“Meme token” SHIB is barking up Dogecoin’s tree
The new ‘Meme’ based cryptocurrency Shiba Inu (SHIB) is built of Ethereum and is the highest growing crypto among the top 100 coins in terms of the market capital. The new listed Shibacoin has taken over some of the markets of Elon’s ‘DOGE’.
Shibacoin is dubbed the “Dogecoin Killer”. It’s based on the ERC-20 standard of the Ethereum blockchain. According to its homepage, Shiba Inu has been defined as “an experiment in decentralized community building and another Meme coin similar to Dogecoin”
SHIB has just gernered fresh listings on the three most popular cryptocurrency exchanges among Chinese users, Binance, Huobi and OKEx, according to Coindesk.
The market Cap of ‘SHIB’ drawing a lot of eyeballs. It’s valued at a staggering $13 billion. In comparison, DOGE is valued at $61 billion.
One major difference between the two “memes’ is that while ‘Dogecoin’ is a coin, but Shibacoin is a ‘token’. Shiba Inu coin is sold as SHIB tokens.
ETH founder Vitalik Buterin is the highest holder of SHIB worth $8 billion.
On its website, SHIB is positioned as a “decentralized meme token” that locked 50% of the total supply to Uniswap and “threw away the (private) keys”. The project is launching its own decentralized exchange called “Shibaswap” after audits are completed and seem to even have an art lineup for the future.
Other ‘meme coins’ are seemingly following the same pitch and token strategy. Akita Inu (AKITA), Dogelon (ELON), HuskyToken (HUSKY) and Bulldog ((BDOG) are cumulatively worth hundreds of millions of dollars and sent 50% of their own supply to Buterin’s ETH wallet.
Actually, the “Meme’ coins are likely pumping on the back of Dogecoin’s meteoric rise in the past months, which has itself garnered massive publicity from the likes of Tesla CEO Elon Musk, Webcam star Mia Khalifa and business magnate Mark Cuban.