Dogecoin is known as Elon Musk’s favorite cryptocurrency. Thanks to Musk’s verbal interventions in April-May 2021, memcoin soared more than 10 times, from $0.06 to $0.69. Probably no one will ever know what Musk was up to. Perhaps he tweeted in favor of DOGE in order to test the cryptocurrency market as a subject to manipulation. The result of his experiments was a lot of Dogecoin clones and the founding of a serious cryptocurrency project Shiba Inu (SHIB), which was immediately named the Dogecoin killer.
Since May 2021, Dogecoin has been steadily declining and reacts poorly to the bull market. Musk once again tried to support his favorite coin and said that he was ready to advertise the McDonald’s restaurant chain if it accepts payments in DOGE. But that didn’t stop DOGE from declining.
Shiba Inu (SHIB) is also dropping now, correlating with the broader market. But the behavior of this coin is completely different. In 2021, SHIB had two peaks, correlating with bitcoin’s peaks. In May, SHIB soared to $0.000035, and at the end of October, its price rose to $0.00008.
The co-founder of Shiba Inu, known as Ryoshi, is a respected developer and manager. The Shiba Inu promotion program includes effective methods for expanding the community and improving functionality. The coin is accepted for payment in some retail chains, the decentralized exchange ShibaSwap has been launched for the trading and minting of non-fungible tokens (NFTs). Thus, Shiba Inu has very good prospects due to its functionality. It has already attracted the whales.
Big investors are buying up SHIB, according to whale-monitoring bot WhaleStats. In just one day, whales bought $88 million worth of SHIB. In total, the top 1,000 Ethereum wallets hold more than $1.155 billion in SHIB, which is more than 13% of their non-Ethereum (ETH) holdings.
As for Dogecoin, its future is uncertain, despite the support of Elon Musk. Recently, Dogecoin co-founder Billy Markus honestly admitted on Twitter that this cryptocurrency was created out of stupidity and as a joke. Marcus wrote:
– Dogecoin was made with no intention except to be stupid and satire. it ironically became popular. that’s amusing.
Dogecoin has triggered the launching of many memcoin projects aimed at speculative earnings. But the developers of Dogecoin themselves got nothing. Billy Marcus stated that he is no longer involved in the development and is only one of the community members.