The Dogecoin is not like after Elon Musk’s SNL appearance hoped for lifted off by many. Instead, the course of the Shiba Inu crypto project, started as a Dogecoin satire, has recently exploded.

Dogecoin advocates see the digital currency, launched in 2013 as a parody of Bitcoin, for a long time a fun currency. Prominent supporters, above all Elon Musk, had increased the Dogecoin price by 15,000 percent since the beginning of the year. The expected price increase after the Musk appearance on the US show Saturday Night Live (SNL) failed to materialize. Instead, the price of the Shiba Inu crypto project, known as the “Dogecoin Killer”, went through the roof with its SHIB token.

Shiba Inu is a crypto currency started as a satire on the fun currency Dogecoin. In the past few days alone, the price of the SHIB token has shot up by over 3,000 percent. The value is currently hovering between $ 0.00003 and $ 0.00004. The market capitalization is just under $ 13 billion. According to Coinmarketcap, the coin is among the top 20 largest cryptocurrencies.

https : //t.co/4Gck2SjsLS

– Shib (@Shibtoken) May 9, 2021

The high price gains of the past few days can mainly be attributed to the fact that Shiba Inu – as a result of a hype campaign by Chinese social media influencers on Weibo and WeChat – has recently started trading on Binance. Technically, the SHIB token is based on the Ethereum blockchain, as Futurezone reports. It is unclear who is behind the cryptocurrency. The Shiba-Inu makers have published a “Woofpaper” instead of a whitepaper on the website. The designation as “Dogecoin killer” can also be found there.

Shiba Inu wants to be Dogecoin killer

Dogecoin and Shiba Inu are linked by the same logo – a dog of the Shiba Inu breed. In addition, the developers and fans of the meme coin are trying to attract Elon Musk’s interest. According to the organizers, on Sunday it was possible to acquire 50,000 new SHIB token holders within less than a day. Apropos SHIB-Coin: Part of the satire is that the token quickly reads itself as Shitcoin – a term for useless crypto projects.

You might also be interested in