Surpasses Dogecoin in a Month
About a year back, a new cryptocurrency emerged featuring a popular canine mascot. Shiba Inu, named after the Shiba Inu dog breed, adopted a similar dog image as the well-known meme crypto, Dogecoin. Shiba Inu aimed to surpass Dogecoin’s value and claim the top spot in the crypto world, branding itself as the “Dogecoin killer.” What may have seemed like mere talk initially has now turned into reality at a remarkable pace.
As of yesterday morning, Shiba Inu skyrocketed to a record high, reaching a $38.5 billion market cap, marking a 777% increase in its value. This valuation is $5 billion higher than that of Dogecoin, indicating that while Shiba Inu hasn’t exactly eliminated Dogecoin, it has succeeded in dethroning it. In this process, Shiba Inu has also surpassed other significant market caps, including Allstate, Yum! Brands, and General Mills, each hovering around a $37 billion market cap. Although Shiba Inu has achieved an impressive status, it still has a hurdle to cross to exceed Dogecoin’s peak valuation of around $54 billion.
The key to Shiba Inu’s success seems to lie in its community-oriented approach. Its creator, an enigmatic individual or group known only as “Ryoshi,” pitched the coin as “an experiment in decentralized spontaneous community building.”
Remember dogecoin? A rival ‘meme token’ just hit a record high and is close to overtaking it https://t.co/DfQqXCSN0b
— CNBC (@CNBC) October 27, 2021
The strength of the Shiba Inu community has significantly impacted its market performance. Many supporters have been advocating for Robinhood to list the crypto, amassing over 300,000 signatures on a petition for the cause. It’s been speculated that in Shiba Inu’s early stages, users flocked to it due to its low cost in anticipation of the next major meme crypto trend, leading to a self-fulfilling prophecy of sorts.
