Shiba Inu Price Soared 27% In Last 24 Hours, SHIB Will Kill Dogecoin?

The price of the Shiba Inu (SHIB) cryptocurrency skyrockets after listing on the largest US crypto exchange, Coinbase (Cryptobriefing)

JAKARTA – Recently, the Shiba Inu (SHIB) crypto token has increased by 27 percent. The ERC20 token skyrocketed after it was reported that it was listed on the United States (US) crypto exchange, Coinbase. The percentage increase in SHIB surpassed DOGE which only increased by about 3 percent. Previously, SHIB had already listed on Coinbase Pro which was intended for big traders last June.

It seems that the token created by Ryoshi was intended to be a Dogecoin assassin. Because from the very beginning, SHIB was dubbed the Dogecoin Killer. Now there are 657,335 SHIB hodlers according to data from Etherscan. As the second largest meme cryptocurrency after Dogecoin, SHIB is the strongest competitor to DOGE cryptocurrency.

According to a data report from Coinmarketcap, SHIB's market capitalization is IDR 47.3 quadrillion. As of this writing, the SHIB token is trading at the level of 0.000008296 US dollars. On September 16 yesterday SHIB was still at the price of 0.000006622 US dollars. The SHIB token is in the top 50 of the world's largest cryptocurrencies. Now SHIB ranks 48th out of thousands of cryptocurrencies.

Some time ago Shiba Inu has officially launched the ShibaSwap platform, where token holders can stake by bury or dig to get rewards in the form of Leash and Bone tokens whose prices are higher than SHIB.

However, the current problem for stakeholders is the gas fee or high cost for staking. Because SHIB is built on the Ethereum network, and the gas fee is also in the form of Ethereum which is quite expensive.

Due to these constraints, not all SHIB holders can do staking to get passive income from token ownership. As is well known, Ethereum gas fees are the highest compared to other networks such as Binance Smart Chain.

Even so, the price of SHIB is still much cheaper than its competitor, DOGE. With the price still below IDR 1 and the ecosystem development carried out by the SHIB developers, it is a token that has the potential to grow even further. Currently, the SHIB development team is reportedly designing a decentralized autonomous organization (DAO) called DoggyDAO and also its own blockchain, Shibarium.

According to data from Cryptobubbles.net, the performance of increasing SHIB in one year can reach 7 million percent, while DOGE is only about 8 thousand percent. Meanwhile, AXIE game-based crypto has the second highest performance after SHIB in one year, which is 36 thousand percent.