Although the "overtaking" coin dogecoin (DOGE) token Shiba Inu (SHIB) on Wednesday turned out to be more complex than we would like fans SHIB, this did not prevent other coins with a dog theme inflated price.
DOGE and SHIB continue to roll over each other, moving up and down among the top 10 coins.
At 10:11 UTC, SHIB has all gained 36% in the past 24 hours, trading at $ 0.000074. Meanwhile, DOGE was up 28% on the day and 9.5% in the last hour, trading at $ 0.302.
Along with the rise in the price of coins from the category of meme coins, trading volumes in this sector also increased.
SHIB's 24-hour trading volume exceeded $ 41 billion, almost reaching Bitcoin (BTC) ($ 43 billion) and surpassing not only DOGE ($ 12.8 billion), but Ethereum (ETH) ($ 26 billion) ...
“This year has definitely been the strangest year for crypto, we had jpeg stones that sold for millions, 2 dog coins in the top 10 ... the next bear market is going to be fierce, I can feel it,” said one Reddit user ...
SHIB price chart:
DOGE price chart:
While much of the attention has focused on the two main contenders for dominance of meme coins, a whole host of other canine and feline tokens are now showing huge success in the market as well.
Following dogecoin and shiba inu, coins with names such as samoyedcoin (SAMO), baby doge coin (BABYDOGE) and floki inu (FLOKI) are now showing massive gains, rising from 20% to 120% in the last 24 hours.
Among them, FLOKI has shown the largest growth to date - over 120%. The coin is named after the Shiba Inu puppy Elon Musk named Floki and is inspired by him. In recent days, advertisements for this coin have appeared all over London.
In addition to the dog coin memes mentioned above, cat-themed coins such as catecoin (CATE), CAT and all sorts of other meme coins have sprung up today .
Joking about the current market on Twitter earlier Thursday, @nondualrandy wrote that "institutional investors are turning their attention to the dog sector."
However, a closer look at what would be considered "institutional" investors suggests that this may not have been a joke after all. Galaxy Digital CEO Mike Novogratz seemed interested in this space.
The SHIB craze is also happening as it is being decided whether the popular trading app Robinhood will expose SHIB to trade on its platform. Robinhood , which mainly serves American exchange traders, has already listed DOGE as well as several blue- blooded crypts such as BTC and ETH.
During a teleconference Tuesday this week, analysts asked Robinhood management about their plans to expand into the crypto space. To this, CFO Jason Warnick replied that they are "very careful and diligent" about cryptocurrencies. He added that "we will work, you know, as fast as we can, with the right balance of security and compliance to avoid mistakes here."
The astonishing rise of the Shiba Inu from a virtually unknown coin to one of the 10 most valuable cryptoassets left no one indifferent. Particularly fortunate was one address where SHIB was purchased for $ 8,000 last August, and today, roughly 400 days later, the value of those same coins has risen to a whopping $ 5.7 billion.
“Many have become millionaires, perhaps even a few billionaires have emerged. Will the Shiba Inu reach a value of $ 0.01 and a market cap of $ 30 trillion? Probably not, but there is clearly no shortage of people who think it's worth it, ”Mati Greenspan, founder and CEO of Quantum Economics , wrote in an information blog yesterday.
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