Shiba Inu: The New King Of Meme Coins
After being mocked for its nickname ‘Dogecoin Killer’, Shiba Inu has surpassed Elon Musk’s prized possession. Shiba Inu has surged more than 900% this month to overtake Doge in becoming the 8th largest cryptocurrency in the world! Why is Shiba Inu going up? Can Shiba maintain the bull run? We’ll discuss all these questions and more as we talk about new Shiba NFTs, Doge vs Shiba, and big exchanges like Robinhood listing Shiba Inu in the coming months.
Shiba Inu’s 24-hour rally
As of the 28th of October, Shiba Inu is trading at $0.000081. It may still seem like nothing, but the cryptocurrency is now worth billions. After a correction in the cryptocurrencies market on Tuesday, 26th October, most expected the big sell-off to begin. But Shiba Inu is up 46.3% in the last 24 hours according to CoinMarketCap with a 24-hour trading volume of more than $46 billion, which is higher than Ethereum itself. This has allowed Doge to take the Number 8 spot, after overtaking Polkadot and Dogecoin.
Early sellers will be biting their tongues after finding out that Shiba has rallied by more than 830% since October 1st. TradingView data even shows that the coin enjoyed a move from $0.0000069 to $0.000069, which is a new all-time high for the currency. It has enjoyed the highest rally out of any cryptocurrency and has allowed investors to enjoy a ridiculous return of more than 90,000,000% since the start of the year. To break it down into simpler terms, roughly a $2 investment on January 1st, 2021 would be worth $2 million now.
But the meme coins, in particular, attract a lot of volatility, so the dynamic between Doge and Shiba Inu could still shift at any given time, as it has in the past few days. First Shiba managed to surpass Doge and enter into the top 10 crypto-list in terms of the market evaluation. The market cap for Shiba during that period of time rose beyond $38 billion, but Doge enjoyed its own rally.
As per CoinMarketCap, Doge rose by nearly 40% in the last 24 hours which saw its price shoot up to almost 30 cents. This helped Doge surpass Shiba in the #9 spot, but the Shiba rally which we just talked about helped steal the spot once again. The difference between the market caps is only a little over 1%, so we may just be a mini-rally away from Doge taking center stage again.
But, why is this coin which has been slandered by big-time investors performing so well?
Why is Shiba soaring?
One reason why the coin has been enjoying such great results as of late has to do with a possible listing on Robinhood, according to Yahoo Finance. They state that unconfirmed rumors have been circulating about the possible listing of Shiba Inu on Robinhood.
Robinhood also sent out a new survey this past week, asking buyers for new crypto coin listing suggestions. Although a listing was rumored for this week, a Robinhood spokesperson confirmed that was not the case.
The Robinhood Twitter handle had the following to say:
Shiba NFTs Are Coming
As far as meme coins go, Shiba Inu has much more real-world use than you may realize. In case you have forgotten, Shiba Inu operates on the Ethereum network. This means that just like Ethereum, the Shiba blockchain also has smart contract capabilities. But Shiba Inu has started to prove that it can add value without the help of other networks. Shiba Inu recently released the ‘ShibaSwap’, the coin’s own decentralized exchange for the SHIB community, just like Uniswap.
ShibaSwap has given the opportunity to many developers to create their own DeFi protocols and dApps on the blockchain, and as it turns out, NFTs are being deployed on Shiba Inu as well. Although the Ethereum network is believed to be the king of decentralized finance, problems such as high gas fees and scalability issues are allowing other blockchains to create their own protocols.
While ADA itself has also entered the DeFi space, Shiba Inu made waves with its latest NFT announcement. Shiba Inu will be launching its own line of NFTs, which have been called, ‘Shiboshi’s’.
The Shiboshi drop will consist of 10,000 unique NFTs and will give community members 24 hours to purchase them using Shiba’s LEASH token protocol. This has been believed to positively affect the Shiba Inu price, with more and more reasons for investors to hop on to the SHIB community.
Shiba v Doge
But with the news of Shiba’s DeFi protocol popping off and the recent bull-run. Many analysts have also decided to weigh in on the Shiba v Doge debate. One such analyst is Joe Weisenthal, podcaster and host on Bloomberg TV. He tweeted in support of Shiba Inu.
Joe went on to support Shiba by firstly talking about its availability on the ethereum protocol along with its own DeFi protocol, ‘ShibaSwap’. Weisenthal stated that Doge on the other hand was like Bitcoin in the sense that it cannot deploy smart contracts and take advantage of the Web 3.0 developments that the crypto space has been enjoying.
The social media hype train
With coins like Shiba and Doge, sometimes they may rely too much on social media. But like we have mentioned above, Shiba has proved that it can succeed due to adding significant value. In fact, social media has actually hurt the coin in the short run. As we talked about earlier, Doge managed to temporarily replace Shiba in the number 10 spot. And the reason was because of Elon Musk once again.
After the Shiba Inu handle asked Elon on Twitter ‘How much SHIB are you holding’. Elon’s reply was crisp and simple: ‘None’.
This four-letter word was enough for Shiba to instantly fall by 10%. While the coin managed to make a significant comeback in the following days, the power of having one of the most influential billionaires on the side of Doge will be very worrying for Shiba holders.
As is the case with most crypto investments, it is very important to take account of the volatility of the stock. It can be in a bull-run and then instantly start bleeding out of nowhere.
While you may want to profit off of the bull run, do your own research and then decide what is the best option. Shiba Inu remains the 8th largest cryptocurrency in terms of market cap.