Shiba Inu aspires to be an Ethereum-based alternative to dogecoin (DOGE), the world’s biggest and most popular memecoin with a market cap of over $33 billion
The second biggest memecoin, Shiba Inu (SHIB), surged more than 35% on Friday, after US-based Coinbase said its customers can trade, send, receive, or store SHIB on its platform.
A memecoin is typically a cryptocurrency that is associated with some theme, often as a joke rather than a serious product.
SHIB was trading at $0.00000900 or 33.5% higher at around 12.15pm IST, as per CoinGecko, a digital currency price and information data platform. The token has a market capitalization of around $4.47 billion.
Shiba Inu aspires to be an Ethereum-based alternative to dogecoin (DOGE), the world’s biggest and most popular memecoin with a market cap of over $33 billion. The token was also trading higher by 4% at $0.253684.
Shiba Inu is a breed of hunting dog from Japan, and the coin, which carries its name, is nicknamed the “DOGECOIN KILLER".
Unlike Bitcoin, which is designed to be scarce, SHIB is intentionally abundant — with a circulating supply of one quadrillion. Today, there are around 500 trillion coins of this meme cryptocurrency in circulation.
Created in August 2020 by an anonymous person known as Ryoshi, Shiba Inu coin’s price is negligible, which allows investors to hold billions and even trillions of this coin.
Memecoins are highly volatile cryptocurrencies that are known to witnesses sharp movements based on news events.
Over the past year, Shiba Inu has delivered a gain of 89,76,638.5%, while dogecoin is 8,933.8% during the same period. However, both the tokens are up to 75% lower compared to their respective all-time highs.
On the other hand, blue-chip crypto, bitcoin, is up around 340% on a yearly basis.
Tesla Inc chief Elon Musk recently tweeted a picture of a new Shiba Inu puppy sleeping on the floor.
Reacting to the tweet, a Floki-themed cryptocurrency called Floki Inu spiked more than 1,000% within a few hours.
Dogecoin had surged over 20% in February after US-based crypto exchange Coinbase said it is listing the token on its professional platform.
Overall, there are 63 meme tokens being tracked by Coingecko with a combined market capitalization of nearly $38 billion.
Dogecoin , the cryptocurrency based off a viral dog meme from nearly a decade ago, surged 30% on Tuesday to set a new record high at more than 50 cents per coin. The cryptocurrency was trading at about 54 cents, according to data from Coin Metrics. Dogecoin rose to roughly 40 cents per coin last month before falling sharply for several days after the calendar turned to April 20, a date widely celebrated as a marijuana-themed holiday. Dogecoin was started as a joke in 2013 amid a boom in early cryptocurrencies. It was based on a popular internet meme at the time that featured a Shiba Inu dog and cartoon-style text over the image. Its rise in recent months has been highlighted by many as a sign of froth and speculation in the financial markets, particularly among younger investors who started trading during the pandemic. The coin has been boosted in recent weeks by billionaires Elon Musk and Mark Cuban , who have both mentioned Dogecoin on Twitter multiple times. Cuba...

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