Shiba Inu aims to be an Ethereum-based alternative to Dogecoin (DOGE), the world’s largest and most popular meme coin with a market value of over $33 billion.
Shiba Inu (SHIB), the second-largest meme coin, jumped more than 35% on Friday after Coinbase, based in the United States, announced that users can trade, transfer, receive, or store SHIB on its platform.
A meme coin is usually a cryptocurrency that is linked with some subject, frequently as a joke rather than a genuine commodity.
According to CoinGecko, a digital currency pricing and information data platform, SHIB was trading at $0.00000900, or 33.5 percent higher, at approximately 12.15 pm IST. The coin has a market capitalization of approximately $4.47 billion.
Shiba Inu aims to be an Ethereum-based alternative to dogecoin (DOGE), the world’s largest and most popular meme coin with a market value of over $33 billion. The cryptocurrency was also trading 4 percent higher at $0.253684.
Shiba Inu is a breed of hunting dog from Japan,
and the coin, which bears its name, is called the “DOGECOIN KILLER”.
Unlike Bitcoin, which intended to be rare, SHIB is deliberately plentiful, with a circulating amount of one quadrillion. Today, there are approximately 500 trillion coins of this meme cryptocurrency in circulation.
Created in August 2020 by an unknown individual known as Ryoshi,
Shiba Inu’s currency’s price is insignificant, which enables investors to possess billions and even trillions of this coin.
Memecoins are extremely volatile cryptocurrencies that known to experience rapid changes depending on news events.
Over the last year, Shiba Inu has produced a gain of 89,76,638.5 percent,
whereas Dogecoin has gained 8,933.8 percent over the same time. However, both tokens are up to 75% lower than their respective all-time highs.
On the other hand, Blue-Chip Bitcoin crypto is up about 340% each year.
Elon Musk, CEO of Tesla Inc., recently posted the image on the floor of the new Shiba Inu puppy.
A cryptocurrency named Floki Inu surged over a thousand percent in a few hours when it reacted to the tweet.
In February, Dogecoin grew by over 20% when Coinbase, headquartered in the USA, announced that it would offer a token on its professional platform.
Coingecko’s overall tracking of 63 meme tokens has a total market capitalization of over 38 billion dollars.