The dog-themed cryptocurrency Shiba Inu (SHIB) now has a market cap of $40,2 billion, according to CoinGecko, the world’s largest independent cryptocurrency data aggregator. The website ranks the token as the 9th largest cryptocurrency, surpassing Dogecoin (DOGE), which is currently in the 10th place.
The SHIB coin was created in August 2020 by an anonymous founder who goes by ‘Ryoshi’, and who promoted the nickname ‘Dogecoin killer’. This Ethereum-based alternative to Dogecoin was born as a meme, but it has risen tremendously during 2021: it has rallied 88,949,922% since the beginning of the year.
The anonymous developers behind Shiba Inu created a total of 1 quadrillion SHIBs and sent over 505 trillion, more than half of the total supply, to the address of Vitalik Buterin, Ethereum co-founder.
There is no doubt dog themed and meme tokens have been on the rise during the last year and some of them even had the backing of personalities such as Elon Musk.
However, Mark Cuban, owner of the NBA team Dallas Mavericks, and Steve Ehrlich, CEO of Voyager (a crypto trading platform) considered that “Things like shiba inu [SHIB] and dogecoin [DOGE] aren’t investments.”
If you are considering investing in crypto, they also gave some advice for new investors: “It’s never too late and, actually, now is the right time. You don’t have to spend a lot of money in order to learn. It’s not like the stock market where it’s almost impossible, except on a few platforms, to spend $10 and get started.”
And they added: “About 220 million people have crypto right now and we (anticipate) a billion in four years. ”