Shiba Inu Mounts Dogecoin As Top Crypto Dog Because It's More Fun Than Your Leg
Each Shiba Inu token in the land of cryptocurrency is only worth a tiny fraction of a penny, but collectively, it is the ninth most valuable crypto by market cap. Just as notable, Shiba Inu has raced ahead of Dogecoin, fetching a larger overall valuation. It's lost some ground since leapfrogging the other doggie coin, but remains in front with a market cap of just under $38 billion. Woof!
Shiba Inu (SHIB) came about about a little over a year ago, taking on the namesake of the Japanese dog breed that is also represented by Dogecoin. They both amount to meme coins—neither are widely used for commercial transactions, but in the highly volatile world of cryptocurrency, they both present opportunities to make (or lose) a whole bunch of money.
Exactly one month ago, Shiba Inu was trading at $0.000007911. Since then, it peaked at $0.00008. If you would have bought $100 worth of Shiba Inu a month ago and sold the coins at their peak, you would have cashed out a little over $1,000. Not too shabby for a short-term gain.
That's not us telling you to rush out and invest in Shiba Inu by any stretch, or any cryptocurrency for that matter. We're simply providing some perspective on the massive rise in value over the past month.
As for Dogecoin, it traded at $0.2241 on October 1, and has since peaked at $0.3304. That means a $100 investment a month ago would have been worth a little over $147 at this high point over the past four weeks (it now sits at $0.2274).
One advantage Dogecoin may have in the long run is the apparent backing of Tesla and SpaceX founder Elon Musk. He'll tweet about Dogecoin every so often, which sometimes prompts a frenzy of trading, and a spike in valuation. Most recently, he tweeted about Dogecoin on Halloween, saying he is "thinking of starting a new university" with Dogecoin as the tuition. "U get a discount if you have a dog," he wrote.
Meanwhile, as Dogecoin and Shiba Inu pounce on the claim as the goodest of dog coins, Bitcoin is still the top dog in cryptocurrency, with a current value of $63.503.90 per BTC, and a nearly $1.2 trillion market cap.
