Dog Eat Dog: Shiba Inu Is Pushing Dogecoin
When the cryptocurrency market reaches new price peaks, altcoins start fighting each other in the race for the fastest-growing asset. Meme cryptocurrencies are still a win-win, having seen 1,000% growth in a month. However, this relay baton has travelled from Dogecoin in May to Shiba Inu in October.
The Dogecoin history began in 2013, while its copycat, Shiba Inu, isn’t even a year old yet. Still, the imitation coin has been able to push past its forefather in terms of market capitalisation, reaching $40 billion. For comparison, Electronic Arts and Fujitsu are worth the same.
With Shiba Inu’s rising popularity, the number of crypto exchanges ready to list SHIB is also growing. Among the new ones are BitKan, AOFEX, StealthEx and CoinFlex. Traders on the popular platform Robinhood don’t want to be behind either and have launched a new petition on Change.org requesting to list the coin. Currently, it has 403,000 signatures. The petition states that the earlier listed Dogecoin has had huge success and allowed the platform’s board of directors and traders to enjoy the ride.
However, the two similar-looking cryptocurrencies have some serious distinctions. Dogecoin is decentralised, and its developers are only there as consultants. Shiba Inu is an ERC-20 token created by the anonymous Ryoshi. Whilst DOGE has to be mined, 1 quadrillion SHIB tokens have been instantly issued. The principles of the Dogecoin community have taken shape over the years, with everything starting as an act of charity and later turning into a good tradition. Shiba Inu is being advertised by Chinese celebrities, and the project’s initial goal was to overtake Dogecoin. On top of that, the 10 biggest holders (including crypto exchanges) possess 72% of the SHIB supply.
The main goal has been achieved: SHIB is now worth more than DOGE. The 1015 supply is also not an accident. It makes it possible to engage a wider number of users because of the coin’s low cost. So, does this project deserve to exist, or have we run into another con coin?
The StormGain Analytical Group
(a platform for trading, exchanging and safeguarding cryptocurrencies)