Shiba Inu (SHIBA) has had a massive October and it is now eyeing its biggest prize yet; Dogecoin’s total value. The Shiba Inu can be described as the Chinese Dogecoin and was started just back in May last year. It remained quiet for a long time as nobody took a Dogecoin copy that seriously, but in the last few months, serious money has started flowing into the coin.
SHIBA has risen a mammoth 45% during the last 24 hours alone, rising to as high as $0.00007 at one point. The cryptocurrency was valued ten times less @$0.0000071 hardly twenty days ago but it has seen this massive price bump during this time that has easily made it the best performing coin of the month or even the year. This is in many ways reminiscent of Ripple (XRP)’s rise back in late 2017 when it rose from around $0.3 to as high as $3 in a matter of weeks before tanking strongly later on.
What is more baffling that the meme coin sector has had its high and Dogecoin has been a sorry picture for the last 5-6 months after getting to record highs at around $0.75 back in May. However, this time around, the meme cryptocurrency is facing tough competition from its own copykat SHIBA. At press time, SHIBA is trading at $0.000079 with a total market capitalization of around $31 billion. Edit: The cryptocurrency has now officially overtaken Dogecoin and is trading at $0.000085 with a market cap of $33 billion.
This is a big deal in the crypto sector as no such clone project has ever come close to overtaking the parent chain from which it was derived. It is just like if Ethereum or Litecoin were ever able to overtake Bitcoin in total market capitalization. That would be something completely unheard of and a definite game changer. Now that it has happened, the future of Dogecoin is a little bit uncertain if it doesn’t fight back immediately. It may result in the cryptocurrency permanently dislodging the original memecoin from its place in the charts which has been going weaker since the last few months.
Overall, SHIBA’s rise is very plucky and shady. Investors need to be very careful in getting into the meme coin right now as it is superinflated and expected to loose a lot of value soon enough. No money in the world can help keep a coin propped up for so long after such a meteoric rise. The previous examples of XRP and a few others have shown the market what is about to happen next.
Image Source: pixabay.com
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