Shiba Inu, a cryptocurrency launched last year, is based on famous memes, like Dogecoin. Despite the similarities, SHIB calls itself the “Dogecoin killer” in the crypto market.
It has managed to steal some of Dogecoin’s thunder, but not enough to make a difference. It is significantly behind Dogecoin. SHIB has been extremely volatile during the last month, according to market research data. It held at $0.0000080 until August 25 before falling to $0.0000056 on September 8. It has now rebounded to about $0.0000070 as per CoinMarketCap.
SHIB was founded in August 2020 by an unknown individual using the alias Ryoshi. Its mascot was started as a joke, like Dogecoin. Shiba Inu, like many other cryptocurrencies, runs on the Ethereum blockchain. According to a recent study, Shiba Inu and Dogecoin, two of the most popular meme-based cryptocurrency tokens, have peaked, demonstrating that excitement is fleeting.
Large Whales in Action
Shiba Inu and Dogecoin have recently plummeted. Dogecoin fell 7% while Shiba Inu coin fell 10%, indicating a downward trend for both currencies. Overall, the study indicates that large “whales” buy both Dogecoin and Shiba Inu currency, then sell them off, causing the market to collapse.
Some analysts think that the value of both digital currencies has peaked and that the excitement around them is now beginning to fade. But, given cryptocurrency’s volatile nature, any assumption is hazardous. The Shiba Inu group also wants the coin featured on the Robinhood app.
Some believe that the Shiba Inu coin decline would lead to a price rise, as more purchasers will invest because of the cheap cost. Prices are expected to continue to decrease and perhaps increase next year.