Bobos & Wojaks

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SHIBA V/S DOGE In Market Capitalization Getting Hot

The market value of the meme cryptocurrency Shiba Inu (SHIB) had surpassed that of dogecoin thanks to a sharp rise in its price.

SHIB is currently one among the top ten cryptocurrencies by market cap, according to data compiled by price aggregator CoinGecko. As of press time, SHIB has a market cap of $39.3 billion.

SHIB is currently ranked higher than  USDC, the CENTRE consortium’s stablecoin.

The genesis of SHIB, like that of dogecoin, was a hoax, with a current supply of hundreds of trillions of tokens — hence the small price of roughly $0.000078 per coin. Earlier this year, SHIB, like dogecoin, gained from social media exposure on platforms like TikTok. Later, the video-making platform outlawed promotional videos promoting cryptocurrencies.

This past spring, the cryptocurrency garnered notoriety after Ethereum developer Vitalik Buterin sold tranches of tokens entrusted to him by SHIB’s creators and donated the proceeds to charity. He also donated a portion of the SHIB tokens to a COVID-related charity.

However, the addition of SHIB to platforms like Coinbase, a U.S. crypto exchange, has increased volume in the coin’s market, and SHIB’s price has soared more than 180 percent in the last seven days. According to CoinGecko, the SHIB/USDT market on Binance accounts for nearly a fifth of all SHIB activity.