Even as Elon Musk boosts his favourite cryptocurrency, Dogecoin seeks to maintain Shiba Inu's massive growth.

shiba inu vs dogecoin
pic credit: Jakub Porzycki/NurPhoto via Getty Images

The Shiba Inu cryptocurrency had a fantastic month. Following a tweet by Tesla CEO Elon Musk on October 4, the value of the SHIB cryptocurrency increased by more than 120 percent.

This roller coaster ride continued at the end of the month when Musk revealed he didn't have any bitcoin, and the price dropped 7% from a high of 0.0004389 on Friday, October 22 to Monday morning. It has moved to the 11th position in the ranking of cryptocurrencies with a market valuation of more than $ 19 billion in the last seven days, up more than 40%.

According to trading data from Coin Market Valuation, the token then saw a new spike of 43 percent in the last 24 hours, giving it a new market cap of approximately $ 25.9 billion. The volume of SHIB transactions increased by 136 percent in just 24 hours, valuing the company at over $ 23 billion.

Last month, just $ 250 million in SHIB was traded on a daily basis. After sliding from highs in May to October, prices were limited in scope, but they rose as investors flocked. The price is $ 0.00006695 at the time of creating this script. In this turbulent and susceptible economy, it was a matter of guessing as to what motivated this latest robbery.

But what exactly is a Shiba Inu, and what are the potential pricing ranges? What does the future hold for Shiba crypto following the rally? What do the projections for the rest of 2021 and beyond show? We'll look at the current developments in this post to help you decide whether or not to add Shiba Inu coins to your investing portfolio.

Also Read: Vladimir, Robinhood CEO Just Flipped on Shiba Inu Coin

Despite a boost from Elon Musk, Dogecoin is still battling Shiba Inu for the title of meme token on Thursday.

Even as Elon Musk boosts his preferred cryptocurrency, Dogecoin is attempting to stay up with Shiba Inu's record growth. On Thursday, Dogecoin's most renowned backer, Elon Musk, gave him a boost, but it wasn't enough to halt the quickly rising Inu as a meme token of the war for market value.

According to CoinMarketCap, Shiba Inu, the self-proclaimed "dogecoin killer," increased by 60% and reached a new high of $ 0.00008616 on Wednesday. Its benefits make it the eighth-largest cryptocurrency, surpassing Dogecoin in terms of market capitalization.

On Thursday, Shiba Inu added 36% to his historic gain, while Dogecoin jumped 29% to 30 cents when Musk mentioned it on Twitter in relation to cryptocurrency frauds.

"There are no promises in cryptocurrencies, except for scammers," Billy Marcus, the creator of Dogecoin, tweeted. Tesla and SpaceX CEOs responded. "If I send you 2 Doge, will you agree to send me 1 Doge?" Musk joked. 

elon musk tweet
pic credit: @BillyM2k/@elonmusk/Twitter

After being sponsored by Musk and a handful of ardent followers, Dogecoin was transformed into an unknown and new coin in its name this year. It was originally referred to as the "preferred cryptocurrency" of Tesla's billionaire. It was also recently declared that Shiba Inu is not a personal investment.

As "SHIBArmy" joined the token, Ethereum-based Dogecoin alternatives surged by roughly 1000 percent in the last month. His massive earnings were fuelled in part by an internet campaign to add Shiba Inu to Robinhood's list of tradable cryptocurrencies.

Dogecoin, on the other hand, has surged by 60% in the last month. Shiba Inu was created in August 2020 and has quickly risen to become one of the top ten cryptocurrency rivals in less than two years. By 20:50 ET on Thursday, the  SHIB market cap has surpassed $ 40 billion.

Following the previous day's fall, the leading cryptocurrency began to lose value. Bitcoin climbed by 3% to roughly $ 61,142, Ether increased by 4% to $ 4,174, and Cardano Ada increased by 1% to $ 2.02. In response to Musk's comments, Shiba Inu prices increase and fall. Shiba Inu, the so-called "meme currency," debuted in August 2020.

This is a Meme Dogecoin (DOGE) game, which is a mockery of the cryptocurrency world. As investors hunt for another bitcoin (BTC) to invest in, coins tied to the Shiba Inu dog breed are gaining traction.

The Shiba coin gained the attention of investors in May when it rose 2.405 percent in three days to $ 0.0000388 on May 10, in a rise sparked by Elon Musk's performance on Saturday Night Live.

Its debut sparked a sell-off at DOGE, which referred to the coin as "hustle" after previously discussing it. During the summer, the Shiba coin's value plummeted, ranging primarily between $ 0.00006 and $ 0.000008.

Musk stated in October that he does not hold the cryptocurrency, which has since plunged from its high. On October 24, the cryptocurrency rose by 50% to become the 11th largest cryptocurrency on the market, indicating that it was on its way to the moon.

Shiba Inu Twitter

One Shiba Inu Twitter account, on the other hand, made a mistake when it asked Musk how many SHIB tokens he has in his kitty. There isn't any. Here's the solution. It is also sufficient to return Shiba Inu to Earth.

Shiba Inu has recently gained popularity among cryptocurrency investors, who have even petitioned for cryptocurrencies to be listed on Robinhood. On Change.org, a petition with approximately 300,000 signatures has been signed. Last year, the tokens saw a 40 million percent increase in value. 

Shiba Inu was developed in 2020 by an anonymous person known only as Ryoshi, and the Mint describes it as "a decentralised meme token turned into a living ecosystem" on its website. After Elon Musk uploaded a photo of his pet Shiba Inu on Tesla on Twitter on October 4, increasing commercial activity and rising prices, the cryptocurrencies Shiba Inu (SHIB), Dogecoin (DOGE), and Shiba Floki (FLOKI) skyrocketed.

Musk eventually confirmed that he did not hold SHIB, and the stock's value plummeted. Shiba-Inu, an anonymous developer, declared on August 7 that he is beginning to burn coins in response to a community request to restrict the amount of SHIB.

Burning digital coins destroys the coins to remove them from circulation, which slows down inflation. SHIB's developers added two new trading pools to the decentralized ShibaSwap Perlin and Ryoshi coin exchange and burned $ 25,000 in SHIB and LEASH coins. 

The ecosystem around the Shiba-Inu coin and created other tokens such as LEASH and BONE. ShibaSwap, which runs on the Ethereum blockchain, was launched on July 6. The burning of coins to reduce the supply in circulation creates the potential for higher prices to develop. 

The developer is getting ready to release the Irreplaceable Tokens (NFT) collection next week, which will include 10,000 photos of Shiboshi's character. Initially, they will only be available on ShibaSwap with the aftermarket on the OpenSea NFT platform. 

Although the NFT prices are LEASH and Ether (ETH), buyers can call their Shiboshi for an additional $ 100 fee payable to SHIB. The remaining funds will be used in the SHIB Burn Wallet. According to CoinMarketCap, there are currently 394.796 billion Shiba-Inu coins in circulation, with a maximum supply of one quadrillion. 

This determines how far the price can go up. The Shiba Inu is valued at $ 0.00006695 at the time of writing on October 27 and has a market cap of $ 26.4 billion, making it the 11th largest cryptocurrency. according to CoinGecko. As always, be aware that past pricing results are not a guarantee of future returns. 

Also Read: Shiba Inu a coin burn is imminent and When shib will hit one dollar

So what are the prospects for crypto Shiba after the rally? What are the outlooks for the remainder of 2021 and beyond? Shiba coin price prediction: will SHIB return to record levels? 

The current SHIB price is at its all-time high of $ 0.0006695 on October 27. Can it keep this price? Technical analysis shows that the short-term sentiment towards SHIB is bullish, according to CoinCodex, with 25 indicators sending bullish signals compared to four bearish signals. 

Simple and daily exponential three to 200-day moving averages provide buy signals. The Relative Strength Index (RSI) is 80.23 and provides a sell signal. The RSI ranges from zero to 100 and is considered overbought

Disclaimer: The information provided in this article does not constitute investment advice, financial advice, trading advice, or any other sort of advice, and you should not treat any of the content as such. The content in this article is for educational purposes only and hence should not be considered as financial advice. 


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