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Shiba Inu Surpasses Litecoin, Chainlink and Bitcoin Cash by Market Capitalization

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Thu, 10/07/2021 - 05:19
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Alex Dovbnya
Shiba Inu's market capitalization has eclipsed $12 billion
Shiba Inu Surpasses Litecoin, Chainlink and Bitcoin Cash by Market Capitalization
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Shiba Inu (SHIB), a cryptocurrency inspired by the breed of hunting dog from Japan, has now entered into the top 15 biggest cryptocurrencies by market capitalization.

The cryptocurrency, which was created by an anonymous developer named Ryoshi in late 2020, has now trumped Litecoin, Chainlink and Bitcoin Cash, according to data provided by CoinMarketCap.

SHIB
Image by coinmarketcap.com

SHIB is only 18 percent from reclaiming its May 10 all-time high.

The Dogecoin knock-off has soared more than 300 percent in just a week, becoming the best-performing cryptocurrency amid exceptionally strong retail interest.

Shiba Inu’s daily volume has reached $19.4 billion, and it’s currently the most-traded cryptocurrency on Binance, Coinbase, and Huobi.

Dogecoin, the original canine meme coin, is actually down 5% over the last 24 hours.

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Bitcoin's Market Cap Tops $1 Trillion as Price Reclaims $55K
The uptrend escalated the bitter rivalry between the fans of Dogecoin and Shiba Inu.

Self-proclaimed Dogecoin millionaire Glauber Contessoto recently recalled that Ethereum co-founder Vitalik Buterin had donated part of the SHIB tokens that were gifted to him and then burned the rest. In the meantime, he joined the advisory board of the newly re-established Dogecoin Foundation.  

Dogecoin co-founder Billy Markus even claimed that he had received a death threat from the Shiba Inu community back in May.

Tesla CEO Elon Musk is yet to acknowledge SHIB even though many suggest that a recent photo of his Shiba Inu puppy might have triggered the triple-digit rally.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.