The cryptocurrency market is booming these days and huge number of people have started investing in the digital currency. Bitcoin is still the big player in the cryptocurrency with huge price value. As the craze of crypt trading and investing is trending all over the world, several other crypto coins have also reached new all-time high. Ethereum and the popular meme-inspired Dogecoin is having huge surge in price value this week.
Dogecoin reportedly played major role in uplifting the crypto market in recent times. The crypto coin, which was launched as a joke in 2013, was trading only at $0.004 to $0.005 until the beginning of the year. Now, the coin has crossed the seventy cents mark in just five months. On May 08, the coin’s value took huge leap and reached the all-time high value of $0.73. Tesla mogul Elon Musk has been frequently driving the craze of crypto coin and has helped the coin to reach such height.
Fans were expecting the coin to reach the $1 mark during Musk’s Saturday Night Live appearance. But, that didn’t happen, instead the coin plummet and hasn’t recovered yet. Now, when DOGE is retreating, another similar coin is making noise all over the internet. A new coin, named Shiba Inu coin has arrived in the crypto market while the DOGE’s value is continuously falling.
Shiba Inu coin is the NEW DOGE!
After DOGE’s value plummet on May 08, Shiba Inu coin or SHIB token saw the surge in price value. The coin had 120% growth in just 24 hours. As per CoinMarketcap’s data, the total market capitalization of SHIB token has also surged more than staggering $13 billion. Now, the coin has positioned as an alternate to DOGE, which has the market capitalization of whopping $65 billion.
The Shiba Inu coin is clearly an inspiration from Dogecoin, as the cryptocurrency has Shiba Inu dog as a symbol from popular meme. Shiba Inu coin’s official website mentioned that the coin is an experiment in the decentralized network. The coin is reportedly built on Ethereum network and its is surging high in terms of coin market capitalization as compared to another cryptocurrencies.