In addition, users have access to a veritable Shiba-verse of dog-themed features. ShibaSwap is a decentralized exchange that allows users to trade Shiba Inu coins directly with other users, without any intermediaries. With prices hovering around a fraction of a fraction of a cent, or $0.00054 at the time of writing, it may be tempting for prospective users to own hundreds, thousands, or tens of millions of tokens - in the latter case, all for a fraction of the cost of a single Bitcoin. What’s especially striking is SHIB’s affordability compared to other trending cryptocurrencies. This October, as the cryptocurrency market reached new heights, so too did SHIB.
In addition to DOGE, the price of SHIB may also be somewhat correlated to Bitcoin (BTC). When DOGE peaked on Saturday, 8 May, 2021, just before Elon Musk’s controversial “Saturday Night Live” monologue, SHIB wasn’t far behind, reaching its own all-time high one day later. When Elon Musk and Snoop Dogg turned DOGE into a household name, speculators may have been drawn to SHIB’s lower prices, as prices for both tokens appeared to be highly correlated. Created in part as a cheaper, sub-penny alternative to DOGE, SHIB’s fortunes rose and fell accordingly as DOGE entered and exited the newscycle. Undoubtedly, some of SHIB’s success can be attributed to the popularity of its older sibling, DOGE. Is SHIB all bark and no bite? Or does it have the legs to become top dog when it comes to the world of meme coins? Why Is the Price of Shiba Inu Coin (SHIB) Going Up? Today, SHIB is listed on many of the world’s most popular crypto exchanges, including Binance. Originally created to be a “Dogecoin killer”, along with similar imitators like Akita Inu coin (AKITA) and UpDog (UPDOG), Shiba Inu coin is now hot on Dogecoin’s heels, rising to the number eight position on the list of top cryptocurrencies by market cap, before falling to number 11 at the time of writing.
Buoyed in part by high profile figures like Elon Musk and Snoop Dogg, DOGE rose through the ranks to become a top 10 cryptocurrency by total market cap. Earlier this year, Dogecoin (DOGE) sparked widespread interest from longtime crypto users and mainstream audiences alike. In fact, it isn’t even the first dog-themed coin to rise to prominence. Shiba Inu coin (SHIB) isn’t the first meme coin to become a trending hashtag. ShibaSwap, a decentralized exchange launched in July 2021, may continue to drive interest in SHIB, and other native coins BONE and LEASH. Originally conceived as a “Dogecoin killer”, Shiba Inu coin (SHIB) is now one of the largest cryptocurrencies by market cap.įew meme coins can match SHIB’s growth over the past year, but many are wondering whether the meme coin will continue its performance.
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