In recent months, meme cryptos are gaining more traction than the usual cryptocurrencies, thanks to Elon Musk, the CEO of Tesla and SpaceX. Throughout Dogecoin and Shiba Inu’s journey, he has been a vocal supporter and influencer of digital tokens. This week, Elon Musk’s interest is completely focused on Shiba Inu currency. He has been boosting dogecoin for a long time now. But Elon was silent for a while, only to emerge as a Shiba Inu supporter. On Monday, he posted a picture of his Shiba Inu puppy called ‘Floki’ on Twitter. Three days on, the meme crypto has gained over 70% following Elon’s brief addressing.
But this is not the first time Elon is supporting meme cryptos For a very long time, he was the god for dogecoin investors. Even his simple Dogecoin mentions have made the cryptocurrency value go up drastically. Following his back-to-back tweets early this year, dogecoin hit its record high in mid-April. This drove many new crypto investors to choose dogecoin over others. Fortunately, Elon’s focus is now on Shiba Inu. After his Floki tweet, both Floki Inu, a digital token created over his dog, and Shiba Inu gained a big price jump in the market. Shiba Inu recorded a whooping 70% jump and touched US$0.00001312 in the last 24 hours. Its market capitalization has also gone beyond the US$5.22 billion mark and became the 12th biggest cryptocurrency in the market. Besides, an anonymous buyer went on a Shiba Inu spree and bought 6.3 trillion coins in 2 days. The sudden adoption and Shiba Inu price come at a time when the cryptocurrency market is seeing an overall surge. Bitcoin and other famous cryptocurrency prices are also up by significant percentages.
The Basics of Shiba Inu
As a result of the never-drying popularity of the Shiba Inu dog and the meme that went around the internet for a long time, a group of people came together to unleash the Shiba Inu coin. Shiba Inu calls itself ‘an experiment in decentralized spontaneous community building.’ According to the website, over 50% of its coins are locked up in Uniswap while the other 50% is with ethereum co-founder Vitalik Buterin. The meme crypto aims to act as a source for an open market where fair and complete distribution is ensured. Due to its growing market value and adoption, Shiba Inu is often called the ‘Dogecoin killer.’
The recent Shiba Inu price spike was solely because of Elon Musk and his tweet. He has recently bought a Shiba Inu puppy in September and named it Floki. Although the tweet had nothing to do with Shiba Inu, it managed to make the supporters go berserk. But initially, it was the Chinese traders who showed interest in the meme crypto and helped increase its market value.
When the cryptocurrency was first created, the owner gifted half of the initial supply to Ethereum founder Vitalik Buterin. According to reports, Vitalik has recently donated these 50 million tokens to the India covid crypto relief fund.
Shiba Inu vs Dogecoin
Although dogecoin existed for a very long time, it only saw massive adoption and growth in price recently when investors tried a disruptive way to gain popularity. But both dogecoin and Shiba Inu have unique features and market representation compared to other mainstream crypto assets. Besides, dogecoin has an unlimited supply, unlike bitcoin that is limited to 21 million.
In contrast, Shiba Inu does have a cap on the supply, which is very high according to normal crypto standards. Therefore, both crypto assets are not scarce. If dogecoin and Shiba Inu maintain the same growth rate, they have the potential to overtake other top cryptocurrencies.
When it comes to Shiba Inu vs Dogecoin, it is definitely dogecoin that is doing better in the market. Although the Shiba Inu community is passionate and trying their best to place the cryptocurrency at the top, it won’t be an easy job as the close rival doge is far in market capitalization. But if the meme crypto continues to grow, there are chances of a massive breakthrough.
Will Shiba Inu Reach US$1?
Similar to many other digital tokens in the cryptocurrency market, Shiba Inu is also a victim of extreme volatility. The token hit its past highest level in May by touching US$0.00003641, but has dropped significantly post that. Later, the meme crypto performed well in September and was listed as a top coin at the Binance platform. This shows how its price could go up and down drastically. But if Shiba Inu maintains an upward trend for quite some time, it has the potential to breach the US$1 mark.
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