins because they have no intrinsic value but the value placed on them due to these external factors – the coins. influencers – makes them valuable, ”Tarusha Mittal, COO & Co-Founder, OroPocket & UniFarm – Member Blockchain and Crypto Assets Council (BACC) told Financial Express Online.
Unlike Bitcoin, which is designed to be scarce, Shiba Inu is intentionally abundant – with a total supply of a quadrillion and its ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap. , as described by Coinbase. At the time of this report’s filing, Shiba Inu was running out of around $ 7 billion in market capitalization to replace XRP – the seventh largest crypto.