New Delhi: Beware Dogecoin fans, a new rival has arrived based on the logo of’ ‘Doge’ itself. Yes, a new coin with the name of ‘Shiba Inu’ has entered the world of cryptocurrencies. Dogecoin was first released into the market in 2013 as a joke by its creators, Jackson Palmer and Billy Markus. SInce then, the coin has grown in value to become an up and coming currency.
Not much is known as to from where the Shiba Inu coin came but it works as part of a decentralised exchange website. Fans are now wondering if the Shiba Inu coin will follow its predecessor and rival Dogecoin while aiming to hit $1.
Can Shiba Inu reach the mark of $1?
According to The Sun, the currency has not shown as much growth compared to the Dogecoin and appears to have been made as a way to “give Dogecoin a run for its money”. On the other hand, Dogecoin is highly likely to reach $1. But as how the currency is moving recently, it seems the currency is expected to become a ‘Stablecoin’.
Stablecoins are currencies that have steady prices and are expected to have low price variation. So, if Dogecoin hits the $1 mark, then it will become a solid currency in the eyes of traders and investors. Therefore, the price of DOGE is unlikely to take a sudden dip. However, it also means that it won’t be going past the $1 mark any time soon.
Mark Cuban, the American Billionaire entrepreneur commented about Dogecoin “I kind of think that it might level off at $1 and become somewhat like a stablecoin-“. If DOGE becomes a ‘Stablecoin’ then the currency will always have a place in the trading market as a contingency for investors when the market is too volatile.
So, if the Shiba Inu coin does follow its rival Dogecoin, then one can expect the same type of yield in its growth. Investors are expecting big things from the ‘joke coin’ and Shiba Inu may just be riding on its coattails but it can still make waves. Though, in the current scenario, the chances of that are low.
Value and m-cap of Shiba Inu
The value of Shiba Inu today (11th May 2021) has fluctuated between a 24 hour low of $0.00001834 and a high of $0.00003880, at the time of writing. While, the Dogecoin has been on a steady incline since the beginning of 2021. Though it is yet to hit the $1, Dogecoin reached an all-time high of $0.74 on Monday.
The market cap for Shiba Inu (SHIB) is $30.48 billion at the time of writing whereas, for Dogecoin the market cap for the currency is $60.18 Billion, which is a slight dip from where Forbes had placed it at $69 Billion, earlier in the May, 2021.
Dogecoin is currently the fourth most popular currency on the market, as it sits behind Bitcoin, Ethereum and Binance Coin. Whereas, its new competitor ‘Shiba Inu’ coin has entered the top 20 cryptocurrencies on CoinMarketCap.