What Is Shiba Inu (SHIB) and Why Is the Dogecoin Rival’s Price Exploding?

In brief
Shiba Inu is an Ethereum-based meme token and alternative to Dogecoin.
SHIB has seen incredible gains this year, although Binance’s CEO has called it “super high risk.”
Is there room for more than one dog coin in the crypto pack? Dogecoin (DOGE) has been on a tear so far in 2021, rising from a price under $0.01 for most of January to an all-time high of $0.68 set last week, according to Nomics. But there’s a new pup coin on the scene, and it has blown up in recent days.

What is SHIB?
Shiba Inu (SHIB) is its name, and the ERC20 token running on the Ethereum network is rapidly making waves as an alternative investment to Dogecoin. You might call it a knockoff of a meme coin, especially since the “doge” in DOGE is actually a Shiba Inu breed, but SHIB’s recent gains are no joke.

According to CoinGecko, SHIB’s current price of $0.00003262 (as of this writing) is a 39,357% increase from where it stood 30 days ago, and it has seen a 1,951% jump in the last week alone. CoinGecko doesn’t provide a market cap or ranking for SHIB just yet, but CoinMarketCap points to a market cap of nearly $13.2 billion, making it the 17th most valuable cryptocurrency by that criteria.

SHIB is up more than 2 million percent since its inception (July 31, 2020 via CoinMarketCap), well above even Bitcoin or Ethereum’s rise since their respective starts.

That’s wild for a coin that seemingly came out of nowhere. While still well short of Dogecoin’s current market cap of $65.5 billion, making it the 4th most valuable coin as of this writing, Shiba Inu has also seen wilder gains of late. After all, Dogecoin’s price is only up 687% over the last 30 days, per CoinGecko, and barely 14% in the last week. SHIB buyers seem to be looking to duplicate the kind of rapid and sizable returns that DOGE has provided at times this year

For more information : https://cryptocoingraph.com/what-is-shiba-inu-shib-and-why-is-the-dogecoin-rivals-price-exploding/?utm_source=ReviveOldPost&utm_medium=social&utm_campaign=ReviveOldPost