Shiba Inu rides Dogecoin as the best crypto dog because it’s more fun than your leg

0
Each Shiba Inu token in the land of cryptocurrency is only worth a tiny fraction of a dime, but collectively it’s the ninth most valuable crypto by market cap. Equally remarkable, Shiba Inu was ahead Dogecoin, obtaining a higher overall valuation. It has lost ground since passing the other dog coin, but still leads with a market cap of just under $ 38 billion. Weft!

Shiba Inu (SHIB) came into being just over a year ago, taking the namesake of the Japanese dog breed which is also represented by Dogecoin. They both represent coins – neither is widely used for business transactions, but in the highly volatile world of cryptocurrency, they both present opportunities to earn (or to lose) a lot of money.

Exactly one month ago, Shiba Inu was trading at $ 0.000007911. Since then, it has peaked at $ 0.00008. If you had bought Shiba Inu for $ 100 a month ago and sold the coins at their peak, you would have taken in just over $ 1,000. Not too bad for short term gain.

We are not the ones telling you to rush out and invest in Shiba Inu from any end, or any cryptocurrency for that matter. We are simply providing a perspective on the massive rise in value over the past month.

As for Dogecoin, it traded at $ 0.2241 on October 1 and has since peaked at $ 0.3304. This means that a $ 100 investment a month ago would have been worth just over $ 147 at this high point in the past four weeks (it now sits at $ 0.2274).

One advantage Dogecoin may have in the long run is the apparent backing of the founder of Tesla and SpaceX Elon musk. It will tweet about Dogecoin from time to time which sometimes causes a trading frenzy and an increase in valuation. Most recently, he tweeted about Dogecoin on Halloween, claiming that he was “considering starting a new university” with Dogecoin as a tuition fee. “You get a discount if you have a dog,” he wrote.
Meanwhile, as Dogecoin and Shiba Inu rush to claim the best dog coins, Bitcoin is still the best dog in cryptocurrency, with a current value of $ 63,503.90 per BTC and a market cap of nearly $ 1.2 trillion.


Source link

Leave A Reply

Your email address will not be published.