Altcoins, Cryptocurrency

SHIBA is barking up DOGE’s tree

A digital ‘dog’ coin, launched in August 2020, is the talk of the town today. Called SHIB, it’s referencing the Shiba Inu dog breed, which has been so firmly connected to DOGE that it’s its first association.

Shiba Inu (SHIB) token recently took over the Cryptoverse, declaring itself the Dogecoin (DOGE) killer and prompting many to raise alarms.

Ethereum (ETH) co-founder Vitalik Buterin’s eWallet has 50% of SHIB’s total supply. The Ethereum fees skyrocket yet again and DOGE received another boost from Elon Musk.

SHIB prevails to soar

The latest digital coin ‘SHIB’ started to take over some of the markets for Dogecoin already. The token has been dubbed the “DOGE killer.” which has a logo image of the Shiba Inu dog breed. The dog used to be similar to Dogecoin, according to CoinDesk, a significant news media for digital currencies.

  • “Perhaps as menacing, SHIB has just garnered fresh listings on the three most popular cryptocurrency exchanges among Chinese users, Binance, Huobi and OKEx,” as claimed by CoinDesk.

As per CoinDesk, Chinese traders have already begun to invest in SHIB; even if they know the crypto-project “appears to have no earnest technological promise.

“SHIB’s price performance over the weekend clearly shows that the crypto industry hasn’t had its fill of canine-themed meme coins just yet,” said Rick Delaney, senior analyst at OKEx Insights, as per CoinDesk.

SHIBA – What’s in a name?

SHIB has been described as “an experiment in decentralized community building and another meme coin similar to Dogecoin,” Binance claims. This allows folks to trade cryptocurrencies. The coin is a derivation of Dogecoin, Benzinga stated. It’s still a unique idea for a digital currency; even if it’s still fresh in its life. That’s the reason Binance sends their precaution on trading with it for now.

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