Dogecoin ‘is pure speculation and will end badly’ says Yusko
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Elon Musk’s recent SNL appearance prompted Dogecoin, his cryptocurrency of choice, to free fall. The token haemorrhaged nearly a third of its total value, dropping from $0.66 (£0.47) to $0.45 (£0.32) on May 9. In its wake, another coin named Shiba Inu has nearly rounded on DOGE’s $1 goal, and the two tokens share a mascot.
What is Shiba Inu coin?
Shiba Inu (SHIB) is a newer token on the market, and like DOGE, is another spoof or “meme” currency.
Both share the same mascot, a Shiba Inu dog breed, but their recent trajectories couldn’t be more different.
Elon Musk’s SNL appearance forced DOGE to plummet by 26 percent, one of its most marked decreases in recent weeks.
While DOGE was flailing last weekend, SHIB, the “Dogecoin killer”, was surging.
In mid-April, CoinMarketCap valued the token at roughly $0.0000006.
Despite the poultry comparison to other currencies, it has since gained 130 percent of its value.
SHIB is currently pulling a total value of $0.00003026 (£0.000021).
Shiba Inu coin is a token traded via an in-house decentralised exchange named ShibaSwap.
The setup allows people to hold trillions of units at once and potentially take DOGE’s place as the prime satirical crypto.
Given its current worth compared to Dogecoin, people know little about the new challenger.
But its creators have a bullish attitude, believing that the coin could “outpace” its competitors.
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They also state they aim to ensure people have to buy on the open market.
The site claims this ensures a “fair and complete distribution” by keeping team tokens out of developers’ hands.
Anyone interested can pick up a share of its one quadrillion-strong circulating supply.
The coin’s current circulating supply sits at 100 percent.
People will have to take care when investing in the currency, however.
Like its rivals, Shiba Inu isn’t subject to standard regulation, making it more unstable than established coins.
Crispus Nyaga, an investor with Investingcube, wrote it is currently “hard to predict” where the coin could go.
He also warned against the presence of “pump and dump” schemes on the market.
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