Shiba Inu coin tagged “dogecoin Killer” is currently the 11th biggest cryptocurrency with a $28.64 billion market value. The meme coin was created in August 2020, named after a Japanese hunting dog.
In the past few weeks, meme coin wars have seen Shiba Inu and Dogecoin fight for more recognition in trading value as the two meme coins battled for the top 10 spots on the list of top digital assets by market capitalization.
The market value of the meme coin SHIB is apparently more than other crypto-assets with significant development in the blockchain network such as Chainlink, Terra, Polygon and Stellar.
Meme Coin live or die by the attention created by its community and Shiba Inu can be said to have strong support from its community. Perceived as one of its strategies, its creator(s) Ryoshi gave one of the most respected and well-known persons in the crypto space, Vitalik Buterin, Ethereum co-founder half of the supply of SHIB coin immediate it was created.
In May 2021, Buterin announced that he has forwarded 90 percent of the Shiba Inu, estimated at about $6 billion at the time to burn wallet to be destroyed forever. He later donated the remaining SHIB coin worth $1 billion to covid-19 relief efforts in India.
The donation was the largest single COVID-19 donation and enjoyed global media attention that further bolstered the attractiveness of the Shiba Inu coin. Pleased with the decision, cryptocurrency trading platforms started listing the meme coin.
On the 10th of May, 2021, SHIB was listed on the Kucoin exchange where it opened at $0.00001029 and immediately surged as high as $0.00003915 before closing the day’s trade at $0.00003481. The meme coin was also listed on the Binance exchange the same day where it opened at $0.00001412 surging to $0.00005000 and finally closing the day at $0.00003466.
However, in the same month, the price of Shiba Inu dropped significantly after Buterin’s action as the meme coin traded as low as $0.00000510 in September on the Binance exchange. Nevertheless, its huge community persisted and the bull run began again in October, pushing the coin to a new all-time high.
A few weeks ago, it was reported that traders could possibly be moving funds from SHIB to Dogecoin following the sudden drop in SHIB price to the simultaneous rise in Dogecoin Price on the same trading day.
Despite the decline and other uncertainties surrounding the coin, traders on the largest American stock and crypto trading app, Robinhood and the Shiba Inu community have set up a campaign to convince Robinhood to list SHIB. Currently, the petition has garnered more than half a million signatures.
The Chief Operating Officer of Robinhood, Christine Brown praised the Shiba Inu community on their commitment and also said that the trading platform prioritizes safety over the “short term gain” of listing new coins.
He said, “our strategy is different than a lot of the other players out there who are racing to list as many assets as possible right now. We think that the short-term gain to us is not worth the long-term trade-off for our users.”
Recent attention on meme coins has placed Shiba Inu on the top list of most traded coins by millennials. This, experts have attributed to the affordability of the coin and its growing attention in the crypto space.
On the Shiba Inu community, Antoni Trenchev, co-founder at a crypto lender, Nexo, has this to say “This is counter-culture, cult stuff, and its disciples revel in that. The more absurd it is, the better, it’s like an inside joke—only as it goes viral, the number of people in on the joke can go into the millions pushing the valuations out of this universe.”
Jonathan Cheesman, head of over-the-counter and institutional sales at crypto derivatives exchange FTX, said, “memes have value and have been an investible thesis in 2021,”
Joanna Ossinger further affirmed that milliennials in the meme community should not be taken lightly. “Don’t short things millennials think are funny,” she said.
