With the help of Elon Musk, DOGE coin was able to grow to levels once not thought possible. This meme coin was all the rage as it made millionaires out of smallholders.
The token made it on to every national news station with supporters who had been a part of the doge community for some years. Many felt they had missed out on DOGE and speculated something new would come about.
Hundreds of new dog-related meme coins sprung up; all claiming to be the DOGE killer. The only one that made it was Shiba Inu. Shiba Inu or SHIB started in August 2020 at a price of less than 1 billionth of a penny. With a total supply of over one quadrillion tokens, many believed that the number of tokens would eventually be its downfall.
The marketers behind SHIB knew what worked well. In a bold act, they sent over 40% of the total supply straight to Ethereum founder, Vitalik Buterin’s wallet.
The founder of Ethereum then sold most of the coin and gave it all to charity. This was terrible for the coin’s initial price as the volume of sold tokens negatively impacted the market for SHIB. It did, however, manage to get SHIB into the radar for a multitude of people.
This act made SHIB the newest stand-out meme coin, in a summer that was great for all cryptocurrencies – SHIB grew exponentially. From the starting price, SHIB increased over 33,000 times its initial price. While the gains for a few people were exorbitant, the focus was still on Doge and Elon Musk.
As the Elon Musk news settled down and not much new was going on with Doge, people started looking in Shiba Inu. Those who had made incredible gains in the coin had reinvested money into marketing to help the project grow. Adverts were all over CoinMarketCap, DEXtools, and other popular crypto sites.
As the price of SHIB continued to rise, people quickly turned to the new meme coin in hopes of quick riches.
In one year, those holding Shiba Inu made over 84960791.8% on their investment. This staggering amount continued to push people into the new meme coin which has now seen new all-time highs.
Many people left DOGE for SHIB and have since created a new leader in meme coins. Shiba Inu sits with a towering market cap of $40bn while DOGE sits at $14bn.
DOGE dropped unexpectedly from its peak and never rose to the price it held before. Many investors lost money in this crash and many still hold on with hopes it will rise again.
Plenty of DOGE enthusiasts blame this on Elon Musk and his poor presentation of the coin to the national audience (during Saturday Night Live). No one knows for sure if or when this will happen to SHIB.
One thing is, if you were holding over $5000 worth of SHIB a year ago, you might now have half a billion dollars in your pocket.
In the meantime, BTC, ETH, and DOGE remain some of the hottest currencies to use if you are interested in betting at crypto casinos such as 1xBit, Bitcasino, or FortuneJack.