Shiba Inu, the cryptocurrency which made its debut last year, shares some similarities with Dogecoin, including the fact that they are both based on popular memes. But those similarities did not stop SHIB from billing itself in the crypto market as “Dogecoin killer.” It has been somewhat successful in stealing the thunder from Dogecoin, but it does not appear to have made a big dent yet. Trading at a fraction of a penny, it is far behind Dogecoin, which was trading at $0.24 (roughly Rs. 18) Saturday morning (September 11), according to CoinMarketCap.
The market research website's data showed that SHIB has been highly volatile over the past one month. It remained above $0.0000080 (roughly Rs. 0.00059) until August 25 and then began sliding, hitting a bottom of $0.0000056 (roughly Rs. 0.00041) by September 8. It recovered from that low and is now trading around $0.0000070 (roughly Rs 0.00051). Check out the current Shiba Inu Price in India here.
In comparison, DOGE had hit a high of $0.35 (roughly Rs. 25.73) on August 16. For a week after that, it remained above the $0.30 (roughly Rs. 22.060) mark and slid below it on August 24. Dogecoin began losing value earlier this week, coinciding with El Salvador's adoption of Bitcoin as legal tender and the hiccups the rollout faced. As of September 11 (1:15pm IST), Dogecoin price in India stood at Rs. 19.9.
Some experts believe that both these digital coins have peaked in their values and the hype surrounding them is finally starting to give way to price corrections. However, the highly unpredictable nature of cryptocurrency makes any assumption risky. Also, the Shiba Inu community is pushing for the crypto to get listed on the Robinhood investment app.
An anonymous person, going by the pseudonym Ryoshi, launched Shiba Inu in August 2020 as a challenge to Dogecoin. Its mascot is similar to that of Dogecoin, which itself was started as a joke. Like many other cryptocurrencies, Shiba Inu is based on the Ethereum blockchain.
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