A steep escalation in the value of the meme digital currency Shiba Inu (SHIB) has elevated its market cap beyond the market cap of Dogecoin. As per reports, SHIB overtake DOGE and is presently among the top 10 digital currencies in the world according to market cap. It presently has a market cap of nearly $39.3 billion when compared to that of Dogecoin that is present at $31.4 billion. Let us have a look at some of the Shiba Inu news today.
SHIB Overtake DOGE: How Is It Possible?
Recently, SHIB overtake DOGE and the present ranking of Shiba Inu places this coin above Dogecoin and also above USDC, which is the stable coin that is managed by the CENTRE consortium. As with the inception of DOGE, the creation of SHIB was a joke in itself, with a present supply in the hundred trillion of tokens. Hence the relatively tiny value of about $0.000078 for every coin. And similar to Dogecoin, SHIB initially benefited from the social media attention on channels like TikTok at the beginning of 2021.
Along with this, the digital currency also gained fame this last spring after Vitalik Buterin, the creator of Ethereum sold tranches of tokens that he received as a gift from the creator of SHIB, giving away the received fund for charity. But then also SHIB overtake DOGE was not possible but it has made it.
The Shiba Inu token is thought to be the “Dogecoin killer” and finally it has proven that. In the last 24 hours, the price of the token increased nearly 30% to an all time high of 0.000067 USD on Wednesday. This increase brings the monthly rise of the token to nearly 830%.
Digital currencies are highly fluctuating with the values perpetually in flux, so the dynamics of SHIB vs DOGE can still change in a few moments. The SHIB coin presently holds just a little edge over Dogecoin where their total market worth as mentioned above is somewhere near to $39.3 billion which differs by less than 1%. The reason for the latest surge is also not clear. Some predict that it could be connected with the latest petition for the cult trading platform Robinhood to list the Shiba Inu coin which is receiving high popularity online. Seeing this price surge, the only question that the market is asking is will Shiba Inu reach $1 soon? Time will answer this question.
However, Dogecoin still has mainstream spokes. Big league sports teams in basketball and baseball have begun to partner with the token, and according to AMC Theaters it was working to adopt Dogecoin as a payment method in October. They aim to attain that by paying for their movie tickets by the end of 2021.
What Is Dogecoin?
Dogecoin (DOGE) is an open source, peer-to-peer digital currency. It is an altcoin and is a highly sarcastic meme coin. While this crypto was formulated as a joke, the blockchain of Dogecoin still has a merit. Its underlying technology is obtained from Bitcoin. The notable feature of Dogecoins includes the use of the script algorithm, which enables its low and unlimited supply. The Dogecoin price at the time of writing this is $0.295987 (28.10.2021, 03.34 GMT)
What Is Shiba Inu?
Shiba Inu is a new digital currency that was launched in 2020. It is also a meme coin, and soon after its arrival, it has taken the market of Dogecoin. It is built on the Ethereum network and is now being termed as “Dogecoin Killer”. The Shiba Inu coin mining is slowly gaining popularity as well. There is a huge popularity that lies ahead of the Shiba Inu coin’s future. If you are wondering where to buy Shiba Inu coins, you will get them in the leading exchanges like Binance, and Coinbase or from the official Shiba Inu website. The Shiba Inu price at the time of writing this is $0.000079 (28.10.2021, 03.37 GMT)
The Bottom Line
Recently, SHIB overtake DOGE and held a place among the top 10 digital currencies in the world as per market capitalization. This coin was always termed as “Dogecoin killer” and today it has proved it. Even though the actual reason behind this surge is unclear, there are many predictions from many experts. This coin had started to rise in valuation from the second half of this year.