Billy Markus, co-creator of Dogecoin, recently acknowledged that in 2015, two years after creating the cryptocurrency, he sold all his securities to buy a Honda Civic. About 10,000 dollars that at the time seemed like a fortune for what in the end was still a meme coin, but a catastrophic financial decision considering that at that time the currency was practically unknown and currently its price exceeds companies like Nintendo, Santander bank or Honda itself.
Not even the creators of Dogecoin could anticipate the boom that the cryptocurrency has experienced. Based on Litecoin, its main characteristic is charisma . The one that seems to have Doge, a Shiba Inu dog that has received public support from celebrities like Elon Musk and has been labeled "the people's cryptocurrency" . Now, other cryptocurrencies want to repeat the Dogecoin formula. They are called memecoins . And they carry multiple risks.
Shiba and Coshi: the 'Doge killers'
Shiba Inu (SHIB) is a cryptocurrency that can be purchased
on the Uniswap and 1Inch platforms. You can also get the token on its own
ShibaSwap decentralized platform. It is a new cryptocurrency that during the
last week grew by 1600% and during the last month it has done so by almost
27,000%, according to Coinbase data . Crazy numbers that exemplify the speed
with which these assets are appreciated and apparently they are a value with
great profitability.
Shiba Inu is inspired by Dogecoin, it draws its name from the same breed of dog and in fact it is presented as the "Dogecoin Killer" . A memecoin to defeat another memecoin.
Shiba Inu is presented as the "Dogecoin Killer", a
cryptocurrency with the same dog that has exploded this week with insane
returns.
If the Dogecoin used the image of the dog in reference to the meme, now it goes one step further and chooses to repeat the image of the Shiba Inu. A twist to the meme that shows that the journey of these cryptocurrencies is being long enough for alternative communities to be generated.
“SHIB prices over the weekend clearly show that the crypto industry still has room for new dog-themed memecoins ,” explains Rick Delaney, an analyst at OKEx Insights.
This week the Binance platform has also started the process
to be able to buy and sell Shiba. This is how they define the new
cryptocurrency:
“SHIBA INU (SHIB) is an experiment in decentralized community building and another meme coin similar to Dogecoin. SHIB is the native token of SHIBA INU and will be the first token to be listed and used as an incentive to use ShibaSwap , a decentralized exchange"
In addition to Shiba, other memecoins have also appeared, such as Coshi Inu (COSHI), Akita Inu (AKITA) or Dogelon Mars (ELON) , all of them with a meme or reference behind them to try to attract attention with Hokk Finance Meme Token.
Among Binance's warnings was that the top 1 held 50.5% of
Shiba holdings , while the top 2 and 5 held 7 and 3% respectively. This warning
and the volatility alert has ended up being prophetic, because this week it was
discovered who was the person behind half of the Shiba values.
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