Crypto Watch is here to bring the latest developments on cryptocurrency, and this week, it has seen the rise of Shiba Inu, a cryptocurrency that was first regarded as a meme and successor of Dogecoin. Now the coin is known to have surged as much as 50 percent in the past week, and this is the largest it has been since its initial release.
Shiba Inu: 50 Percent Rise in Valuation
(Photo : Meruyert Gonullu from Pexels)
According to Coin Market Cap, in the past week or seven days, there has been a rise to the valuation of Shiba Inu by as much as 50 percent, or half of its original value. This was a massive achievement for the meme cryptocurrency as it was initially playing around its value in the past week.
Shiba Inu is currently at the top 13 rank or spot in Coin Market Cap’s focus on cryptocurrency, and it is also at the same rank on other monitoring platforms. It was recently the 11th top valued cryptocurrency of the world, as reported by Live Mint, and it is an outstanding performance of the coin.
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As of Monday, October 25, Shiba Inu is valued at $0.00003964, with $16,463,331,812 volume over the past 24 hours, and 394,796,000,000,000 SHIB circulating supply.
Shiba Inu: Popularity Now
(Photo : Jakub Porzycki/NurPhoto via Getty Images)
Shiba Inu cryptocurrency logo displayed on a screen and representation of cryptocurrencies are seen in this illustration photo taken in Krakow, Poland on June 29, 2021
The popularity of the meme cryptocurrency is enormous, and it has surpassed many popular names in the crypto world, already VeChain, Binance USD, Bitcoin Cash, and more.
That being said, it is slowly creeping up to the spot of Dogecoin, which is currently at rank no. 9, to which it went down several notches.
Shiba Inu vs. Dogecoin
Shiba Inu is considered to be the “protege” of Dogecoin, as both of the blockchain coins were known to be coming from memes and have not been taken seriously during its early release. However, all that was changed when its recent valuation surged a massive price, and it is because of fans and supporters of the coin that has traded with it.
No doubt, Dogecoin still has more value compared to Shiba Inu, but that does not mean that Shiba is not catching up to the original meme coin. Yes, Dogecoin is more expensive at $0.27, and Shiba is currently at $0.000039, but it has doubled its valuation and circulation by as much as 50 percent because of its loyal supporters.
Initially, Elon Musk has talked about the meme coin of Shiba Inu, and it has helped in raising the value of the coin in the market. Musk has also played a massive role in the popularity of Dogecoin, especially as he was revealed to support it.
Now, Shiba is experiencing the surge and popularity it so deserves, and this is due to the hard work of all its supporters and the team behind it. Still, investing in these low-value coins is a risk and not advisable for all.
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Written by Isaiah Richard
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