Why Shiba Inu Coin Could Rise? Dogecoin is seeing some new success in recent
weeks. Does that mean Shiba Inu coin will rise, too? Shiba Inu might see some success, too,
because of Dogecoin. As Per Yahoo! Finance, SHIB coin has gained some momentum because
Dogecoin has been getting some lift. What is Shiba Inu anyway? It is a new
meme-based cryptocurrency centered on the Shiba Inu dog breed — has been outperforming
Dogecoin, another cryptocurrency based off the Shiba Inu dog breed, in recent days.
Why Can’t you be our guest as we bring you the whole mystery behind “Shiba Inu” Coin? In today’s Episode, we will be going in depth
on why the Coin could be poised to rise. Do not change the Channel please. To get more of
our videos, kindly subscribe to our channel today. Over the last few months two distinct dog
cryptocurrencies, shiba inu and dogecoin, have been making waves within the crypto economy.
While dogecoin has been around since 2013 and has seen massive gains during the last
year, the relatively new ERC20 crypto shiba inu has jumped significantly in value as well.
Shiba Inu’s current market capitalization is about $3.9 billion compared to Dogecoin’s $55.5
billion, and some traders may be willing to bet that Shiba Inu will start to close the gap in case
it becomes more popular.
The SHIB coin will only see more of those opportunities because investors
may put more money into the cryptocurrency due to a “sympathy trade,” according to Yahoo! Finance.
Does Dogecoin Hold the Key to Shiba Inu’s Rise Shiba Inu might see some success, too, because
of Dogecoin. SHIB coin has gained some momentum because Dogecoin has been getting some lift.
SHIB coin has a chance to rise, riding the wave of momentum from Dogecoin. However, traders
should note that Shiba Inu will likely remain dependent on Dogecoin’s dynamics as it is still
views as ‘another cryptocurrency with an image of a cute dog,’” according to Yahoo! Finance.
The cryptocurrencies dogecoin (DOGE) and shiba inu (SHIB) have made huge gains in 2021. In fact,
both of these digital assets have outshined a great number of cryptos as far as percentage
gains against the U.S. dollar are concerned. For example, investing in bitcoin (BTC) a year ago
shows the investor would have gained a nice 290% against the USD. Dogecoin, on the other hand,
at $0.37 per unit would have made the investor 14,787%, according to today’s 12-month data.
How could SHIB coin — a lesser-known cryptocurrency compared to Bitcoin and
Ethereum — rebound so quickly? Well, it’s because the coin is already trending upward.
Despite almost two weeks of consolidation, SHIB has overcome indecision, working in favour
of the bulls after gaining over 55% in market value from its bottom according to FXStreet.
Ethereum Co-Founder Vitalik Buterin reportedly made a move over the weekend that
drove up the cost of SHIB coin, and may have influenced the SHIB coin market for
the future, according to Yahoo! Finance.
Buterin decided to “burn” 90% of his SHIB coin tokens over
the weekend. The process of burning “refers to the act of sending a token to an unusable account and
removing it from circulation, which diminishes supply and increases its scarcity,” according to
Benzinga. The move came after Buterin donated $1 billion to a COVID-19 relief fund in India using
Shiba Inu coin, according to Fortune. In total, Buterin burned about 410.24 trillion SHIB tokens
over the weekend, which would be valued at $6.74 billion, per Benzinga.
He said it was done to make
sure he didn’t control the market of SHIB coins and that the market is better left in
the hands of coin creators and investors. The Implications of this Move
According to FX Street, which reports on cryptocurrencies, the decision received
heavy positive feedback from social media. • “Many speculators suggested that Buterin’s
transaction could be the fuel that could send Shiba Inu to the moon,” FX Street reports.
• The decision to burn so many SHIB coins makes each one available
rarer, which jacks up the price. • “However, considering that meme-based coins
are based almost exclusively on speculation, a particular action does not always mean that its
value will skyrocket,” according to FX Street. Could Listing the Shiba Inu Coin
on Robinhood the Game Changer? Social Media has been pushing for Robinhood to
list Shiba Inu coin on its app, which would expose the cryptocurrency to more people and potentially
make its value rise, according to Yahoo! Finance. Dogecoin — a meme-based cryptocurrency that rivals
SHIB coin — is available on Robinhood, as I wrote for the Deseret News.
There’s a new Change.org
petition for the Shiba Inu cryptocurrency coin to be listed on Robinhood, the stock trading app that
allows people to buy and sell cryptocurrencies. In fact, a Change.org spokesperson told Newsweek that
the petition has become the 10th largest petition on the website for the month of May. A Change.org
user named Tristan Luke created the petition. The goal was to get 150,000 signatures. So far, it
has reached about 86,000 signatures, per Newsweek. Is It Surpassing Doge?
Experts told The Inverse that SHIB coin could outpace the popular Dogecoin in terms of value
because of the hype around it. Rather than simply dismissing the hype outright, it’s important
to realize that what we’re seeing is the mass movement of traders new to crypto moving into the
space,” Ben Caselin, head of research and strategy at crypto exchange AAX, told The Inverse.
founder and managing partner of Token Bay Capital told Business Insider that the rise of SHIB
coin and other meme-based currencies shows the power of the modern markets. Today with the
rise of cryptocurrencies, we are witnessing groups of anonymous individuals experiment
with the democratization of money itself and the shiba token embodies this new trend,”
Gazmararian said. As long as participants within a growing ecosystem are united by a shared
purpose and vision and incentivized to continue building out the network, the network will become
increasingly valuable, and this will be reflected in the price of the shiba token,” she added.
Shiba inu tokens were invoked in August 2020 and are only 10 months old, newbies in
comparison to dogecoin’s 2013 OG origins. There is no price data prior to January 1,
2021, which notes that SHIB was trading for $0.00000001 according to Coingecko.
remained in this range for a few weeks after, but since then the token has risen 90,100%
to today’s $0.00000862 exchange rate. 30-day stats show DOGE is down 33% but SHIB
is up 425.6% over the course of the month. Final Thoughts on the war
Between Shiba Inu and Dogecoin Both coins have logos that feature the likeness
of a Shiba Inu dog and both digital assets have lively communities.
While there is a large DOGE
‘Army’ there are a number of fans who refer to themselves as the ‘SHIB Army.’ Coingecko ranks the
shiba inu (SHIB) market capitalization in position 30 with a $4.5 billion market valuation.
The dogecoin (DOGE) market capitalization today is much higher at $49 billion.
Fees are higher to send SHIB as it costs 0.0019 ETH ($5.32) per transfer compared to 2.48
DOGE ($0.933) to send dogecoin. Dogecoin is widely available on a lot more exchanges than shiba
inu, and recently got added to Coinbase. People can find SHIB on exchanges like Okex, Huobi,
ShibaSwap, Kucoin, Coinbene, Probit Global, Binance, Crypto.com, Coindcx, and Wazirx.
Moreover, there are a lot more SHIB tokens in circulation than DOGE. Data shows 497 trillion
SHIB tokens exist today while there’s only 129 billion DOGE in circulation. Over the course of
the last 24 hours, SHIB saw $800 million in global trading volume.
Dogecoin’s volume surpassed that
metric by a long shot with $6.2 billion in global DOGE swaps. These two coins may be similar as
they both share the likeness of a Shiba Inu dog, but they have distinct differences as well.
The SHIBU INU dog is the meme associated with Dogecoin (DOGE). This cryptocurrency has
received lots of PR because of support from Elon Musk, Snoop Dog, Mark Cuban, and other
celebrities. Meanwhile, the crypto that began as a joke is currently the sixth-leading
token with a market cap of over $55 billion. SHIBA INU is a decentralized crypto, created
in August 2020 by an anonymous person, “Ryoshi.” SHIB is an ERC-20 token on the Ethereum
blockchain, based on Dogecoin, and brands itself as “the Dogecoin killer.” The website states
SHIB is “decentralized meme tokens that grew into a vibrant ecosystem.
ShibaSwap. Fun Tokens.
Artist incubator, Growing 440+ community & more on the horizon.” While DOGE began as a joke,
SHIB is a derivative of the joke. Meanwhile, on June 2, SHIB was the thirtieth leading
token with an over $3.74 billion market cap. Thank you for being our guest as we
took you through our episode on “Why Shiba Inu Could Rise.” To be the first one
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