Linda Lopez 16/08/2022Cryptocurrency News, Meme Coin NewsLeave a comment67 Views
The King of meme coins and its killer both are in the ‘green’ today. Dogecoin (DOGE) and Shiba Inu (SHIB) saw a notable increase today amid a confused market trend since the crypto giants, Bitcoin (BTC) and Ethereum (ETH) were in the red along with several other cryptos. However, Dogecoin and Shiba Inu managed to go in the other direction due to the fact that their weekend gains extended into the week.
Dogecoin is the first ever meme coin to be launched and is based on the dog-faced theme. The Dogecoin value had earlier skyrocketed from about $0.0002 to $0.75, which many potential investors missed. However, they later realized the true potential of it and began acquiring it before other meme coins even entered the domain and the Dogecoin market cap saw a spurt then.
The leading crypto price-tracking website, CoinMarketCap defines DOGE as a crypto that is:
“Based on the popular “doge” Internet meme and features a Shiba Inu on its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. Dogecoin’s creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience since it was based on a dog meme. Tesla CEO Elon Musk posted several tweets on social media that Dogecoin is his favorite coin.”
Shiba Inu is referred to as the Doge-Killer by the developers of this token. The crypto was first listed on ShibaSwap, a DEX that was indigenous to the ones who launched this token. The meme coin was introduced in August 2020, where it gained immense popularity and took a step ahead toward its spree to outperform DOGE in every respect. Shiba Inu coin future was estimated to do wonders at that point in time.
“Aims to be the Ethereum-based counterpart to Dogecoin’s Srypt-based mining algorithm. Shiba Inu and the SHIB token are part of a swarm of dog-themed cryptocurrencies, including Baby Dogecoin (BabyDoge), Dogecoin (DOGE), JINDO INU (JIND), Alaska Inu (LAS), and Alaskan Malamute Token (LASM). These lesser-valued tokens have attracted investors who missed the Dogecoin pump from 0.0002 to nearly 0.75 USD.”
DOGE And SHIB Performance Today
The Dogecoin value was up by 13.35% and traded at $0.08562 at the time of writing on Tuesday, August 16, 2022. The Dogecoin market cap stood at $10.86 billion, up by 7.74%. However, the 24-hour trade volume saw a plunge of 30.17% and was at $1.03 billion. The drop in volume was due to the fact that its demand had grown during the weekend as the volume surpassed $1.5 billion on August 14, 2022. The decline in trade volume was seen in the case of both Dogecoin and Shiba Inu (discussed below).
Shiba Inu coin future expectations can be upscaled seeing its recent performance as it trends at number 1 on CoinMarketCap’s trending list. The SHIB token was up by 4.70% and traded at $0.00001632 at the time of reporting on Tuesday, August 16, 2022. The market valuation of the crypto stood at $8.9 billion, up by 3.96%. However, in line with DOGE, the 24-hour trade volume of SHIB tumbled by 60.12% and was at $1.56 billion. Shiba Inu coin prediction at the maximum is set at $0.00005170 by experts in the cryptocurrency industry currently.
As Dogecoin and Shiba Inu gained, BTC and ETH lost 0.15% and 1.09%, respectively.
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When it comes to writing about Altcoins, Altcoin news, and Altcoin mining, nobody is better than Linda Lopez. Her broad knowledge of every aspect of Altcoins will surely make you stick to her articles.
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For context, that's more than the total wealth of every person on Earth, which stood at $454 trillion at the end of 2022, according to Credit Suisse. In other words, Shiba Inu rising to $1 is unequivocally impossible in its current state.
Both cryptocurrencies were initially created as meme coins; however, Dogecoin is more well-known and has a bigger user base. Dogecoin's market capitalization, at approximately $18 billion, surpasses that of Shiba Inu, which is only $5 billion.
In 2025, Shiba Inu (SHIB) is expected to display significant market fluctuations, with predictions indicating a minimum price of $.0000111 and a potential high of $.0000484.
Despite its performance and widespread popularity, SHIB has never reached the coveted 1-cent mark in its price history. While some may speculate on the possibility of such a milestone, experts remain cautious, suggesting that the likelihood of SHIB touching 1 cent shortly is low.
To become a millionaire through Shiba Inu, one needs to own a substantial amount of the token. Based on current market prices, for instance, if Shiba Inu reaches a price of $0.00003, having 33 billion SHIB tokens would make someone a millionaire. At present prices, this amount of SHIB would cost approximately $515,000.
Apart from the top contenders, other cryptocurrencies expected to surge in value and potentially reach $1 by the end of 2024 include Dogecoin, Ripple, and Polkadot. However, it's important to note that the cryptocurrency market is highly volatile, and any predictions should be taken with a grain of salt.
Key Points. So far this year, Shiba Inu has outperformed the returns of the S&P 500, Nasdaq Composite, and Bitcoin. While the percentage return looks impressive, investors should be wary of Shiba Inu's upside. Shiba Inu is a speculative meme coin and its value pales compared to Bitcoin.
It may be a fun concept, but Dogecoin isn't a good investment. It doesn't derive value from another asset, as stablecoins do, or add value to any financial system, such as Ethereum (ETH -0.77%). Dogecoin's biggest asset, aside from its entertainment value, is its community.
According to Binance price prediction input for Shiba Inu, the value of SHIB may increase by +5% and reach $0.000023 by 2030. The current Shiba Inu price prediction sentiment is bearish, while the Fear & Greed Index shows 52% (Neutral).
Based on Shiba Inu's past price history, Changelly predicts that the minimum price of SHIB in 2024 may be about $0.0000126, with a maximum expected price of around $0.0000210 and an average trading price of $0.0000295.
Looking further ahead to 2050, Shiba Inu's price could see astronomical increases, with projections suggesting an average price of $0.89 and potential peaks of $1.06. These predictions hinge on widespread cryptocurrency adoption and SHIB's acceptance as a mainstream currency.
Introduction: My name is Kerri Lueilwitz, I am a courageous, gentle, quaint, thankful, outstanding, brave, vast person who loves writing and wants to share my knowledge and understanding with you.
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