Written by Robert Thompson III | 5/10/2021
Dogecoin has recently been having high records and had an awesome performance. But what if another coin comes in place? And what if this competitor will make Dogecoin reach its downfall? This coin is shiba inu. Lots of investors have been researching this topic and each investor came to one conclusion. A dogecoin killer has come in place.
Shiba inu rose 146% on finance listing
Shiba Inu burst into CoinMarketCap’s top 20 rankings just two days ago. Within 48 hours, the Shiba token went from a valuation of $0.000003 to $0.000032 a 966% increase, which added to over 2,300,000% growth since the start of the year. When Binance announced it would list Shiba in its innovation zone on Monday morning, the token’s valuation more than doubled in the space of two hours, climbing from $0.000013 to $0.000032. The Shiba Inu website claims 50% of the Shiba token supply has been irretrievably locked into Uniswap to provide liquidity. The other 50% has been sent to Ethereum co-creator Vitalik Buterin as a “burn” gesture, however, Buterin still has full access to the funds.
The 500 trillion Shiba tokens in Buterin’s public wallet are currently valued at over $15 billion, far exceeding the value of his Ether holdings, which are currently worth just over $1.3 billion. It should be noted that Buterin’s wallet regularly receives uninvited donations of such coins, including from numerous other Dogecoin imitators. CoinMarketCap attributes an $11-billion market cap valuation to the token, based on a unit price of $0.00002617 and a circulating supply of 394 billion SHIB. CoinGecko has not yet attributed a market cap value to Shiba Inu, as it still hasn’t determined its current coin supply. Binance, which also owns CoinMarketCap, announced it would open up Shiba for trading in its innovation zone on May 10. According to crypto.com “SHIB is an experiment in decentralized spontaneous community building created under the SHIBA INU’s ecosystem.”
Why Is Shiba inu suddenly skyrocketing
Shiba inu coin is soaring not long after it came out. Shiba has soared over 760% so far on a seven-day trailing basis, it left behind Dogecoin which rose 46.92% in the period and was trading 15.4% lower at $0.56 at press time. According to cointelegraph: Dogecoin is the fourth-largest cryptocurrency by market capitalization, while Shiba, a new coin, has already reached the no. 30 spot in the list of cryptocurrencies by market capitalization within a month. The main question is, Why is it skyrocketing so suddenly? Well since Dogecoin has been soaring very quickly, investors are probably thinking Shiba inu will too. Their similarities are enough to convince almost any investor. The 500 trillion SHIB tokens in Buterin’s public wallet are currently valued at over $15 billion, far exceeding the value of his Ether holdings, which are currently worth just over $1.3 billion.
Is Shiba the dogecoin killer
Many rumors have spreaded around saying Shiba is the dogecoin killer. There are some facts that can prove that can prove this topic true. For instance, Shiba inu completed feats in a month that Dogecoin couldn’t do in 8 years. Shiba is at $0.000035 right now. While Dogecoin is at $0.45. Furthermore, Many investors are saying that Shiba inu will hit $1 before dogecoin. Although, that’s very unlikely there is a small possibility that it will happen. Now that investors are investing in Shiba, they created the “Dogecoin killer” term of describing Shiba.
In Addition, Shiba went as far as almost having the exact same logo as dogecoin. (both having the Shiba Inu breed), And meme based(Both of them are based on the popular Shiba Inu meme). The similarities can go on and on. So I came to the conclusion that Shiba will pass Dogecoin however, Dogecoin reign won’t end anytime soon along with bitcoin and Ethereum. Honestly, I don’t think any coin will end right now but I know some will live longer than others(Since their growth is outstanding).
Conclusion
To sum it all up in short, I believe many coins are doing great, but I was impressed by Shiba the most. I didn’t know it would be possible for such a feat to happen. I hope you learned a thing or two, cause I sure did “Don’t underestimate the little ones”. Now every coin that just came out I will invest in. Don’t forget to follow Crypto empire Tv for it gives you up-to-date information on finance and crypto. If you have any questions or concerns you can openly contact us at info@thopsonempire.com And you can ask us anything!
