Joke Coins are Ruling the Crypto Space as Shiba Inu Token is Getting a Lot of Attention
When SpaceX CEO, Elon Musk, decided to rule in favor of Dogecoin, it shocked many people. However, shortly afterward, Dogecoin started to see maximum gains and became the 5th largest cryptocurrency globally. When Dogecoin hit a new ATH of $0.8 last week, many investors were certain that the coin would become bigger and score 1 USD, eventually. However, after the mention in an SNL monologue over the weekend, the meme cryptocurrency crashed to $0.5.
Another joke token, Shiba Inu (SHIB), has entered the crypto coliseum. The new meme-cryptocurrency has been getting a lot of attention from the crypto circles. It was introduced with a woofpaper rather than white paper. SHIB has a whopping supply of quadrillion tokens, while DOGE only possesses 129 billion tokens. The new joke coin started to get traction from the first week of May 2021. After a 1900% appreciation, the price of the altcoin went from $0.0000015 to $0.00003.
Could Shiba Inu Beat Dogecoin?
Altcoins like Shiba Inu and Dogecoin are a satire for the entire crypto community and investors. However, it does not stop enthusiasts from taking part in raising their stakes and getting major returns from these cryptocurrencies. The Shiba Inu has already been listed on exchange platforms like OKEs, FTX, Poloniex, Huobi, and others. Binance has also announced listing the coin shortly.
At the time of the launch, one investor bought 200 billion SHIB tokens for 17 dollars. Today, the wallet owner holds $6.5 million worth of digital assets. If needed, the owner can also cash out his stash from decentralized platforms like Uniswap with a small deduction of $0.6 million. The co-founder of Ethereum, Vitalik Buterin, holds 50% of the total SHIB reserves. In this manner, investors are protected against any rug pulls.
More Doge Tokens Appearing on Cryptocurrency Spectrum
With the addition of new trendy meme coins, the transaction fee for Ethereum has gone from $20 to $180. As noted by Igor Igmaberdiev, a researcher at The Block, the tokens have started to use about 10% of gas space on the blockchain. He also added that the rise of SHIB on Ethereum is nothing short of the mishaps that have occurred on the Binance Smart Chain (BSC) presently.
Other Bitcoin projects like Doge killer (LEASH), Dogelon mars (ELON), and many others are popping their heads like mushrooms. At the same time, these parody coins are getting fast appreciations. It is also possible that they end up going down rapidly due to the lack of any real use case or utility.