Remember the currency with the Shiba Inu face on it? It is the breed whose face is featured prominently on Dogecoin. With its very own cryptocurrency, it is being hailed as a killer. What is the reason for this? Its sharp rise during this week has resulted in a phenomenal 1900% returns.
Dogecoin is not the last or only one to use memes. Shiba Inu is made from Ethereum and far and away the fastest growing. Set up to be an altcoin to Dogecoins, Shiba Inu has shot up 1970% in value in just a week. This shouldn’t surprise any crypto watchers or investors. It is the biggest reason to invest in this specific one as fast growth is pretty common with new introductions to the market. The prices are low – consider the fact that it was selling at .0000006 cents (USD) in April 2021 and its value now is .00000163 cents (USD) today.
The staggering pace of market capitalization is capturing the attention of investors and analysts alike. Consider these stats – Shiba Inu valued at $13 billion and Dogecoin, $61 billion. Shiba Inu prices are still volatile with the 60% price rise in just the last week. A key difference between the two is that SHIB is a token and Dogecoin is categorized as a coin. Both have their individual blockchains, but crypto tokens are on an already existing blockchain.
SHIB is based on the Ethereum blockchain and Vatilik Buterin is the biggest recipient of the rise in SHIB value. The one-day surge alone has added $11 billion to his coffers. Consider this – he owns 505 billion of SHIB’s tokens, which is half of the total supply.