Shiba Inu Overtakes Dogecoin as Memecoin Explodes by Over 150%
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Dog-themed cryptocurrency Shiba Inu overtook top meme coin Dogecoin by market civilization on Wednesday
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The coin which has been termed “Dogecoin killer” reached an all-time high of $0.0000885 as the market cap surged above $40 billion
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At the time of this report, Shiba Inu has dropped to $0.000073 but it remains in the world’s top 10 cryptocurrencies based on market cap
Shiba Inu, the cryptocurrency popularly termed “Dogecoin killer has flipped its predecessor in market capitalization.
The market cap of Shiba crossed over $0.00008845 in value as the market cap of the coin jumped past $41 billion.
Elon Musk’s favorite Dogecoin on the other hand was at $40.4 billion as it remained the 10th largest crypto by market cap.
Over the past year, the value of Shib has skyrocketed by over 94,278,239.8% as the dog-themed cryptocurrency pushed above several other meme coins.
Asides from Dogecoin, Shiba Inu also successfully flipped other popular altcoins such as LUNA, LINK, and DOT.
At the time is this report, SHIB has lost some steam as it dropped back $0.000073, falling below Doge in the process.
Read also: El Salvador Buys Another 420 Bitcoin Following Dip
Shiba Inu was founded by an anonymous person who goes by the pseudonym Rhoshi in 2020 and the website terms it “a decentralized meme token that evolved into a vibrant ecosystem.”
It is one of many meme tokens that were created after the success of Dogecoin which was founded in 2013.
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