Shiba Inu Close To Surpassing Dogecoin

Shiba Inu, a dogecoin spin-off, is close to surpassing Elon Musk’s favorite cryptocurrency dogecoin. The digital token has surged 28% in the last 24 hours and hit a record high above $0.00005. It has more than doubled in price in the last week. With a market capitalization of over $28 billion, shiba inu is now the 11th largest cryptocurrency. Dogecoin ( $0.070 ) is the 10th with a market cap of $31 billion. Dogecoin ( $0.070 ) was down 12% in the last 24 hours. Shiba Inu is a so-called ‘mem token’ that bills itself as a ‘dogecoin killer’. It takes its branding from the same internet meme dogecoin is based upon, using the image of a Japanese Shiba Inu dog. The token was anonymously created in August 2020 as an experiment in decentralized spontaneous community building. Shiba Inu is based on the Ethereum ( $1,909.36 ) blockchain, which has become a go-to for numerous new token projects. It’s all part of the fast-growing trend known as decentralized finance, which aims to replicate traditional financial products like lending and trading. The rise of meme coins like Dogecoin ( $0.070 ) and Shiba Inu mimic the GameStop ($GME@US) saga that took place earlier this year, when a flood of retail traders inspired by a Reddit forum piled into the video game retailer’s stock, leading to wild swings in the price.

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