Shiba Inu Coin Becoming an Alternative to Ethereum-Based Dogecoin

Shiba Inu coin

Shiba Inu coin is the world’s biggest and most popular meme coin with a market cap of over $33 billion. The token was also trading higher by 4% at $0.253684.

A meme coin is typically a cryptocurrency. It is associated with some theme, often as a joke rather than a serious product. And they are highly volatile cryptocurrencies that are known to witness sharp movements based on news events.

The second biggest memecoin, Shiba Inu coin (SHIB), surged more than 35% on Friday. This was after the US-based Coinbase said its customers can trade, send, receive, or store SHIB on its platform.

Coinbase, a Leading cryptocurrency exchange announced it will support meme coin Shiba Inu for users. Coinbase customers can now trade Shiba Inu on Coinbase.com as well as the company’s mobile apps on iOS and Android.

Earlier this month, Coinbase listed Shiba Inu coin on its trading platform. The platform added Coinbase Pro as an addition. It was initially announced in June but was delayed due to a technical glitch.

Just two days ago, Bitcoin.com News covered the DOGE market action concerning dogecoin’s four-legged fall in recent times. Weekly stats show dogecoin (DOGE) is still down 5.8% during the last seven days. However it is still the largest meme-based crypto asset in terms of market capitalization. The second leader in that category is shiba inu coin (SHIB). Which is an ERC20 token that’s been moving northbound in terms of price in recent times. SHIB is currently swapping for $0.00000824 per unit but has lost 8% during the last 30 days.

Unlike Bitcoin, which is designed to be scarce, SHIB is intentionally abundant — with a circulating supply of one quadrillion. Today, there are around 500 trillion coins of this meme cryptocurrency in circulation.

Shiba Inu was created in August 2020 by an anonymous person known as Ryoshi, The good thing about Shiba Inu coin’s price is that its negligible, which allows investors to hold billions and even trillions of this coin.

Shiba Inu coin investors also recently when Tesla CEO Elon Musk, recently a well known Dogecoin fan, posted a picture of a new puppy, a Shiba Inu.

Musk said his “Shiba Inu will be named Floki,” like the boat builder in the Vikings series.

Over the past year, Shiba Inu has delivered a gain of 89,76,638.5%, while dogecoin is 8,933.8% during the same period. However, both the tokens are up to 75% lower compared to their respective all-time highs. While Bitcoin, is up around 340% on a yearly basis.