Dogecoin should be aware that there is another cryptocurrency with a dog theme.
Say hello to Shiba Inu, a meme currency that is trying to take down Dogecoin. It's a meme coin designed to mock cryptocurrency and has seen its value skyrocket since Coinbase added it to the exchange in September. According to CoinMarketCap, SHIB’s $32 billion market capital was officially higher than Dogecoin’s $31 billion as of Wednesday afternoon.
Yes, even though it seems like a joke coin, it is actually worth billions of dollars.
Woof. Credit: screenshot: coinmarketcap
In August 2020, the Ethereum-based token was officially launched. The pseudonymous creators of Shiba Inu describe it as a visionary project that is part of a larger movement.
The latest version of the "WoofPaper", aka white paper, boasts that "We started at zero, with zero." "Shib is clearly one of the most successful and fully-decentralized cryptocurrency projects in history."
How successful was the Shiba-Inu coin experiment? CNN reports that the coin's price rose 60,000,000% this year. It's not a typo.
It is not clear if this means anything other than a bubble.
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Bubble or not, Wednesday's flippening shows that Dogecoin alone isn't enough to satisfy the craving for meme coins. Woof.