Shiba Inu (SHIB) goes up by 166% in 24 hours shortly after its competitor, Dogecoin (DOGE), goes down by 31%.
Shiba Inu (SHIB): The “Dogecoin killer”
The cryptocurrency Shiba Inu (SHIB) was launched in August 2020. However, little is known about its founder, who goes by the name of Ryoshi.
Homonymous of the Japanese canine breed, the Shiba Inu (SHIB) is an ERC-20 token (Ethereum) that can be traded in decentralized brokers, such as 1Inch and Uniswap.
In a press release, Woofpaper (Shiba Inu whitepaper), says that the digital asset was created to answer “what would happen if a cryptocurrency project were 100% executed by your community?”. The questioning, in turn, usually happens because most cryptocurrencies are not managed by the community itself, but by its creators.
Therefore, cryptocurrency calls itself “Dogecoin killer ”, arguing that its competitor uses the eponymous dog only as a mascot, while Shiba Inu (SHIB) technology is more geared towards the crypto community.
SHIB overvaluation
On May 8, on the eve of Elon Musk’s participation on Saturday Night Live, Dogecoin depreciated 31.16%. The currency price turn to USD $ 0.47 and could be associated with the fact that Musk said that DOGE was “a mess”.
Such a fact, in turn, caused the attention of investors to turn to Shiba Inu (SHIB), which registered an appreciation of 166.15% in the next day (9).
Although Musk is a supporter of DOGE, this is not the first time that the billionaire , nicknamed Dogefather, has contributed to the fall of the currency, reflecting the rise of SHIB.
On May 14th, Musk tweeted that he was going to buy a Shiba Inu. In addition, the billionaire used the hastag #resistisfutile.
I’m getting a Shiba Inu #resistanceisfutile
— Elon Musk (@elonmusk) March 14, 2021
His tweet did not make it clear whether the billionaire was referring to the purchase of DOGE, SHIB or a new dog. However, in less than 24 hours, the cryptocurrency, whose name is the same as the japanese dog breed, soared 107.3%.
Shiba Inu (SHIB): another meme in the crypto world?
Like Dogecoin, Shiba Inu is also considered a cryptocurrency meme.
According to experts, the meme currency movement rejects formalities and protocols. Therefore, Dogecoin started out as a joke, and Shiba Inu’s white role is called a woofpaper.
In addition, they say that hype around meme coins like Shiba Inu is not financial, but a social phenomenon.
Shiba Inu (SHIB): today’s price
Despite being a competitor and similar to DOGE, SHIB is traded at less than one dollar.
Currently, its market value is $ 0.000019 and its market capcorresponds to $ 8.040 billion.
DOGE is priced at $ 0.39 and has a market cap of $ 51.289 billion.
Should you invest in SHIB?
According to crypto experts, the future of the digital token is uncertain and it may already be too late for investors to take action.
It should be noted that yesterday (12) the price of SHIB fell by 14% to $ 0.000029. Such a fall was just after the currency rose 2 days ($$ 0.000034) 2 days later.
“If you are shopping today, I don’t know where the future is for you. But, if you invested a few days ago, you will definitely be making money ”, they warn.
However, they say that they would be surprised if the currency surpasses its competitor.
