Elon musk’s favorite meme token coins, Shiba Inu and Dogecoin, are making all the crypto experts shocked.
Shiba Inu, a dogecoin spinoff, is close to surpassing Elon Musk’s favorite cryptocurrency.
The digital token has surged 30% in the last 24 hours, according to data from CoinGecko, hitting a record high above $0.00006. It has more than doubled in price in the previous week.
With a market capitalization of more than $29 billion, Shiba Inu is now the 11th-largest cryptocurrency. Dogecoin is the 10th biggest, with a market cap of $31 billion.
Dogecoin was down 11% in the last 24 hours, according to CoinGecko data.
Shiba Inu is going to beat Dogecoin
Shiba Inu is a so-called “meme token” and calls itself a “Doji coin killer.” It takes its brand from the same internet meme on which Dogecoin is based, using the image of a Japanese Shiba Inu dog.
The token was created in August 2020 by an anonymous individual or known as “Ryoshi.” The coin creator describes the Shiba Inu as a “distributed, voluntary community-building experiment” in a white paper (in this case, “woofpaper”).
Shiba Inu is a fast-growing known “decentralized finance” aimed at replicating traditional financial products such as loans and transactions with the Ethereum blockchain, the go-to tool for many new token projects. Based on trends.
Shiba Inu author Claim Do not hold tokens. According to CoinGecko data, the total supply of cryptocurrencies is 1 trillion. In May, Ryoshi sent half of the coin supply to Ethereum creator Vitalik Buterin. Vitalik Buterin has sent 50 trillion tokens to the Covid Relief Fund in India. Buterin then Destroyed most of his holdings. It donated the rest to charity.
Right now, that puts SHIB’s market cap above $32.7 billion, vaulting it over stablecoin USD Coin (USDC) for the 9th place spot on CoinGecko’s list. This is the first time Shiba Inu has entered the top 10 coins ranked by total market cap.
However, the market isn’t showing a broader meme coin surge right now: Dogecoin is down more than 8% over the last 24 hours at a price below $0.24, which puts its market cap at around $32.1 billion.
If Shiba Inu continues rising the way it has over the last 24 hours—and Dogecoin can’t match its upward momentum—then Shiba Inu may cement its place above Dogecoin by total market cap, making it the premier meme crypto on the market.
Crypto traders have been speculating about whether online trading firm Robinhood could add Shiba Inu to its platform.
Believers in Shiba Inu are pushing hard for Robinhood to list the token. They have started a petition on Change.org, which has now reached more than 300,000 signatures. But, so far, Robinhood hasn’t said publicly whether it would support Shiba Inu.
The online brokerage got a big boost from digital currency trading in the second quarter, with Dogecoin accounting for 62% of its crypto revenue during the period.
The Shiba Inu community has also dropped several NFTs, known as “Ishibashi’s.” NFTs are digital asset that tracks ownership of virtual collectible items like art or sports memorabilia.
Cryptocurrencies have been known to undergo wild bouts of volatility. For example, Bitcoin, which recently hit a record high above $66,000, halved in price earlier this year after Chinese regulators clamped down on the country’s crypto industry.
Meanwhile, Dogecoin, which had a significant rally earlier this year, is currently down 68% from its record high set in early May.
The Bottom Line
However, the broader crypto market is down about 4% today, making Shiba Inu a real anomaly amidst slumps from top coins like Bitcoin and Ethereum.
Overnight, Bitcoin fell beneath $60,000 for the first time in 10 days, dropping below what’s seen as a critical resistance level for the leading cryptocurrency. It’s down about 5% over the last 24 hours at a current price of $59,212. Ethereum, meanwhile, is down 4% today and briefly dipped below the $4,000 mark—but currently sits at $4,018.
Shiba Inu now only slightly trails the original dog-related meme coin, Dogecoin, the world’s ninth-largest currency, worth an estimated $34 billion. But Shiba Inu is quickly gaining ground on its canine token rival. For example, Dogecoin’s price is 25% higher than one month ago than a 777% rise in the past 30 days for Shiba Inu.
Read Dogefather is going to create his cryptocurrency.