Doge Copy? 🐕
One of the most influential cryptos of 2021 has been Dogecoin. Although the hype has died a bit since the summer rage, it gained way too much steam to the point where you can’t discount it at all. Dogecoin sits as the 11th most valuable crypto by market cap, and surprisingly it still holds the support of Elon Musk. Musk says that the only cryptos he owns are Bitcoin, Ethereum, and Dogecoin, which says a lot. This is the crypto that’s been talked about the most on social media forums, and it’s been so influential that many have spanned off the cryptocurrency and created a new one, often being unsuccessful.
There is one, though, that is acting wild right now. That is the Shiba Inu coin, a meme token based off the Doge dog breed. Shiba Inu is a meme token, obviously, that was created in 2020, and it dubbed itself as the “dogecoin killer”. It was meant to explore the decentralized community, and this was made clear as it’s based off the Ethereum blockchain, giving it good fundamental backing in the crypto world. The owner claims to own zero tokens, which is weird considering it has a total supply of 1 quadrillion tokens, but half of the supply was given to the Ethereum CEO. From what it looks like, the fan following of Shiba Inu is something else as they are influencing major moves in the market. They’ve made custom NFTs for the token, a crypto exchange for it, and retail trading interest itself is playing a major role. A massive Change.org petition is calling for brokerages to add the token, which is getting Shiba Inu into the mainstream news. In fact, if you look at the market capitalization list of cryptos, you’d believe that Dogecoin was the copy as Shiba Inu is the 7th most valuable crypto right now, following a massive rally in the last few weeks. Do you believe Dogecoin’s throne will be replaced with a new king?
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.