Shiba Inu, the coin popularly known as Dogecoin’s little brother, has flipped Dogecoin in market capitalization, making it the 8th most valuable crypto and the most capitalized meme coin, according to coinmarketcap.
Shiba Inu’s market capitalization as of the time of writing this report, currently stands at $41 billion while Elon Musk’s favorite Dogecoin stands at $40.4 billion. The price of SHIB has gained more than 94,278,239.8% over the past year.
Asides from Dogecoin, the token has managed to flip well-known altcoin tokens like Polkadot’s DOT, Circle’s USDC, Terra’s LUNA and Chainlink’s LINK. It is on its way to flip Ripple’s XRP, which as of the time of this writing is currently the #7 most capitalized cryptocurrency with a market capitalization of $49 billion.
What you should know
Shiba Inu was founded by an anonymous person going by the name Ryoshi last year and the coin’s website explains that the coin is “a decentralized meme token that evolved into a vibrant ecosystem.” It appears to have been made as a joke just like the famous Dogecoin, a cryptocurrency that was created as a joke in 2013, also with a Shiba Inu meme.
Although made as a joke, these meme coins have been able to attract the attention of Elon Musk, who has stated that he would put a physical Dogecoin on the moon and has also mentioned that Dogecoin will trade as high as $1.
Elon Musk stated on his Twitter handle that he does not own any Shiba Inu tokens and the token holds the biggest circulating supply of nearly 395 trillion units.
Although there is a rally in the meme coin industry, investors are advised to invest with extreme caution as these coins are very volatile and could result in the total loss of an investor’s portfolio.
The token hit an all-time high of $0.00008845, just 4 hours ago but its however down 24% from that price, as it currently trades at $0.00006412 as of the time of this writing.