Over the past few weeks, it seems that all crypto-investors are talking about Shiba Inu (SHIB) token and all financial media are writing about it. What is known about this cryptocurrency and why it is called the “Dogecoin killer”? In this article, we take a look at SHIB Coin: All You Need To Know About The Doge Killer.
According to CoinMarketCap, SHIB reached its all-time high of $0.0000388 on May 10. This came after cryptocurrency exchange Binance added the ability to trade SHIB. On the same day, SHIB’s market capitalization reached a record high of over $13.5 billion. Now the token is traded on most major exchanges: besides Binance, these are Coinbase, FTX, OKEx and even the Indian counterpart of Binance – WazirX. SHIB briefly made it into the top 20 cryptocurrencies by market capitalization. It has now weakened and is in 27th place with a market capitalization of $6.3 billion. On May 7, SHIB went up 70% in an hour after Elon Musk tweeted that he was eyeing a Shiba Inu puppy.
A parody of Dogecoin with big ambitions
Shiba Inu project intends to become a full-fledged decentralized ecosystem. The project looks like Dogecoin and even parodies it, but the developers of Shiba Inu declare about much more serious plans. At the moment an entire Shiba Inu ecosystem is in development, which, as stated by the project creators, will include an asset exchange, NFT-marketplace and decentralized exchange ShibaSwap. ShibaSwap is still undergoing security tests, audits and final updates. SHIB will be the first token placed on ShibaSwap. Two more tokens will also appear on the platform: LEASH and BONE.
SHIB token is called the “Dogecoin killer”
The name Dogecoin Killer is due to the exponential growth in the value of DOGE. Of course, this growth is justified only by a hype at the moment, but the developers expect that the presence of the project’s ecosystem will add value to SHIB token and it will be able to overtake Dogecoin. The phrase “Dogecoin killer” is actively used on the project’s website, which, of course, draws attention to it from the crypto community: SHIB token supports ERC-20 format and has already been nicknamed DOGECOIN KILLER. The coin costs less than a cent and can outperform Dogecoin very quickly.
SHIB was once sold out after a misinterpreted tweet from Elon Musk
This happened in March 2021. Tesla founder and well-known Dogecoin fan Elon Musk wrote in his “Twitter” that he was going to buy a dog of the Shiba Inu breed (such dog is the symbol of Dogecoin). Traders thought it was about the new Shiba Inu token, which led to mass purchases of this cryptocurrency. Sometimes a dog is just a dog, but the growing demand for the SHIB token was unstoppable.