LEASH is a token created by the same developers as Shiba Inu (SHIB), and the name “Doge Killer” is not for nothing. The project, as well as the entire Shib ecosystem, intends to remove Dogecoin (DOGE) from the position of the largest cryptocurrency meme on the market.
The official website makes it clear that the developers intend to go head-to-head with DOGE, self-titled “Dogecoin Killer”. The creators also point out that SHIB can “overtake Dogecoin in a short period of time”.
To get an idea of the size of this “competition” to remove Dogecoin (DOGE) from this position, it is important to point out that DOGE is a digital asset with a market capitalization of $30.19B. Dogecoin is rated 7 on the global cryptocurrency rating with an average daily transaction volume of $1.51B. Currently, the price is $0.23 . In recent days, the price has been changing around -0.87%. There are 130 317 636 823.58 coins in circulation today. The dedicated Twitter account has 1.9M followers.
Doge Killer has been available for trading on the decentralized UniSwap (UNI) exchange since the end of May, and has achieved surprising numbers so far. The cryptocurrency reached a high above 100% in the last days of June.
Good morning Twitter, hello there pretty little checkmark! Shout-out to @BENBALLER for being a much wow shibe and helping us with this! #DoOnlyGoodEveryday pic.twitter.com/J6Kr1eTE1e
— Dogecoin (@dogecoin) May 28, 2021
Even with the recent declines, the asset still has accumulated an increase of approximately 40% in recent weeks, managing to capitalize more than $350 million in market value.
Leash’s biggest recent achievement was to appear at number one in CoinMarketCap’s ranking of the most searched cryptoactives in the United States last week: “Check out these Top 10 Trending Tokens for Today! Fire #CoinMarketCap #Crypto #Cryptocurrency #Bitcoin #Altcoin #DeFi #Dogecoin #Ethereum #Shib. P.S. We heard one of these Tokens just launched its DEX Star-struck”
Check out these Top 10 Trending Tokens for Today! 🔥 #CoinMarketCap #Crypto #Cryptocurrency #Bitcoin #Altcoin #DeFi #Dogecoin #Ethereum #Shib
P.S. We heard one of these Tokens just launched its DEX 🤩 https://t.co/IhbNBJ2VvH pic.twitter.com/lr7UnyR6qA
— CoinMarketCap (@CoinMarketCap) July 6, 2021
It is noteworthy that most of the assets on the list are meme currencies or projects with little expression. Among the largest cryptocurrencies in the market, only Ethereum (ETH), in tenth place, managed to stand out among North Americans.
Learn more about “Doge Killer”
LEASH is the second token created within the ShibaSwap ecosystem, a DEX project by the Shiba Inu creative team. Originally, the idea was that its price would always be linked to the value of DOGE.
However, its developers decided to leave the value of the token “free” to be determined by market supply and demand. In addition, holders can reap benefits by using the asset to provide liquidity on the exchange.
Unlike most meme cryptocurrencies, Leash has a more limited supply, with approximately 107,000 units available on the market. This may be one of the reasons to explain the recent increase seen in the asset price.
However, despite the growing adoption, and SHIB itself ranking first in the list of cryptocurrencies that appreciated the most in the first half of this year, traders and investors need to be cautious when deciding to invest in this asset class, due to its high volatility.
On Monday, LEASH was trading at $3,332, nearly 30% below its historic high of $4,528 reached on July 28th.
The Shiba token is the first to be listed on the ShibaSwap decentralized exchange. However, as highlighted in official documents, the exchange was “still undergoing security testing, audits and final updates to prepare for a safe release.”
Shiba Inu is accused of coup
Despite great success and recent adoption, the team behind the Shiba Inu project has been accused of promoting a cryptocurrency fraud. A Reddit user warned four months ago. According to the author of the post, the developers would be manipulating the price of the cryptocurrency to apply an exit scam. In this type of fraud, the price of an asset rises very sharply and quickly, but in a totally artificial way.
After a great appreciation and with the entry of new investors, the initial holders of the price dump large amounts of sale of the asset, causing its price to plummet and the other holders to have large losses.
Thus, despite an official website, a white paper and listing on major exchanges, investors should be cautious when deciding to purchase Shiba Inu tokens, due to the high fluctuations that may occur in their price.
