Shiba Inu outperforms Dogecoin, continuing its unstoppable rally
Shiba Inu, the spin-off of Dogecoin, has already surpassed Elon Musk's favorite cryptocurrency by far. Despite the blow received on Sunday by the founder of Tesla, when he declared that he did not own any, the cryptocurrency has rebounded in price. In fact, it advances 40% and is placed as the eighth 'crypto' by market capitalization. Meanwhile its 'big sister' is eleventh and is prey to the widest correction of the entire market that has been unleashed between October 27th and 28th.
The deep green crypto-meme, Shiba Inu, lounging in a sea of red, arouses equal parts envy, attention and awe. Born as a spin-off of Dogecoin - both inspired by the meme of a shiba inu dog - it accumulates a value of $45.6 billion, compared to $31.6 billion for its rival. The reasons for the boom are several: More and more exchange platforms are offering its trade, it has launched its own line of NFTs -non-fungible tokens- and there is increasing interest and a certain FOMO -fear of missing out- encouraging the price.
"The price is super cheap ($0.00007396), unlike the big two, and the retail space has piled into it in an orgy-meme," comments Jeffrey Halley, analyst at Oanda.
SHIBA INU
Shiba Inu is a so-called "meme token", that bills itself as the "Dogecoin killer." Its branding comes from the same internet Dogecoin meme, using the image of the Japanese dog, Shiba Inu. The token was created in August 2020 by an anonymous individual or individuals known as "Ryoshi."
The creator of the coin describes Shiba Inu as "an experiment in decentralized spontaneous community building." Shiba Inu is based on the Ethereum blockchain, which has become a reference point for numerous token projects and a growing bullish trend known as "decentralized finance," which aims to replicate traditional financial products such as lending and trading.
The creator of the Shiba Inu cryptocurrency claims to have no token. The cryptocurrency has a total supply of 1 quadrillion, according to CoinGecko data. In May, Ryoshi sent half of the coin's supply to Ethereum creator, Vitalik Buterin, who sent 50 billion tokens to a Covid relief fund in India. Buterin then destroyed most of his holdings and donated the rest to charity.
WHY IS IT WORKING?
Crypto traders have been speculating about whether online trading firm, Robinhood, could incorporate Shiba Inu into its platform. They started a petition on Change.org, which has now reached more than 300,000 signatures in order to get Robinhood to list the token. So far, Robinhood has not publicly said whether it will support Shiba Inu.
Robinhood missed revenue expectations for the third quarter, on Tuesday, after a big drop in crypto trading volume. Robinhood shares have fallen nearly 10% in trading