According to Coinmarketcap data, the price of Shiba Inu coin has surged over 77.5% in the past 24 hours, and its market value once reached US$51.6 billion. Not only did it surpass Dogecoin, but also beated Ripple, Polkadot, and USD Coin to become the seventh largest cryptocurrency in the world.
As of 11:45 am Beijing time on Thursday, the price of Shiba Inu Coin has reached $0.00008748. This is the ninth time that Shiba Inu Coin has set a record high in the past two weeks. Shiba Inu coins are now the most valuable meme coin in the world, dethroning Dogecoins.
At present, the price of Shiba Inucoin has dropped and is still above $0.00007, and its market value still exceeds Dogecoin.
According to CoinDesk, the recent rise of Shiba Inu Coins was led by the "smart money" addresses. Data from blockchain analytics company Nansen shows that these digital wallets have purchased approximately $160 million worth of Shiba Inu coins since the beginning of this week.
So what is Shiba Inu Coin?
Shiba Inu Coin is a so-called emoji token (meme coins), which claims to be a "Dogecoin killer". Its brand image is similar to Dogecoin, using the image of a Japanese Shiba Inu. In 2013, Dogecoin was minted as a joke making fun of the speculative frenzy surrounding Bitcoin. Then in August 2020, an anonymous developer known as "Ryoshi" created the Shiba Inu coin, the canine mascot for Dogecoin, riffing off the previous prank.
The creator of Shiba Inu Coins claims that he does not hold any Shiba Inu Coins. According to CoinGecko's data, the total supply of this cryptocurrency is 1,000 trillion. In May of this year, Ryoshi supplied half of the tokens to Ethereum founder Vitalik Buterin, but Buterin donated 50 trillion tokens to a COVID-19 relief fund in India and then destroyed him. Most of the Shiba Inu coins obtained, donated the rest to charity.
How did this Shiba Inu Coins' price surge started?
Shiba Inu's price began to surge over the weekend after SHIB community Twitter account @ShibaInuNews shared a screenshot of a survey Robinhood circulated regarding SHIB's potential listing. On Sunday, the coin saw an initial all-time high of $0.00004442, up 60%, and became the 13th-largest cryptocurrency by market cap. The price jumped to $0.00004853 on Tuesday. Wednesday's record-breaking price comes after a Change.org petition requested that Robinhood list Shiba Inu coin on its trading platform. The petition has received 334,500 signatures in a short time.
Dogecoin also surged over the weekend, shooting up 8% after Tesla and SpaceX CEO Elon Musk tweeted about the token on Saturday. It's not the first time Musk's tweets have significantly shaken up cryptocurrency markets (Related: Bitcoin price rides a roller coaster due to Musk's Fickle attitude).
Dogecoin is cheap, at just $0.23 per coin, but the Shiba Inu coin is even cheaper: $1 will buy you nearly 14,000 coins as of Oct. 28. There is essentially an unlimited supply: one quadrillion Shiba Inu coins (that’s 15 zeros). That allows retail investors to accumulate hordes of coins cheaply, a tenet that’s emphasized in Shiba Inu’s whitepaper—or “woof paper” (pdf) as its anonymous author Ryoshi calls it. Its rivalry against Dogecoin may be the biggest motivator behind the Shiba Inu coin project.
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