Shiba Inu, a cryptocurrency that debuted last year, is based on popular memes such as Dogecoin. Despite the similarities, SHIB refers to itself as the crypto market’s “Dogecoin killer.”
It has stolen some of Dogecoin’s thunder, but not nearly enough to make a difference. It is lagging far behind Dogecoin. According to market research data, SHIB has been extremely volatile over the last month. It remained at $0.0000080 until August 25 before dropping to $0.0000056 on September 8. According to CoinMarketCap, it has now recovered to around $0.0000070.
SHIB was founded in August 2020 by an unknown person who went by the alias Ryoshi. Like Dogecoin, its mascot was created as a joke. Shiba Inu, like many other cryptocurrencies, is built on Ethereum’s blockchain. Shiba Inu and Dogecoin, two of the most popular meme-based cryptocurrency tokens, have peaked, demonstrating that excitement is fleeting, according to a recent study.
Large Whales in the Wild
Shiba Inu and Dogecoin have recently dropped in value. Shiba Inu coin fell 10% while Dogecoin fell 7%, indicating a downward trend for both currencies. Overall, the study shows that large “whales” buy both Dogecoin and Shiba Inu currency, then sell them off, causing the market to crash.
Some analysts believe that the value of both digital currencies has peaked and that the excitement surrounding them is fading. However, given the volatile nature of cryptocurrency, any assumption is risky. The Shiba Inu group also wishes to see the coin appear on the Robinhood app.
Some believe that the Shiba Inu coin’s decline will lead to a price increase because more buyers will invest due to the low cost. Prices are expected to continue to fall and possibly rise next year.