Warm up the popcorn and lean back: after a surprising turnaround, the dog race on the crypto market is entering the next exciting round. The market update.
After the course festival last week, the crypto market remains on the diving station for the time being. On a daily basis, Bitcoin (BTC) loses around two percent and thus slips just below the mark of 60,000 US dollars. The record high of the previous week is now twelve percentage points away. Ethereum (ETH), meanwhile, is pulling out five percent and is only just over $ 4,000 at the time of going to press. Binance Coin (BNB), Solana (SOL), XRP and Polkadot (DOT) are also sliding south at a discount of five percent. Cardano (ADA) stumbled a little more with a setback of seven percent. Meanwhile, the meme coin race between Dogecoin (DOGE) and Siba Inu (SHIB) is coming to a head. After Dogecoin was overrun by Shiba overnight, DOGE is taking back ninth place among the largest cryptocurrencies, for the time being.
Dogs that bark …
900 percent in 30 days: Shiba Inu’s performance struggles for superlatives. With a daily plus of 23 percent, the Epigone of Dogecoin, which is a plagiarism of Litecoin, which is in turn a copy of Bitcoin, climbs to 0.00006719 US dollars and thus stands up to the current downward trend in the crypto market. In the meantime, the market capitalization of the meme coin is at 34 billion US dollars, which briefly pushed Shiba Inu ahead of Dogecoin in the early hours of the morning. The Telsa boss’s favorite cryptocurrency has bounced back to ninth place. But Shiba Inu has got stuck, as shown by the increase in Google search queries around the world.
Interest in Shiba Inu in the form of Google queries has skyrocketed over the past week and is currently even ahead of Ethereum. Among those interested in Shiba there are also some who are actually interested in a loyal companion and not in the crypto currency. But also the more specific request for Shiba Inu Coin is currently a hairpin above the second largest cryptocurrency.
Got to the dog
In the slipstream of the bull run, Shiba Inu has climbed bit by bit up in the ranking of the largest crypto currencies. The crazy rally is driven in the social media channels à la Reddit and Twitter, in which the “to-the-moon battle cry” reverberates unmistakably. The Shiba fan base now has over 1.4 million followers on Twitter and almost 330,000 subscribers on Reddit, making it one of the fastest growing crypto communities.
The fruits of such a dynamic can ultimately be seen in the example of Dogecoin, which has been vehemently defending its rank among the largest cryptocurrencies for months despite all the legitimate prophecies of doom. However, it is doubtful whether the current “all-in mentality” will secure Shiba Inu a permanent place in the ranking. The developers make no secret of the fact that the coin that parasitically taps into the Ethereum blockchain is basically nothing more than a fun project. “Thin” is another euphemistic term for the content of the white, sorry, “woof papers” by Shiba Inu.
In view of the dizzying price development, however, investors should not prevent investors from continuing to pump the coin from record high to record high. At least as dizzying is the entire supply of one billion Shiba-Inu tokens, which is likely to dilute the market capitalization in the long term. In the long term, however, this is a time dimension in which very few SHIB investors count.
In addition, major investors also seem to get down on the dog. As BTC-ECHO reported, an anonymous whale moved its wallet inventory by a further 277 billion SHIB tokens to a total of 316.5 billion on Monday. Such media-effective businesses keep the rally going, regardless of the high SHIB concentration on a few wallets, which make a pump-and-dump scheme more and more likely. In any case, the race of the two coins with the cold nose remains exciting.