While the token price of the Dogecoin has fluctuated over the last seven days, the meme-rival coin Shiba Inu (SHIB) has risen in terms of weekly gains. Dogecoin has lost 5.8 percent in the last week, while Shiba Inu has gained 21.3 percent in the last week and 21.1 percent in the last 24 hours.
What is Shiba Inu?
Shiba Inu (SHIB), also known as Shiba Token, is a decentralized cryptocurrency founded by an anonymous individual or individuals known as “Ryoshi.”
Shiba Inu (柴犬) is a Japanese term for a special dog breed; and is the dog depicted in the Dogecoin symbol, which was initially a joke cryptocurrency based on the Doge meme.
SHIB was created in August 2020 and was modeled after Dogecoin, the most well-known cryptocurrency meme-coin. Soon after they gifted Ethereum founder Vitalik Buterin a large stash of Shiba. This led many people to believe there was a connection between Shiba and Ethereum.
Vitalik then donated more than 50 trillion SHIB (more than $1 billion at the time) to the India COVID-Crypto Relief Fund on May 13th.
Shiba Inu increases by 21% in 24 hours
According to weekly statistics, dogecoin (DOGE) has dropped 5.8 percent in the last seven days. But it remains the largest meme-based crypto asset in terms of market capitalization. Shiba Inu, an ERC20 token is second in that category. SHIB is currently trading at $0.00000922 per unit, but lost 8% in the last month.
Shiba Inu: 2nd largest meme-coin
According to Etherscan data, there are currently 657,335 SHIB holders and 3,540,457 lifetime SHIB transfers. SHIB, the second largest meme-currency after DOGE, has a market cap of $3.6 billion.
When compared to Dogecoin’s market valuation, the coin accounts for more than 11% of Dogecoin’s total market cap. However, sending SHIB can be costly, as the current cost of moving ethereum (ETH) is $5.66 per transaction, according to l2fees.info. Using the Ethereum chain, sending a token transfer can cost $12.93 per transfer. You’d better be sending a lot of SHIB to justify that fee.
According to metrics, SHIB has had around $316 million in global trade volume in the last 24 hours. While SHIB has a diverse range of pairs on dex platforms such as Uniswap, Sushiswap, and Shibaswap, tether (USDT) commands 79 percent of all trades on centralized exchanges, according to a cryptocompare.com analysis.
What do you think about SHIB, the dogecoin competitor, climbing the weekly crypto ladder? Would you invest in Shiba Inu? Please share your thoughts.
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Jay Speakman is a technology writer based in San Francisco, California. He writes on the topics of blockchain, cryptocurrency, DeFi and other disruptive technologies. Clients include Avalanche, Be[in]Crypto, Trust Machines and several blogs devoted to blockchain gaming. He will not rest until fiat currency is defeated.