Shiba Inu is one of several ‘meme’ cryptocurrencies to have emerged in recent years. While the token has experienced surges since its inception, no one expected it to hit the heights that it’s experiencing now. In a latest development, the token’s market valuation has soared past some of the biggest names on the planet such as Tata Steel and Tech Mahindra.
On Wednesday, 27th October, 2021, Shiba Inu’s price hit an all-time high of $0.000059, and its market value breached a whopping $23 billion. In terms of the largest cryptocurrencies based on market cap, the token now stands in the 11th position.
The online crypto community has dubbed the month of October as ‘Uptober’ owing to the rise in several cryptos including Shiba Inu. The rise of Shiba Inu is down to the purchase of 276.6 billion tokens by an anonymous cryptocurrency whale, which consists of individuals holding a lot of value in crypto.
Shiba Inu’s closest competition is Dogecoin, and the former has claimed itself to be the killer of Dogecoin. Shiba Inu’s ambition of becoming the world’s biggest meme coin looks set to become a reality sooner or later, considering its rapid rise since it was launched in August 2020.
Even though both Shiba Inu and Dogecoin are both meme coins, their differences are comparable to those between Bitcoin and Ethereum. For instance, Shiba Inu is an Ethereum blockchain-based crypto token, while Dogecoin was developed on the basis of Bitcoin’s original source code. Some of the other meme tokens competing with Shiba Inu and Dogecoin include Baby Moon Floki, Baby Dogecoin, Doge Dash, and Shibavax.
