New Shiba Inu Cryptocurrency Self-Proclaims to be "The Dogecoin Killer"
Its value soared 37,929 percent in the past month alone.
The recent Dogecoin surge may have come and gone by now, but there’s now another dog-themed cryptocurrency hoping to take its place: the Shiba Inu Token (SHIB).
Originating from China, the new cryptocurrency rides the wave of the recent popularity of meme-based tokens such as Dogecoin, which surged in value by a staggering 12,000 percent since January largely thanks to Tesla and SpaceX CEO Elon Musk calling himself the “Dogefather.” SHIB gained traction in China following massive promotions by influencers on the country’s various social media platforms such as WeChat and Weibo, and according to a new report from The Scotsman, its value grew by an incredible 37,929 percent over the course of just the last month and is currently up 2,081,399 percent over the year.
With so much investor interest behind the new token, there’s little surprise that many crypto exchanges are beginning to list the self-proclaimed “Dogecoin Killer” for trading. Despite wider accessibility though, Binance warns that the token holds much higher risk than other alternatives, so those hoping to put money into it should definitely be cautious.
In other related news, Tesla stocks have dipped following slower sales in China.
