Nobody expected dogecoin to drop in value and while the fate of this doggy coin is now a bit shaky, another coin made after a dog is massively rising in profits! $DOGE is a meme stock that was created based on the Shiba Inu dog meme but there's another coin that is literally called the Shiba Inu.
Elon Musk Calls Dogecoin a Hustle
After Elon Musk's statement on SNL calling dogecoin a hustle, the coin spiraled down instead of going "to the moon" as a lot of people were expecting. The price of $DOGE now sits at around the $0.40s price mark coming from a whopping high of over $0.70, according to Binance.
As of May 10, however, a certain coin massively rose in profits and has finally gotten the attention of both Binance and FTX. Shiba Inu or $SHIB went from 0.00001412 all the way to 0.00005000 on that same trading day alone!
$SHIB is Ethereum-Based
According to an article by News.Bitcoin.com, a new Ethereum based Dogecoin ripoff has recently been listed on two different cryptocurrency exchanges namely FTX and Binance. This was after the coin's price had skyrocketed over a whopping 1500% just last week. Binance had faced some stiff criticism from listing the $SHIB due to its own origin. However, the systems are now overwhelmed with massive associated inflows.
The article notes that Shiba Inu is yet another Ethereum based meme coin that is looking to be the very next Doge. It has been listed in two different cryptocurrency spheres namely Binance and FTX. Binance groups the cryptocurrency in its "innovation zone" which is a bit limited for its trading.
Read Also: Investor Shows Bitter Truth About Cryptocurrency and How to Lose from $DOGE then $ETH
$SHIB Price Skyrockets
Shiba Inu reportedly skyrocketed by 1500% last week but it actually started to rise by a whopping 40,000% some time last month! A lot of investors are now seeing this as a way for them to ride the bull market especially for those that might have missed the whole Dogecoin pump.
One thing that makes Shiba Inu different from dogecoin, however, is that it has a market cap of 1,000,000,000,000,000 so it's pretty interesting for a cryptocurrency coin in a meme market. It even gave 50% of its own issued tokens to Vitalik Buterin, one of the known founders of Ethereum that now has control of over $8 billion dollars of the said cryptocurrency which makes him actually richer in Shiba Inu coins than Ethereum. The cryptocurrency was launched back in August of 2020.
There has still been some backlash regarding the dogecoin "ripoff" and the article states that this move by Binance isn't particularly new. The cryptocurrency exchange also faced some previous backlash after it had listed another cryptocurrency called "Sushi" some time last year. According to some, the coin had been able to skip "due diligence procedure."
Related Article: What is Dogecoin and How Are People Becoming Millionaires Out of the Cryptocurrency?
This article is owned by Tech Times
Written by Urian B.
