It’s time to get your dog in the ring for the bitcoin races.
Dogecoin, the original funny digital asset, is losing ground to Shiba Inu Coin, which is gaining ground at an astonishing rate. With a market value of roughly $26.5 billion at midweek, the hitherto unknown cryptocurrency has rocketed to become the 11th largest on record, making it worth more than business giants like Delta Air Lines, Warner Music Group, and Kellogg’s.
SHIB, as the coin is commonly referred as, is only worth about $0.00006 at the time of writing. When compared to Bitcoin’s recent price of over $58,000, this is a bargain. As a result of its recent rise in the cryptocurrency world’s favorite dog-themed digital asset ranking: Dogecoin, SHIB is now gaining national attention. So, how did SHIB go from being a joke to a legitimate force in the industry? The following information is critical:
It’s called “woofpaper.”
SHIB was introduced as a “Dogecoin killer” just 14 months ago.
Shiba inu coin reached a new high on Wednesday, following a year-long rise of more than 60,000,000 percent.
In the past 24 hours, Dogecoin-inspired parody cryptocurrency has gained almost 30%, according to CoinGecko. Dogecoin is another meme cryptocurrency. Even if it’s lost some of its early morning US time gains, it’s still the 11th-largest digital currency by market capital.
Its value has increased by over 100% in the last seven days, and the token currently has a market cap of about $26 billion.
The Shiba Inu dog is the mascot of the Shiba Inu currency, just like the dogecoin. Some investors have become millionaires in a matter of days thanks to the stock’s rapid ascent.
Several celebrities, ranging from former members of boy bands to professional athletes, have endorsed the currency.
Shiba inu currency worth $1 billion was donated to the Covid-19 relief fund in India by Ethereum co-founder Vitalik Buterin earlier this year.
A Change.org petition encouraging trading platform Robinhood to list Shiba Inu Coin coincides with its sharp surge this week. So far, 334,500 people have signed the petition.
A spokesperson for Robinhood did not immediately return a call from CNN Business seeking comment. From bitcoin and ethereum, the company began supporting other crypto currencies, such as litecoin and bitcoin cash, in 2018.
The unprecedented spike in dogecoin prices this year put a lot of strain on the platform’s crypto trading algorithms, and the record was momentarily broken because of that. This week, it revealed that roughly 20% of its transaction-based income, or $51 million, came from cryptocurrency. In comparison to the same time last year, that’s a gain of 860 percent!
Also, the shiba inu currency grew earlier this week, but part of those gains were wiped out by a tweet from Tesla CEO Elon Musk, who is a major lover of the dogecoin. He followed up with a tweet to say that he had purchased “Dogecoin, Bitcoin, and Ethereum are the three main cryptocurrencies. And with that, I conclude.” Several of Elon Musk’s tweets have caused the cryptocurrency market to shift.
The value of other well-known virtual currencies has risen dramatically as well. As the most valuable cryptocurrency in the world, Bitcoin struck an all-time high last week, surpassing the previous record established in April, with a price of about $67,000 per coin.
From slightly under $44,000 at the end of September, the price of one bitcoin has risen by half this month. At the time of writing, the price of one bitcoin is close to $60,000.
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