Can Shiba Inu Become The Next Dogecoin?
Last Updated on 19 June 2021 by CryptoTips.eu
One of the clear winners in the cryptosphere in 2021 is without a doubt Dogecoin. Although it’s been silent for a few weeks when it comes to the much wow meme-currency of which Elon Musk is a big fan, the cryptocoin that is portrayed by a smiling Shiba Inu has lots to laugh about this year.
A high of some 70 cents was reached and even at its current price of 30 cents it means that it’s up several thousands of percentage points. Whether or not the coin will ever reach a dollar is unknown at this point, but that a competitor has stepped up to possibly copy it’s fabulous run is clear.
It’s name is Shiba Inu and as of this week, you can buy Shiba Inu on Binance and recently also on Coinbase Pro.
Coinbase bump
For most of crypto history (which is only 12 years or so), the acceptance of Coinbase of a coin for trading meant a huge leap up in price. Not this time round though. Binance had already listed Shiba Inu, with a clear warning that the coin could seriously fluctuate.
Robinhood: Convince Robinhood they will prosper if they list Shiba Inu coin! - Sign the Petition! https://t.co/IEfW0EqjfG via @Change
— Lopesie (@Lopesie1976) June 18, 2021
And fluctuate it did. The market cap of Shiba Inu stood around $10 billion when Dogecoin was being hyped by Elon Musk’s appearance on SNL back in April, but has since fallen down to some $3 billion. The founders of course made a colossal mistake in giving 50 trillion of the coins to Vitalik Buterin in order to get the latter’s approval. When Vitalik decided to donate his part to charity to help the Covid-19 wave in India, the value of Shiba Inu plummeted.
Shiba Inu just crashed another giant. Wow. The demand is insane. Keep buying those dips. 🚀🚀 pic.twitter.com/c3ahcmxWok
— Shib Army X 🌎 (@ShibArmyX) June 17, 2021
The jokecoin, created in August 2020 by an anonymous person calling themselves Ryoshi, has been climbing back up since. It is obvious that the creators are trying to forge the next Dogecoin. Its white paper (or in this case its Woof Paper) says the small crypto is:
An experiment in decentralized spontaneous community building.
Matt Hougan, chief investment officer of crypto company Bitwise explained that:
The days when Coinbase adding an asset to its platform was an implicit stamp of approval are over. It should now be thought of as a platform that will trade anything that meets its listing standards.
In the next few weeks we’ll see if Shiba Inu can get a Coinbase bump in its price or if Robinhood (which have received a petition to start trading it as well) is willing to take the risk.
Until then, be ready for some serious price fluctuation.