Shiba Inu (SHIB) and Dogecoin (DOGE) have long been on the crypto world’s radar. Coins created for amusement are being actively adopted, and the number of holders is growing by the day, with millions of people already identifying as Shiba Army or Doge Army members.
ShibDoge, on the other hand, appears to be a new significant rival. ShibDoge is the most held coin among the top 1,000 ETH whales, with a total position size of $685 million, according to Whale Stats. This is already $63 million more than SHIB, which is second on the list.
🐳 The top 1000 #ETH whales are hodling
Whale leaderboard 👇https://t.co/jFn1zIOq03 pic.twitter.com/J3vCTROMYI— WhaleStats (free data on crypto whales) (@WhaleStats) July 11, 2022
What exactly is the ShibaDoge project, and how does it differ from the innumerable Shiba Inu and Dogecoin clones?
Bringing deadliest foes together
ShibaDoge’s origins can be traced in a December Medium article by the project’s originator. A man who identified himself as Peter recounts how two companies with similar goals, Shiba Inu and Dogecoin, became mortal foes and waged a fight for domination in the cryptocurrency market. Peter, a firm believer in decentralized communities and frustrated of the conflict between the two armies, decided to establish ShibaDoge (SHIBDOGE). Simultaneously, SHIB and DOGE whales were persuaded to support the project and join the ShibaDoge team.
Whether the rapid rise of ShibDoge is due to whale participation or whether the initiative has a genuine prospect of success remains to be seen, but the facts have arrived.