Dogecoin Has A New Rival Cryptocurrency, Shiba Inu, And It’s Booming
Dogecoin, the cryptocurrency backed by Elon Musk, is seeing its value decrease as a new, rival cryptocurrency looks set to take its place.
Saturday Night Live is no stranger to high-profile guests, yet few have the economic value of Elon Musk. Not only is Musk a hugely successful business magnate and one of the wealthiest people on the planet, but he also has a huge following that invests in his projects.
However, some of those who have invested in Dogecoin because of Musk’s backing were disappointed when he described it as a ‘hustle’. As a result, the value of the floating currency plummeted quickly. Off the back of this, a rival cryptocurrency called Shiba Inu is booming.
Shiba Inu has seen its value soar in the last twenty-four hours and has grown in worth by 82.90%. This has taken the value increase in the last week to 1621.50%. Naturally, because of the floating nature of the currency, the value can fluctuate dramatically. Nonetheless, this rising value has made it a rival for Dogecoin, and the currencies share some similarities.
Both currencies use an image of the Shibu Inu meme, known as doge. However, while Dogecoin is a direct copy of the meme, Shiba Inu has a logo that uses it as inspiration and instead has a simplified image. The decentralised community that Shiba Inu wants to create has been influenced by Dogecoin, but its significant value growth could see the cryptocurrency rival its inspiration.
Crypto.com summarised the emerging currency:
SHIB is an experiment in decentralized spontaneous community building created under the SHIBA INU’s ecosystem. Users are allowed to hold billions or even trillions of them. SHIB is the first cryptocurrency token to be listed and incentivized on ShibaSwap, SHIBA INU’s decentralised exchange.
Despite the increasing commonality of cryptocurrencies, they are still a risky investment. The fact that the currency is not centralised means the value can have huge dips. Furthermore, people can invent cryptocurrencies and it is difficult to tell whether it’s a legitimate enterprise. This has led to buyers losing out on significant amounts of money.
Time will tell whether more decentralised currencies take off or whether they fall by the wayside as the dominant currencies become widely accepted. Either way, it seems that the market is currently growing to such an extent that emerging currencies like Dogecoin already have rivals in the market.
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