The Shiba Inu dog-based meme coin Dogecoin loved and “favoured” by Elon Musk, is set to be overtaken by another Shiba Inu dog-based coin called the Shiba Inu coin. According to data from CoinGecko, the coin, which is also a meme coin, has surged 28 percent in the last 24 hours and has hit a new all-time high of above $0.00005. The price of the meme coin has also doubled in price from last week.
The Shiba Inu coin currently has a market capitalization of more than $28 billion and holds the title of the 11th largest cryptocurrency by market capitalization, according to CoinMarketCap. The coin is below Dogecoin which holds 10th place with a market capitalization of $31 billion. The Shiba Inu coin has slowly but gradually risen to become the biggest rival that Dogecoin may ever see and the coin is set to overtake Dogecoin. In the last 24 hours, Dogecoin was down 12 percent, CoinGecko data showed.
Nicknamed the “dogecoin killer”, the Shiba Inu coin originates from the same source as Dogecoin, and like Dogecoin, it uses the image of the Japanese Shiba Inu dog for its branding. The Shiba Inu coin was created by an anonymous individual or group of individuals going under the name Ryoshi in August 2020. The whitepaper, or “woofpaper” as the coin’s creator(s) termed it, is “an experiment in decentralized spontaneous community building”. The Shiba Inu coin is based on the Ethereum blockchain and already has a total supply of one quadrillion, CoinGecko says.
Advocates of the Shiba Inu coin have been pushing for its listing on Robinhood…totally reminds us of when Dogecoin advocates were pushing for its listing on major exchange platforms. There have therefore been speculations about Robinhood listing the Shiba Inu coin soon. The coin’s advocates have started a petition on Change.org for the token to be listed on Robinhood and so far, the petition has gotten over 300,000 signatures. Robinhood is still yet to publicly say if it will support the token and go on to list it on its platform.
While Dogecoin is currently down 68 percent from its all-time high which was set in May this year, the Shiba Inu coin has shown potentials to overtake Dogecoin and become the top meme coin.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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