Shiba Inu, Crypto Asset created to compete with Dogecoin

Shiba INU, Crypto Asset created to compete with Dogecoin

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In addition to dogecoin, there is now a cryptocurrency that also uses a logo in the form of a Shiba INU dog image. The creator deliberately created a crypto asset with the same logo as Dogecoin. Because, the Shiba INU coin is a crypto asset that was deliberately created to be a competitor to dogecoin.

The Shiba INU coin was launched a year ago. The price of a Shiba INU or SHIB coin is barely even worth it. Quoted from Coinecko, the price of the Shiba INU in today’s trading is in the range of 0.00002094 US dollars per coin.

However, the trading volume of the coin which is claimed to be the ‘Dogecoin Killer‘ experienced a spike after being traded on platforms such as OKEx and Binance.

Shiba InuIn addition, Chinese traders also contributed to the surge in the price of the Shiba INU through the Chinese crypto asset trading platform, Huobi. The platform made the largest contribution to SHIB’s trading volume in recent days.

Coinmarketcap.com data shows, currently the total market capitalization of SHIB reaches 8.30 billion US dollars. The number increased 8.22 percent when compared with trading at the same time the previous day. The total trading volume of the Shiba INU also reached 6.04 billion US dollars.

Before finally being added to this week’s trading platform, SHIB’s trading volume was limited to 500 million US dollars per day, and last January, its daily trading volume was less than 1 US dollar.

Until now, the Shiba INU is still classified as a meme coin or joke. The coin is considered to have no value that can guarantee its price and still cannot be used.

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However, experts say the increasing popularity of the Shiba INU coin cannot be underestimated. Because, it reflects the behavior of traders or new investors in crypto assets that are growing.

“Rather than denying the fact of the increasing popularity (of the shiba inu), it is more important to recognize the massive movement of new traders moving crypto assets,” said Ben Caselin, Head of Research and Strategy at AAX.

Comparing Shiba INU and Dogecoin
The Shiba INU coin was created in August 2020. However, there is little information about its creator, who goes by the pseudonym Ryoshi.

Ryoshi from the beginning introduced the Shiba INU as the ‘Dogecoin Killer‘. According to him, the most striking difference between Dogecoin and Shiba INU is the SHIB technology which tends to be more community driven.

Shiba InuSince the beginning, Ryoshi has announced the value of the Shiba INU which is much smaller than dogecoin.

“We have the ability to exceed the value of Dogecoin exponentially, without having to exceed the US$0.01 limit,” Ryoshi wrote in the SHIB woofpaper, or introduction document created by the creator of the crypto asset commonly referred to as the white paper.

To note, the price of Dogecoin today is in the range of 0.5 US dollars per coin. The value skyrocketed 25.4 percent when compared to the same trading time the previous day.

However, the price of Dogecoin in the past week has corrected 9.8 percent. On the other hand, the price of the Shiba INU in the past week skyrocketed to 1,239.8 percent based on Coinecko data.

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The difference between dogecoin and other Shiba INU is that the shiba inu has an ecosystem consisting of developers, coin holders, and fans called the Shib Army. According to Ryoshi, the Shiba INU coins are ‘amazing dogs‘ and he also persuades people to donate to the Shiba INU Rescue Association.

Ryoshi also claimed that his party did not hold a dime of Shiba INU coins. He also gave as much as 50 percent of the available Shiba INU coins to ethereum creator Vitalik Buterin after the coins were created.

Thus, in theory, Buterin has the ability to control the market and prices of the SHIB. However, Ryoshi said, he gave the Shiba INU coins to Buterin not without reason.

“(Shib Army) believes all kinds of success require fragility,” said David Hsiao, CEO of crypto asset magazine Block Journal.