Shiba Inu coins picked up pace when the Ethereum founder Vitalik Buterin decided on donating 50 trillion coins to India amid the Corona Virus outbreak. This coin was launched as a joke on the cryptocurrency market as a Dogecoin competitor, working on the Ethereum platform. According to the market traders and analysts, this meme cryptocurrency could double in the future as Ethereum rises back up after the recent crash. The popularity gain was immense; however, the prices of this digital currency took a major hit as over half the total number of tokens that were gifted as a gesture to VitalikButerin suddenly went off the market, leading to a shortage in supply and ultimately resulting in major fall in token price.
Two weeks after the donation, the new meme cryptocurrency has regained its position, and the market rallies are working in favor as it gained close to 55% in market values since its lowest point. The cryptocurrency also gained momentum after its rival cryptocurrency- Dogecoin, started deteriorating due to Elon Musk’s remarks, calling the dogecoin trade a hustle. Shiba Inu coin took a high ground and increased in price, posing as an alternative to the meme currency Dogecoin, as the latter suffered losses of 30%.
According to reports, the Shiba Inu coin, famously known as SHIB tokens emerged in the market last year as the Dogecoin killer. A family in New York who invested $8000 in Shiba Inu coin walked away from the trade $9 million richer, which is a testament to its rise in the trade market. The SHIB comes at a respectable 32nd in terms of market capitalization, where the total number of alternative cryptocurrencies is about 10,000, and the number is ever increasing as more and more cryptocurrencies are emerging in the market.
The market capitalization of SHIB tokens is around $3 billion, with per token value still way below the $1 mark at $0.00007695 at the time of writing, which according to market analysts, is soon about to change as the cryptocurrency starts gaining momentum again with the rise in token prices of primary tokens like Ether. Some speculate the token value can reach $1 later in its rallies; however, it seems like a far-fetched thought as the market for these lesser-known cryptocurrencies is slowly evolving. Furthermore, the trade of Shib tokens benefits from being compatible with the Ethereum platform as it is better at efficient power management and has a lower transaction cost associated with it.